Bank of America just announced a new Short Sale Process.

You may have heard it already but BofA is changing their short sale process and documentation drastically to streamline the process to reduce the approval porcess to only 20 days. YES 20 days!!

BofA short sale, short sale process bofa

These changes are so extensive that unfortunately Equator will be down for a few hours during the over night hours of April 13th.

Those of you who are currently working with or have recently uploaded short sale documents on the Equator platform need to complete the required information before Friday or risk having your request being declined. 

After April 13th a listing agent will need to submit all required documents as one packet: the RPA with Buyer's acknowledgement and disclosure, BofA short sale addendum and third-party authorization form, IRS form 4506_T and HUD1.

BofA will not allow prospective buyers to submit more than two counter offers and sales agent will only have 5 days to submit a counter offer.

These changes apply to ALL states.

Check your mailbox for informtion from Equator or contact them or BofA.

 

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 Anja K. Kerstens
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DRE#01839597 

Summit Realty Group
 

http://akerstens.com
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Post is included in group: Sharing Information of Short Sales
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8 Comments on Big Changes to BofA Short Sales Process

APR
09
2012
951,821 Points 95 Featured Posts Outside Blog Attended Rain Camp

Just like the Cooperative Short Sale program which was supposed to be 10 days until approval, I have my doubts about these promises too. But, we can only hope.
6:30pm • #1
2 Featured Posts

I agree with Melissa - proof is in the pudding!  We sure need some relief out in the field! 
6:38pm • #2
295,835 Points 6 Featured Posts Attended Rain Camp Called Shot Master

I will know more after my webinar tomorrow.  You are right of course, we have seen so many changes and "improvements" over the past few years.  I am an optimist and hope it will reduce the process to 20 days for approval.  I received approval within two weeks on my last short sale and was shocked. We are closing Wednesday less then 30 days after approval with Citibank.
6:58pm • #3
470,218 Points 50 Featured Posts Called Shot Master

Anja, thanks for the info on Bank of America short sales and equator. 20 days would be nice...
7:15pm • #4
309,088 Points 2 Featured Posts Localism Sponsor Called Shot Master

Thanks for the heads up, Anja. I will re-blog this to the Short Sales and Foreclosure Group.
8:17pm • #5
APR
10
2012
557,602 Points 31 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Hi Anja,

After 5 years, one of the big banks has finally gotten organized!

Can't accuse them of moving too quickly!

But this is good news indeed.

Phil
4:07am • #6
APR
12
2012
295,835 Points 6 Featured Posts Attended Rain Camp Called Shot Master
Time will tell if this is THE solution. I haven't heard of any other big announcements from other banks.
8:47am • #7
878,303 Points 74 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Anja,  I was on the Webinar last week. I believe files will move quicker however the changes will not fix the massive volume of files Bank of America is dealing with.
8:52pm • #8


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