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Buyer substitutions and Bank of America..it's a miracle!!!

Posted by Kimberley Kelly on July 12, 2011 at 2:34pm in Short Sale Discussions

So..I know that everyone's been fighting hard to get B of A to allow us to substitute our back up Buyers without having to close and re-open and re-submit ALL the darned documents. It's here! We can now substitute if we have a back up buyer and our 1st position Buyer walks.

1. Let Negotiator know Buyer has walked.

2. B of A has 2 days to respond to us and ask us if we have a back up Buyer.

3. If so..the process can proceed without short sale initiation steps.

4. Short Sale status in Equator will chanage to "Marketing"

5. We will have 14 days to complete the tasks assigned.

BRILLIANT! I suspect Equator/short sale helpers will be confused for a couple months, but after that, I see some speeding up here..YIPPEE!!!

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Replies

Kimberley Kelly July 14, 2011 at 2:05am

It's a start and I so hope the other Lenders follow their lead. One tiny step at a time is the best we can hope for...
Kylee Roe July 13, 2011 at 5:41pm

Never thought we'd be saying it, but B of A is now the forward thinker!!! And often one of the easier short sales to work out!
Craig Bartels July 13, 2011 at 7:26am

I got that email today to! I am excited, to bad it wasn't available 1 week ago on an offer I fought them on, and had to resubmit again:(
Stan Webb July 13, 2011 at 7:04am

That's obviously wonderful news!!!! Thanks for that update, and as you said, once BoA irons out the rough edges it should in deed speed things up. Hopefully other banks will follow suite sooner rather than later.
Neddie B. July 13, 2011 at 4:06am

Good post Kimberley, thank you for this update.