In an effort to shorten overall cycle times, Bank of America has reduced the window for submitting a backup offer on a short sale from 14 days to eight days after the initial offer becomes invalid. Once a backup offer becomes necessary:
- Contact your short sale specialist immediately to let him or her know you have a backup offer to submit.
- Within eight calendar days, resubmit the listing data, submit the short sale offer, and upload the offer documents and supporting documents.
- The short sale will be closed in Equator by your short sale specialist.
- You should return to marketing the property.
- You may initiate a new short sale in Equator when you receive a new offer on the property.
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