Changes Will (Hopefully) Speed the Short Sale Decision
Things are always changing in the short sale arena. Guidelines change. Processes change. Paperwork changes. It is a Best Atlanta Short Sales goal to keep our community home sellers and buyers updated on these topics as they happen.
This week brings post 1 of a new series to keep us all abreast of changes which promise to significantly the speed up the short sale approval process -- good news for Atlanta short sale agents, buyers and sellers.
I posted recently about the coming changes to the Bank of America short sale process, and now they are in effect. We are hoping that these changes will indeed reduce lender decision times on short sale offers, which prior to the change could easily take 45 days or longer – sometimes much, much longer.
Bank of America is promising that their newest changes to their Equator.com short sale process could result in decisions within as little as 20 days!
What accounts for this ability to speed the decision?
Under the old system, tasks such as document collection, valuation and underwriting had to take place in a linear manner, which meant that your short sale file would lie motionless in the queue between phases while each step in the process was fully completed. Only then could the file be moved forward to the next step.
This linear processing, particularly in the areas of document collection and review, has been the source of much frustration on all sides.
The new system now allows these steps to be conducted simultaneously, and should result in a significant shortening of the process. That’s the good news. As you know, there is always a flip side.
Stay tuned for more short sale updates in the coming weeks.