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:
ActiveRain Community
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Missouri Greene County
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31 Days of January - New Years Resolution
Posts to Localism
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Short Sale REALTORS®
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bank of america
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Rainmaker
670,847
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
670,847
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
670,847
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
1,422,768
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
670,847
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
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Rainmaker
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Kay Van Kampen

Realtor®, Springfield Mo Real Estate
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The latest news according to Kay about real estate in Springfield Missouri and surrounding areas including, Ozark, Nixa, Rogersville, Republic, Willard, Strafford, Highlandville, and Clever.

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