Bank of America Is Changing Their Short Sale Process - Approval In 10 Days!

By
Real Estate Agent with RE/MAX Broker, RE/MAX Solutions

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 fromCertified Distressed Property Expert 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.

 

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Certified Distressed Property Expert

 

 Kay is a Certified Distressed Property Expert specializing in short sales.

 

 

Kay services the following towns in the Springfield area:  Springfield, Ozark, Nixa, Rogersville, Republic, Clever, Billings, Willard, Battlefield, Sparta, Highlandville, Spokane, Marshfield, Ash Grove, Strafford, Fordland, and Greene, Christian and Webster Counties in Missouri.

 

For information on Springfield Mo real estate visit: www.kayvankampen.com.

 

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Kay Van Kampen | RE/MAX Solutions. Springfield Mo 65721

Kay Van Kampen CRS GRI ABR (RE/MAX Solutions): Real Estate Agent in Springfield, Greene County, Missouri

   
 
 
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  1. Rita Fong 01/20/2011 09:44 PM
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Topic:
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Location:
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Posts to Localism
RE/MAX Active Rain Bloggers
Short Sale REALTORS®
Short Sale Specialists & Pre-Foreclosure Education
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Comments 19 New Comment

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Rainer
59,348
Paula Stills
Full time Real Estate, Ready when you are!
Keller Williams Market Pro Realty

Good evening Kay this is great news...Thanks.....Make it a great day.

January 20, 2011 08:45 PM
Rainmaker
1,000,187
Conrad Allen
Webster, Ma, Realtor
Re/Max Professional Associates

The appraisal, relevant paper work, etc. is back to the bank and approval happens in 10 days?  This does not seem possible.  I like the idea of a 10 day approval.

January 20, 2011 08:49 PM
Rainer
94,507
Billi Evans
Murney Associates

Hey Kay, this is great news. Hope it works out.

January 20, 2011 08:58 PM
Rainer
57,540
Mark Nehs
Mortgage Loan Officer Waukesha Wisconsin

This will certainly be a change.  Thanks for the good news.

January 20, 2011 09:10 PM
Rainmaker
331,235
Rita Fong
Realtor - Marion Arkansas Homes for Sale
RE/MAX REAL ESTATE TODAY, Executive Broker 901-488-9590

Kay, Wells Fargo did the same for most recent short sale listing, I got a pre-approval in 24 days!  I am happy of that. Now I know my price is in the same ball park as theirs.  It makes things a lot easier and more efficient to work.  My sellers are wonderful, they work very closely with me and we keep eacn other up to date frequently.

I would like to reblog this, this will be some good news for some home owners.  

January 20, 2011 09:34 PM
Rainmaker
123,638
Iran Watson
Marietta Real Estate Agent - Photographer
Georgia Elite Realty

Oh, so now agents won't have to put some imaginary list price on a home (mortgaged by BOA) so they can get some ridiculous low-ball offer so they can get a negotiatorassigned who can then request paperwork and maybe then a BPO and maybe three months later get started on an actual negotiation.  That is of course if any of the buyers bothered to stick around and foreclosure isn't imminent.

/golf clap for BOA.  Great idea, makes you wonder why they have waited 4 years to do this?  Better late than never I suppose...

January 20, 2011 10:12 PM
Rainmaker
908,191
Bill Gassett
Metrowest Massachusetts Real Estate
RE/MAX Executive Realty

I will believe it when I see it Kay. 10 days? Who are they kidding.

January 21, 2011 07:53 AM
Ambassador
436,729
Larry Lawfer
"I listen for a living." It's all about you.
YourStories Realty Group

Katy, BOA seems to be making a concerted effort from the Chairman on down to adjust to their many and horrible issues.  I am not surprised that so many of us take the wait and see attitude, but if they stand behind what is being said, then it is about time and I applaud it.  I have not experience any of the new behaviour yet.

January 21, 2011 08:35 AM
Anonymous #9
Anonymous
Anonymous

All right then, let's get it started and see how it goes! 

January 21, 2011 11:06 AM
Rainmaker
680,343
Kay Van Kampen
Realtor®, Springfield Mo Real Estate
RE/MAX Broker, RE/MAX Solutions

Paula, I'll believe it when I see it too.  Maybe Bank of America is learning from their mistakes.

January 21, 2011 08:31 PM
Rainmaker
680,343
Kay Van Kampen
Realtor®, Springfield Mo Real Estate
RE/MAX Broker, RE/MAX Solutions

Conrad, the approval may take only 10 days, but the process will get started prior to an approval.  Let's hope it works.

January 21, 2011 08:32 PM
Rainmaker
680,343
Kay Van Kampen
Realtor®, Springfield Mo Real Estate
RE/MAX Broker, RE/MAX Solutions

Billi, we shall see if they can make it work.

January 21, 2011 08:33 PM
Rainmaker
680,343
Kay Van Kampen
Realtor®, Springfield Mo Real Estate
RE/MAX Broker, RE/MAX Solutions

Rita, Wells Fargo is very much ahead of Bank of America.  Glad to see your short sale was approved so fast.  Thank you for the reblog.  Stay safe.

January 21, 2011 08:34 PM
Rainmaker
680,343
Kay Van Kampen
Realtor®, Springfield Mo Real Estate
RE/MAX Broker, RE/MAX Solutions

Iran, I'm with you there.  Maybe with a good price, we won't get as many low ball offers.

January 21, 2011 08:35 PM
Rainmaker
680,343
Kay Van Kampen
Realtor®, Springfield Mo Real Estate
RE/MAX Broker, RE/MAX Solutions

Bill, I'm skeptical too.  But some of the other banks have already changed their process.....maybe Bank of America is doing the same.

January 21, 2011 08:36 PM
Rainmaker
680,343
Kay Van Kampen
Realtor®, Springfield Mo Real Estate
RE/MAX Broker, RE/MAX Solutions

Larry, I'm hoping I get a new short sale listing, so I can test the system.

January 21, 2011 08:38 PM
Rainmaker
680,343
Kay Van Kampen
Realtor®, Springfield Mo Real Estate
RE/MAX Broker, RE/MAX Solutions

Jim, you go find the listing, I'll work the short sale.  Together, we'll be a great team.

January 21, 2011 08:39 PM
Ambassador
1,439,714
Karen Kruschka
- "My Experience Isn't Expensive - It's PRICELESS"
RE/MAX Real Estate Connections

Kay  That would be wonderful, but I will cautiously hold my breath

January 22, 2011 01:40 PM
Rainmaker
680,343
Kay Van Kampen
Realtor®, Springfield Mo Real Estate
RE/MAX Broker, RE/MAX Solutions

Karen, me too.  If I wasn't looking for a BOA short sale, I'd be swamped with them right now.  Instead I have none to try this new short sale system on.

January 22, 2011 05:37 PM
Anonymous
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Kay Van Kampen

Realtor®, Springfield Mo Real Estate
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