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Tuesday, July 12, 2011

Good News on Bank of America Short Sales!

Good news about Bank of America Short Sales!
We can all use some good news when it come to short sales and today
I received some that caused me to write this post.
Below is a notice I received from Bank of America that they will now NOT make us
start all over if a buyer has walked,which often does happen.

Now You Can Substitute a New Buyer for One Who Walked Without Restart
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.

When a Backup Offer Is Ready
You should send a message to your short sale specialist via Equator when the original buyer is no longer interested in the property.  Your short sale specialist will then respond to you within two business days and ask if you have a backup offer ready to submit.  If you have another buyer prepared to make an offer, the short sale can proceed without having to repeat the short sale initiation steps.  The short sale status in Equator will change to "Marketing," and you will be directed to complete the following tasks within 14 business days:
·         Complete the "Listing Data" task.
·         Provide the marketing description.
·         Review the marketing plan.
·         Upload the offer.  (To do this in Equator, locate "My Properties," then "Offers" and select "Place New Offer.")
If the "Listing Data" task is not completed and the new offer is not uploaded within 14 business days, the file will be closed.

Temecula Short Sale Agent, Cyber Sid at your service,Short Sale QR Code
Sidney Kutchuk  AKA...Cyber Sid
CALL ME, 951.215-6745 cell
 41720 Winchester Rd #I  Temecula Calif. 92590      951.676-4663    DRE# 01156692   Google me