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It's an answer to all of our prayers I'm sure. Begging them to consider your backup and not start over only to find out it gets reassigned to a new negotiator and the last has deleted your file. *small sigh of relief*

I'm sure you all received this email, but just in case this is what I got;

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.