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

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.

 

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