Bank of America Now Allows Initiation of Short Sale Process WITHOUT an offer!

Reblogger
Real Estate Agent with BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate

 

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Take the time to read this "worth while post" I think you will find it interesting. I do notice that BOA is trying hard, working on things to help people get back on their feet.

If you are planning a move in or out of Seacoast NH or ME , please give me a call direct at (603) 944-1465. Like many other buyers and seller, you'll be glad you did. Check out my real estate website @ www.PATRICIA4REALESTATE.COM for a FREE property search. Like many others, you'll be glad you did.

 

Thank you,

~Patricia

 

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Original content by Mike Linkenauger

Short Sale Specialist Network

Here is an email we received a little while ago regarding Bank of America short sale offers and the equator system. This is excellent news, and will hopefully aid in further streamlining the Bank of America short sale process.


April Technology Enhancements Drive Changes
to the Short Sale Process




Bank of America continues to improve the short sale process so agents can help homeowners avoid foreclosure. In March, fields were added to the initiation page in Equator so Bank of America can identify which short sale the homeowner qualifies for and best fits their situation. Starting in April, a series of technology enhancements are being implemented to improve the short sale process.

  • Integrated Technology for Deals With an Offer and Without an Offer:
    Agents can now initiate a short sale in Equator prior to marketing the property. The benefits of this type of "pre-offer program" include understanding the terms of the short sale and gaining investor agreement for a list price upfront in the process. In addition, the homeowner may qualify for a cash incentive and have their deficiency waived.
  • Short Sale Specialist Assigned Earlier in the Process:
    If a short sale is initatied with an offer, a short sale specialist will be assigned in Equator earlier in the process. If a short sale is initiated without an offer, agents should be aware that many initial steps in the process require homeowner contact to determine program eligibility. Once the appropriate short sale program has been identified, a short sale specialist will be assigned and Equator will launch the agent tasks.

Action Required:

  • For status updates and immediate questions, agents should continue to contact Short Sale Customer Care at 1.866.880.1232.
  • Agents should use Equator messaging as the primary way to communicate with their short sale specialist.
  • Homeowner Documentation:
    Short sale specialists are able to identify earlier in the process which homeowner documents, if any, are required. Depending on the homeowner's situation, the amount of documentation required may be significantly reduced. However, the short sale process will not move forward until all required homeowner documentation is provided.

Action Required:

  • Agents can message their short sale specialist to clarify which documents are required.
  • Agents should obtain these documents and upload them to the Equator Library under Property Files as soon as possible.
  • Initial Offer Evaluation:
    If an offer is submitted that is significantly lower than current values, the offer may be rejected and the agent will be notified in the Equator system. The Submit Short Sale Offer task will reopen and a new offer must be submitted.

Action Required:

  • Agents should renegotiate with the buyer to agree on the highest and best offer and execute the new signed contract.
  • In order to complete the task, all supporting documents must be updated to reflect the current offer details.

Stay tuned for future communications and educational materials related to this series of technology enhancements.

 

Check out our FREE short sale agent networking and resource site, www.TheShortSaleGuide.com,
as well as our listing referral program and online training course!




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Comments (55)

Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes

Thanks for the good tip Elizabeth, I appreciate it .

 

Patricia Aulson/ Seacoast NH & ME

Jun 26, 2011 08:34 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Bank of America probably has the worst reputation for approving short sales, so great news for homeowners holding loans with them!

Jun 29, 2011 02:55 AM
Norma Toering Broker for Palos Verdes and Beach Cities
Charlemagne International Properties - Rancho Palos Verdes, CA
Palos Verdes Luxury Homes in L.A.

Patricia - Glad to hear this--it is a step that is long overdue.

Jul 04, 2011 07:56 AM
Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes

Thanks for dropping by to day to say hello Joan.  thanks also for the comment. It's appreciated!

