Ok, so maybe I’m exaggerating.
As a listing agent in Central Florida, the real estate market has forced those who are serious about their business to tackle the sale of short sales. With that task, we are faced with listing homes that have their mortgage held or serviced by Bank of America (BOA).
Most recently, I was using the online offer submission service for BOA, Equator when new fields populated that required information about the Buyer.
As the listing agent, I found it odd that I was being asked to provide information about the Buyer other than their approval letter and the offer they had submitted (like in the “good ol’ days!) and thought it worthy of sharing to help other Listing Agent’s and Buyer’s Agent’s by posting the new requirements here.
For Buyers who are writing an offer on a Bank of America property, they and their agents need to be prepared to provide the following for offer submission:
-Full name of Buyer
-Address of Buyer
-Phone Number of Buyer
-First five digits of the Buyer’s social security number
-Buyer’s birth date
-Buyer’s lender approval letter
-Financing interest rate being offered to Buyer (from their lender)
-Proof of funds for downpayment and/or closing costs for Buyer
The Equator system no longer just requires “basic” information on the Buyer, they are now requiring much more...I’m just wondering when that “more” will mean the Buyer’s blood type or first born in addition to their credit standing!
In hopes that this post will help Buyers seeking to purchase a Bank of America backed property...