Bank of America Short-Sale Process Revamped, Improved
Bank of America made some changes to its short-sale procedures which are supposed to shorten decision times on short-sale offers to 20 days, down from 45 days or longer.
Bank of America’s short-sale management platform, Equator, was revamped and now enables short-sale negotiators to conduct tasks like document collection, valuations and underwriting simultaneously. In addition, when buyers walk/back out of their contract, agents will have 5 days instead of 14 days to submit a backup offer.
As part of the change in their short-sale approval process, Bank of America is requiring a new third-party authorization form for short sales initiated as of April 14, 2012. In addition, there are now 5 specific documents which are required to process short sales initiated with an offer. Once these five specific documents have been submitted, Bank of America should have a decision made on the short-sale in 20 days.
If you’re a homeowner thinking of doing a short-sale or a buyer considering purchasing a short-sale, I’d be happy to give you the details and chat more about the short-sale process - click here to contact me.