Bank of America has now shortened the time frame it takes to process a short sale from first submission to final approval. Before, it takes more than 45 days to provide a decision. With the new timeline, Bank of America says it can provide a decision on a short sale offer in an estimated 20 days. It also shortens the backup offer submission time from 2 weeks to 5 days.
Bank of America streamlines their short sale procedure through the short sale management platform Equator. Bank o fAmerica is also offering task-by-task training on the new Equator process. It is also now requiring short sale agents to submit new forms. They are available through the company’s online Agent Resource Center.
Short Sales are often dubbed as “Long Sale” by real estate agents as it is notorious for taking too long to close and often costing too much. Bank of America finally has come up with changes to their most difficult short sale procedure. It was the worst bank to deal with short sales as the process is taking longer than any other bank. In fact, we know most short sale professionals refuse to work with home owners that had their mortgage through Bank of America.
Will this new changes make it more amicable to work with them? Let’s see. At least, for now it helps speed up the process and makes it less stressful for homeowners and short sale agents.
Are you a first time buyer? Looking to downsize or relocate in Greenville? We advise you talk to realtor before you start looking at homes. Please do not hesitate to contact us – no obligation! We can do an online consultation if you can’t make it in person. We’re happy to serve you!
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