Bank of America Short Sale: 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.
When No Backup Offer Is Ready
This new process applies only if there's an available backup offer when a buyer walks. If you do not have a backup offer ready to be submitted, the short sale will be declined. In that case, you should return to marketing the property and initiate a new short sale in Equator once you receive another offer.
A new educational guide, How and When to Submit a Short Sale Backup Offer, is available to explain the backup offer process. If you have any questions, please contact your short sale specialist via Equator or call Customer Care at 1.866.880.1232.
Visit the Real Estate Agent Resource Center at bankofamerica.com/realestateagent for additional educational guides, news and resources to help you complete short sales at Bank of America.
Replies to This Discussion
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Permalink Reply by Cami Pinsak on
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I am trying it right now...There must be some task the negotiator must complete, however, because I am not being allowed to upload a new offer just yet.
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Permalink Reply by Sameer Punjani on
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Yeah i just got this email as well. Wish BOFA people were on this board as well. I told the customer service people, but those are burger king kids...
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Permalink Reply by Michael Hayley on
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This good news.
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Permalink Reply by Jeff Payne on
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Dont be so sure that they dont monitor this board :) there are alot of banks that do just that and I know of several from BofA that know this board.
Finally something smart from BofA in regards to short sales
Sameer Punjani said:Yeah i just got this email as well. Wish BOFA people were on this board as well. I told the customer service people, but those are burger king kids... -
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Jeff -
That's great, let's see how long it takes them to change their ways.
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Permalink Reply by Kimberley Kelly on
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So funny because I just wrote a blog about this. I think I may feint. B of A is doing something smart and constructive..what???? Guess that Foreclosure pipeline is REALLY plugged up.
Being smug here, but am REALLY happy to read that they are doing this. I suspect it will take the customer service helpers (who generally know zero about real estate as we know), about 2 months to figure out the new system. Wait..I mean to hear about the new Buyer Substitution program. That's ok..I'll walk them through Equator like I often do.
Go Banksters!! Yippee! Go, Go, Go...I need a drink to relax, I'm so excited right now..
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I mean if u think about it, its not a solution. All banks need to look at the wachovia model of short sales. 10 day approvals, no paperwork, 5 grand cash. Simple. Everyone just has to do this, and we all win. But then again the banks say no its not our fault, its our investor, the mi company. Screw em up. Get on the same page so people choose short sales rather than jacked up reos or flipped properties that dont even appraise.
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