bank of america short sale: Bank of America Short Sale MLS Requirment
- 02/12/13 05:16 AM
All servicers and particularly Bank of America have standards that must be satisfied in order to have a short sale approval. They are pretty clear on their guidelines. However many short sales fall short of the necessary components of a successful short sale. One such issue is the requirement that a property be listed in a Multiple Listing Service (MLS). Bank of America issued a guideline reminder today. “In our continued effort to ensure acceptable and fair marketing activity for all short sales, this is a reminder that Bank of America requires all properties to be listed on the Multiple Listing … (3 comments)
bank of america short sale: Bank Of America Short Sale Guideline Update
- 01/30/13 05:20 AM
Bank of America (BofA) has updated its short sale approval requirements when the buyer is a business entity. BofA has experienced delays in processing short sale approvals with business entity buyers because the proper documentation has not been provided. The requirements are pretty straightforward and they make sense that these would be required. Did you know that if the buyer of a short sale is a Limited Liability Company (LLC) or Corporation, there are specific documents that must be completed? If required documents are not provided, the short sale process can experience significant processing delays. LLC required documents: if the buyer … (4 comments)
bank of america short sale: Bank of America and Wells Fargo Weigh in on Housing Recovery
- 12/20/12 09:07 AM
There are many “experts” that weigh in on the housing market recovery. All purport to be “experts” and their opinions are always based on recognized economic theory. Yet, the experts can never agree on the status of the housing market. My personal view is the fundamentals for recovery are very poor: too many homes with negative equity, high unemployment, huge shadow inventory, and tight lending. I do not see any scenario in which these factors support any semblance of a housing recovery. However, it is interesting to note the opinions of Wells Fargo and Bank of America. Both banks recently released … (1 comments)
bank of america short sale: Bank of America Short Sale – Bankruptcy Clarification, Part II
- 12/14/12 06:52 PM
Bank of America Short Sale – bankruptcy clarification, Part II. I previously stated that Bank of America sent a note out about short sale approvals when the home owner is in bankruptcy. The gist of the release was that you need bankruptcy court approval. The good news is that in the majority of your short sales, you will not need bankruptcy court approval. Most home owners (and other debtors) file a Chapter 7 bankruptcy petition. In a chapter 7 in which the home owner is also seeking a short sale, the bankruptcy court approval will not be necessary. Here is why….the … (16 comments)
bank of america short sale: Clarification on A Bank of America Agent Resource Post part I
- 12/14/12 06:18 PM
Clarification of a bankruptcy – short sale issue. I read today a release from bank of America that attempted to clarify some bankruptcy issues as they relate to short sale approvals. Essentially what was stated is correct some of the time but not always…in fact a majority of the time, negotiators will NOT have to get short sale approval from the bankruptcy court. The Bank of America release may be found in the agent resource center, but here is the release: Bank of America can review a short sale offer while the loan is in an active bankruptcy. To complete a … (1 comments)
bank of america short sale: Hey!!! Docusign Would Help the Short Sale Sale Approval Process!!
- 11/30/12 12:45 PM
Another future use for Docusign that would save me time every day is becoming a reality. I process a lot of short sales for my clients and I have always wished that it would be easier to collect the signatures on the voluminous documents that are required in order to get a sort sale approved. Well, good things come to those who wait!! Short sales require a lot of forms and a LOT of signatures and frequently, the signatures are from multiple parties….buyers, sellers, agents for both parties and an attorney or negotiator. I have often wished that we could use … (0 comments)
bank of america short sale: Bank of America Announces New Programs for Distressed Home Owners
- 09/12/12 09:29 AM
Bank of America isnow offering "enhanced relocation assistance." Qualified homeowners who initiate a Preapproved Price Short Sale (without an offer) could be eligible to receive $5,000 - $30,000* in relocation assistance and owe no more on their mortgage with the sale of their property. The eligibility will also depend upon which investor owns the obligation. This will be welcome relief for many home owners. As always, the home owner must be careful and read all of the fine print. For example, in some previous programs, the home owner was agreeing to a Deed in Lieu (DIL) if the offer/sale were not accepted by Bank … (0 comments)
bank of america short sale: Realty Trac Announces List of Best Short Sale Lenders
- 07/02/12 10:15 AM
Realty Trac announces list of best Short Sale Lenders. There certainly is a lot of negative press about short sales and the lenders that participate in them. There never seems to be any positive input and the realty Trac announcement sounds positive. However, according to the RealtyTrac findings, some banks have found that by courting short sale buyers, short sale sellers benefit as well. The data firm recently released a list of its “best major banks to work with when buying short sale homes,” and many analysts believe that these banks are also the best to work with when trying to … (0 comments)
Author Bio: Paddy Deighan earned his Juris Doctorate and PhD Paddy consults with taxpayers in regard to tax liens, tax levies, tax levy, offer in compromise, tax debt, tax settlement
All servicers and particularly Bank of America have standards that must be satisfied in order to have a short sale approval. They are pretty clear on their guidelines. However many short sales fall short of the necessary components of a successful short sale. One such issue is the requirement that a property be listed in a Multiple Listing Service (MLS). Bank of America issued a guideline reminder today. “In our continued effort to ensure acceptable and fair marketing activity for all short sales, this is a reminder that Bank of America requires all properties to be listed on the Multiple Listing … (3 comments)
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