Bank of America Is Changing Their Short Sale Process - Approval In 10 Days!
As a Certified Distressed Property Expert (CDPE), I sat through a live broadcast with Alex Charpen and a representative from Bank of America.
Bank of America is working to accelerate their short sale process by working before the home is marketed. Setting a price, working with the seller to make sure they qualify for the short sale.
The process starts with gathering necessary paperwork from the seller, appraising the property to determine market value, submitting the results to the Mortgage Insurance company, and finally to the Investor for approval.
Once the short sale is approved, they will work closely with the listing agent, monitoring the price and activity until they receive an offer.
Then when the offer is presented to the bank, all they have to do is give final loan approval within 10 days.
Having closed a large number of short sales in 2010, Bank of America knows they need to work harder this year to save more homes from foreclosure.
I'm ready to try out the process....just waiting for the next Bank Of America distressed seller to call.
Bank of America Is Changing Their Short Sale Process - Approval in 10 days will be so much better than the old process.