Bank of America Short Sale Changes – Friday the 13th
These changes have been coming for awhile and are important for short sale sellers and their RI real estate agents/attorneys/negotiators. For sellers, it is incredible if Bank of America is successful with this change. Goal: to reduce the short
sale approval time to less than 3 weeks! Like all good changes and intentions, the proof is in the pudding of results. Prove it to us B of A – that is what I say!!
Starting Saturday, April 14, real estate professionals working with B of A will be required to present 5 documents with short sales with an offer, as follows:
- Purchase Contract including Buyer’s Acknowledgment
- HUD-1
- IRS Form 4506-T
- Bank of America Short Sale Addendum, which includes the Agent Certification form
- Bank of America Third-Party Authorization Form
What I do Not care for on these Bank of America short sale change processes (which bodes eerily on this upcoming Friday the 13th implementation date) is that if the first buyer backs out, the real estate agent has only 5 days to replace that buyer with a new buyer (previously it was 14 days).
Understandably this change has to do with time reduction in the whole Equator system process but still puts agents under the gun to constantly have their back up offers now ready to go with another short sale offer! 1-2 -3!
Learn more about these changes since B of A is also offering training on the new Equator process via a webinar to be aired on Thursday, April 19 from 4-5 p.m. (EST).
To all good luck and I still wonder why the additional training is being done after the implementation process? Well this is not the North Kingstown short sale agents process…we just follow what they ask us to do and work within the system for our clients.
As a RI real estate profession I am hopeful for a success in this short sale process change because it only means better days are ahead for underwater homeowners with Bank of America. If you need assistance with selling your underwater home or do not know what to do in the short sale process, please call my at 401.529.7849 for help. Bank of America Short Sale Changes – Friday the 13th – Are You Scared Yet?!
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Ginny Lacey Gorman is your go to North Kingstown agent for real estate in North Kingstown RI and beyond…knowing the geographic area, schools, happenings, important tidbits of information and businesses well.
As a North Kingstown short sale agent, if you are having trouble paying your mortgage contact Ginny to help you through the short sale process successfully.
Waterfront, oceanfront, luxury and coastal RI real estate are my specialty but all of RI is my backyard. When you are in need of a good professional for your buying and selling needs and an internet savvy marketer who sells RI houses in this real estate market – call Ginny at 401.529.7849.