Patricia

Jul 08, 2011 10:17 AM
Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes

Hi Norma, thank you for commenting today.  I appreciate it

 

 

Patricia

Jul 08, 2011 10:19 AM
1~Judi Barrett
Integrity Real Estate Services 116 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

Very good information and I missed it when originally posted too so I appreciate you re-blogging it.

Jul 29, 2011 11:53 AM
Connie Harvey
Pilkerton Realtors - Brentwood, TN
Realtor - Nashville TN Real Estate

Patricia, I have notice that when I go to the bank, I bank with them, that they're bending over backwards to be nice and helpful. Glad it's rolling over into the mortgage department.

Sep 03, 2011 09:19 AM
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

I think anything that improves this ridiculous process is a step in the right direction. I've got a SS with Wells Fargp right now - it's moving like molasses. Absolutely unnecessary, get it done folks!

Sep 20, 2011 04:13 AM
Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes

Hey Judi,

Glad you enjoyed the reblog.  Thanks for stopping by to comment today.

 

Patricia Aulson/ Seacoast NH & ME REALTOR

Sep 20, 2011 02:26 PM
Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes

Hello Debb,

 

Thanks for stopping by to leave a comment today.  It's appreciated.

 

Patricia

Sep 20, 2011 02:27 PM
Don Sabinske
Don Sabinske, Sabinske & Associates Inc. - Zimmerman, MN
Sabinske & Associates Inc.

First of all, I agree with the line in your profile.  About experience being priceless.  And, yes BofA seems to be trying to get rid of inventory, and sometimes even helping out homeowners in the process.  But, their track record is abominable.

Sep 22, 2011 09:34 AM
Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes

Thanks for stopping by to comment Don.  I appreciate it.

 

Patricia

Sep 23, 2011 05:49 AM
Diane Grady
Endless Summer Realty - Saint Augustine, FL

this is the 2nd post that I have read that has good things to say  about BOA. Great to know it is getting easier to work through short sales. BOA has come a long way! Thanks for the great information!

Oct 06, 2011 09:26 PM
Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes

Thanks for commenting Diane,  it's appreciated.

 

Oct 19, 2011 12:52 AM
Gayle Rich-Boxman Fishhawk Lake Real Estate
John L Scott Market Center - Birkenfeld, OR
"Your Local Expert!" 503-755-2905

Patricia, I think that BofA has a long way to go....along with the other "BigWig" WellsFargo, because they've both gotten such bad reps (well deserved) that they are now realizing they need to fix it. I heard within the last couple of days on NPR that Chase was higher than BofA...wonder how that sat with them?

I have heard such TERRIBLE things about BofA that I groan when I hear that they're involved. Oy vey!  And I also have had personal experiences with Wells Fargo to the point that I said NEVER AGAIN will I deal with them if I can help it and I tell all of my clients that. I even wrote to the CEO that I wouldn't ever do business with them again...he actually e-mailed me back!

Oct 20, 2011 01:45 PM
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Patricia good to see some movement in the right direction.  Thanks for sharing.

Oct 20, 2011 04:20 PM
Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
800-309-3414 - Pensacola, Pace or Gulf Breeze, Fl.

Thanks for share it is important to get the word out and all these things help me to know when and where to go

Mar 28, 2012 11:02 PM
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

I know many agents have been frustrated with the process at BOA.

May 22, 2012 09:17 AM
James A. Browning
Browning Real Estate School/REO Institute - International, IT
MRE REOCertified(R) SSCertified

Hello Patricia, thanks for the information on your post. Please, join our group on LinkedIn, ‘REO Institute’. We share Real Estate information regarding market trends, Short Sales, BPOs, REOs, OREs, BOVs, ideas, Education/Training, and Commercial Education. We value you your comments, ideas, and opinions about the Real Estate Industry. Thanks, James

Aug 03, 2012 01:28 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

I was looking for your current posts. I hope all is going well for you.

Have an outstanding summer.

Jul 18, 2020 01:38 PM