Big News on Bank of America Short Sales

Bank of America(R)

This just arrived in my Inbox a few minutes ago …

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 you will no longer have to initiate a new short sale; instead, you can continue with the original transaction in Equator and still work with your same short sale specialist.  This change will save you time by not having to repeat a number of process steps.

While this may not seem like big news in the grand scheme of things for homeowners trying to short sell a home with Bank of America as the lender, it absolutely is. Previously, if a buyer walked away from a short sale offer, the seller and listing agent were forced to go back to scratch in Bank of America’s process.

Equator, an online processing site, helped matters greatly and allowed responses to come back in 30 days or less on the resubmit but the sheer duplication of effort was enough to drive already stressed sellers batty.

This change puts B of A in line with other lenders who long ago understood the number’s the thing, not the name of the buyer on the contract.

Want more information about short sales in Glendale, Peoria and the Phoenix area? Drop me a line.

Jonathan Dalton

Jonathan Dalton is a 40-plus-year resident of the Valley and has been helping folks buy and sell homes since 2004. He can be reached at 602-502-9693 or info at allphoenixrealestate.com.

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