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.