Bank of America to Steamline the Short Sale Process
REMEMBER -
These changes may effect transactions that you already have in the pipeline!!! Don’t assume that because you submitted BEFORE April 14th that your situation is still being considered under a previous system.
REMEMBER -
Our duty is to our Clients - each of us must review the details of EVERY transaction with Bank of America to see if changes need to be made immediately!!!
Have a happy day -
Lynn
Bank of America is making changes to its short sale procedures with a goal of reducing the time frame for a short sale decision to less than three weeks.
Beginning Saturday, April 14, real estate professionals working with B of A will be required to submit five documents for short sales with an offer
The bank’s new short sale process will enable real estate agents, brokers, attorneys, and other short sale specialists involved in pre-foreclosure transactions to complete necessary tasks involved in a short sale transaction simultaneously. This will reduce the time frames for these usually lengthy transactions
Bank of America says it will be able to provide a decision on a short sale offer in 20 days.
In addition if the buyer walks away from the sale, Bank of America is giving agents five days to submit a backup offer. Interested buyers will be limited to two counteroffers and will receive a response from the lender within three days.
Bank of America’s expects short sales to continue to increase and says they are taking steps to ensure it is providing decisions quickly and real estate agents are alerted of status as soon as possible.
Let's hope this works out well for all concerned and other banks will follow this novel approach to short sales, which will help not only the banks, but home buyer's and seller's as well.
If you or someone you know has a home underwater, give me a call and I would be glad to explain your options.
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