Confused, overwhelmed, or frustrated with your short sale transaction? Finally, a major lender has created a series of short sale webinars, which you can watch online 24/7 at your convenience. These will help you get a handle on your short sale listings and become familiar with the process -- which will help you get these transactions closed quicker and with less hassle! Here's the email they sent me:
Bank of America has a new solution for busy real estate professionals who'd like to learn more about the short sale process. We've developed a series of five online video guides that pack a lot of information into just 5-6 minutes each. They cover the complete short sale process, from initiation to closing the sale.
To find these informative videos, visit our Agent Resource Center, click on the Short Sale tab and go the Short Sale Videos section of the Education Library.
Video 1: Initiating a Short Sale
Our first video starts at the very beginning, explaining how to:
· Identify if a short sale is the homeowner's best option
· Begin the short sale process by creating an account at Equator.com, the online processing system used by Bank of America
· Determine if a homeowner is eligible for the Home Affordable Foreclosure Alternatives Program (HAFA) and what that may mean for your client
Video 2: Uploading Documents
Once you've initiated a short sale, the next step is to submit an offer and upload the homeowner's supporting documents in Equator.
Our second video explains Document Uploads in the Short Sale Process and reviews key information such as:
· Submitting the offer and required documents
· Uploading the required homeowner hardship documentation
· Storing documents
Yes, it's possible for homeowners to submit documents on their own, but experience shows that more short sales close when the agent handles things.
Video 3: The Short Sale Valuation Process
Take the mystery out of the home-pricing process with this video that reviews key information such as:
· Visuals the valuation vendor will examine
· Agent and homeowner responsibilities
· Reassessment of value
Video 4: Offer Analysis and Investor Decision
A short sale offer must be approved by numerous parties, which may involve negotiations and counter offers. Our fourth video covers key elements of this decision-making process, including:
· Valuation, mortgage insurance, second liens and closing costs
· How to respond to counter offers
· Agent responsibilities during negotiations
· How and when to submit backup offers
Video 5: Closing a Short Sale
By the time you get to the closing phase, you're in the home stretch of a short sale. This video can help it go smoothly with:
· Ways to eliminate closing delays
· How to complete the preliminary closing HUD-1
· When and how to upload final certification documents
The more you know about the short sale process, the more successful you're likely to be for your clients. With short sales gaining a large share of today's market, you can't afford to miss these videos.
Learn more. Visit our Agent Resource Center at bankofamerica.com/realestateagent today, where you'll also find educational guides, news and resources to help you complete a short sale at Bank of America.
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