Bank Of America Is Now Taking Backup Offers WITHOUT Restart

By
Real Estate Agent with The Homefinding Center CA BRE #01344132

Not so Hot Off The Presses, because I've been busy with other things, but great news for everyone...

Here's the press release from Bank Of America (shared under Fair Use rights of course)...

 

Now You Can Substitute a New Buyer for One Who Walked Without Restart

As an example of our commitment to improving the short sale process, Bank of America now allows real estate agents to submit a backup offer on a transaction if the original buyer has walked away from the sale.  This means agents will no longer have to initiate a new short sale; instead, they can continue with the original transaction in Equator and work with the same short sale specialist.  This change will save time by not having to repeat a number of process steps.

When a Backup Offer Is Ready

Agents should send a message to their short sale specialist via Equator when the original buyer is no longer interested in the property.  The short sale specialist will then respond within two business days and ask if the agent has a backup offer ready to submit.  If another buyer is prepared to make an offer, the short sale can proceed without having to repeat the short sale initiation steps.  The short sale status in Equator will change to “Marketing,” and agents will be directed to complete the following tasks within 14 business days:

  • Complete the “Listing Data” task.
  • Provide the marketing description.
  • Review the marketing plan.
  • Upload the offer.  (To do this in Equator, locate “My Properties,” then “Offers” and select “Place New Offer.”)

If the “Listing Data” task is not completed and the new offer is not uploaded within 14 business days, the file will be closed.

When No Backup Offer Is Ready

This new process applies only if there’s an available backup offer when a buyer walks.  If a backup offer is not ready to be submitted, the short sale will be declined.  In that case, agents should return to marketing the property and initiate a new short sale in Equator once another offer is received.

Agents with questions about this process should contact their short sale specialist via Equator or call Customer Care at 1.866.880.1232.

Comments (5)

Patty Clark
Morningside Homes, LLC 720-231-5200 - Denver, CO
Helping Families Move with Care

Cameron, After I submitt an offer to B of A and the buyer walks I don't tell the bank. Then usually another offer comes along and I just switch contracts. Meanwhile the processing doesn't stop.

Jul 28, 2011 02:00 PM
Phil Hillerman
Crye-Leike Realtors® - Rogers, AR
Crye-Leike Realtors®

Thanks for this post.  Is Bank of America the only bank doing this or are some of the other big banks doing this,   Wells Fargo for example?

Jul 28, 2011 02:07 PM
Cameron Novak
The Homefinding Center - Corona, CA
Featured Corona Real Estate Agent Team

Chris... it works sometimes, but not all the time.  Now it will work all the time.

Jul 28, 2011 02:12 PM
Cameron Novak
The Homefinding Center - Corona, CA
Featured Corona Real Estate Agent Team

Phil - thanks for stopping by... it works sometimes with the other large banks.  They're all starting to get things dialed in... I think they're getting tired of doing everything multiple times too.

Jul 28, 2011 02:13 PM
James Loftis
RealEstate911.com - West Palm Beach, FL
RealEstate911.com

Hello Cameron,

 

Intersting information, will have to see how this works out.

Jul 28, 2011 02:21 PM