Short Sales Procedure for Bank of America

By
Real Estate Broker/Owner with Crossroads Real Estate LLC

Before contacting a Real Estate Agent to list your house as a short sale, you can begin the process by contacting your lender.  Following is a collection of links for mortgage loans through Bank of America.  Bank of America uses an automated Internet based system.  Once an offer is accepted, the Listing Agent enters the information into the site.  Decisions are forwarded in the matter of hours, to a couple of days.  This has greatly decreased the amount of time lenders take in reaching a decision on a short sale.

http://issuu.com/mattkuchar/docs/bank_of_america_short_sale_package_for_equator.com

https://shortsale.bankofamerica.com/

Local mediation serves and additional information can be found on the following site.

http://www.ez1realty.net/1039711.html

If you contact a mediator, make certain they are local, and registered on the official HUD site.

http://www.hud.gov/offices/hsg/sfh/hcc/fc/

There are advantages of knowing short sale procedures.  A short sale may be your last chance of saving part of Bank of America Short Sale Porcedureyour credit rating.  Although your credit score will still take a hit, it is not as bad as waiting for a foreclosure to take place.  Credit scores take into account late mortgage payments, as well as credit cards, utilities, and other payments.

The main concern is the waiting period before you can obtain a loan to purchase another house.  With a successful short sale, the wait is a few months to about 2 years.  A foreclosure may cause a wait from 5 to 7 years. 

This is why it is important to choose a Real Estate Agent, who will take your sale seriously.  One of the biggest problems I see with short sale listings is the lack of pictures.  Many buyers will not consider a home without interior pictures.  Before deciding on an Agent, make sure you check out a number of their existing listings.  Check the description and quality of the pictures.  Check the listings against other listings, to make sure the information is complete and accurate. 

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Rainmaker
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Karen Monsour
Coldwell Banker Fort Lauderdale Beach - Fort Lauderdale, FL
REALTOR, SSRS - Sells FL Waterfront, Short Sale Expert!

You know the problem with pictures is not only with the short sales, it's with lots of agents.

Coldwell Banker requires 6 pictures per listing, no mater what.

The worst ones are the REO's who are places on the MLS with no pictures by an agent who doesn't even live in the county.  That is where prices are also distorted b/c they have no idea if the comps are actually accurate (for those listed, not closed).

JMHO, I don't think Equator is helping much.  It still took me 5 months to close a BoA deal and I had a diligent attorney working it for me.

 

Dec 29, 2010 12:08 PM #1
Rainmaker
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Robert T. Boyer
FHA Loan, VA Loan, Jumbo Loan,FHA Loans,VA Loans,Jumbo Loans - La Jolla, CA
San Diego Real Estate & Mortgage Loans, Ph.D. | VA Home Loan

You make a great point about having an agent help the buyer through the process so as to protect their future ability to buy a home.

Dec 29, 2010 12:35 PM #2
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