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Short Short Sale Timeline?
The real solution to a shorter short sale timeline is to hire more negotiators and support staff. With most of our short sales, the majority of the time is spent waiting for a response from the short sale negotiator, short sale processor or mortgage holder. We are very skeptical this will yield any significant improvement.
BofA Makes Changes to Trim Short Sale Timeline 04/09/2012 By: Carrie Bay, DSNews.com Bank of America is making changes to its short sale procedures and introducing an improved task flow within the short sale technology module from Equator, BofA’s short sale management platform of choice. The goal: to reduce the timeframe for a short sale decision to less than three weeks.
Starting Saturday, April 14, real estate professionals working with BofA will be required to submit five documents for short sales initiated with an offer:
Purchase Contract including Buyer’s Acknowledgment and Disclosure HUD-1 IRS Form 4506-T Bank of America Short Sale Addendum, which includes the Agent Certification form Bank of America Third-Party Authorization Form The acknowledgement and disclosure form, short sale addendum, and the form for third-party authorization are available through the company’s online Agent Resource Center.
The third-party authorization form is ... more
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