Showing Off Spencer-Discovering Spencer, the Brookfields, Worcester County, Massachusetts and New England: A short Sale change announced by Bank of America

A short Sale change announced by Bank of America

Bank of America

Short Sale Process has new guidlines!

 

Bank of America sent out an e-mail post informing agents who participate in short sales through Bank of America of changes in their system.  I wanted to share this with you incase you are a Seller considering a short sale and you are a Bank of America Customer.  This is also important for agents to know whether they are contemplating negotiating a Bank of America short sale for one of there clients, or whether they had done Bank of America short sales in the past, but have not done one recently.

Hopefully this will make the procedure more uniform for all the negotiators.  I have done many Bank of America short sales (all successfully) and have found a descrepency in the procedure.  I am looking forward to smoother transactions.

 

Agents Asked to Submit Homeowner Documents for Bank of America Short Sales

Bank of America continues to improve the short sale process and recognizes that the timely upload of homeowner documents is critical to reducing processing times. 

To improve the collection of these documents, agents should take the following steps:

1.   Upload the following required documents, on behalf of the homeowner, to the online short  sale processing system as soon as possible:

  • A hardship letter describing the homeowner's situation

  • Two most recent pay stubs - or income/expense reports if self-employed

  • Two most recent bank statements

  • IRS Form 4506-T Request for Tax Return - requesting the past two years

Note: These documents should be uploaded to the processing system's document library as agents will not receive a task indicating that this information is required. For more information on uploading homeowner documents view the Short Sale Hardship Documentation Guide

2.   Call Short Sale Customer Care at 1.866.880.1232 to confirm that these documents have been uploaded, and to answer any questions about the homeowner's hardship. 


As a reminder, a third party authorization letter, certifying the homeowner authorizes the agent to communicate and facilitate the short sale on their behalf, must be submitted as part of the "Upload Third Party Authorization" task.  Bank of America is unable to discuss the short sale with the agent unless this authorization has been submitted. 


If the homeowner prefers to personally upload these documents, he or she should call Short Sale Customer Care at 1.866.880.1232 to gain access to the customer portal and receive further guidance on completing the homeowner tasks.  

 

Agents and homeowners should be aware that once documents are received and reviewed, additional hardship or financial documentation may be required before a decision is received.


Allowing agents to provide necessary documentation is one way Bank of America is continuing to streamline the short sale process.  Learn more about short sale improvements and access educational materials in the Online Real Estate Agent Resource Center at bankofamerica.com/ realestateagent.

 

Thank you for your continued partnership as we help distressed homeowners together.

 

 Pam Crawford

Pam Crawford, ABR,e-PRO®,CRS,CDPE,LMC

Owner, REALTOR®, Managing Partner, MBA, BSBA
RE/MAX Professional Associates

 

phone/fax (508)-784-0503    
e-mail: Pam@PamCrawford.com
www.PamCrawford.com
www.CrawfordRealtyTeam.com

 

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Comment balloon 2 commentsPam Crawford • January 21 2011 09:17AM

Comments

Thanks for the update -- I have had nightmares with Bank of America short sales in the past.  Let's hope they are finally making some positive changes!

Posted by Richard Strahm, Lansdale and North Penn Real Estate (RE/MAX Realty Group - Lansdale, PA) almost 7 years ago

Richard,

I have had good luck with Bank of America, however the experience is different from transaction to transaction.  I'm hoping this will make it more stream line.  I will be starting another today, so lets see!

Posted by Pam Crawford, Owner-RE/MAX Prof. Assoc.,MBA, CDPE, CRS, ABR (RE/MAX Professional Associates) almost 7 years ago

Participate