Though the real estate market in O'Fallon, Illinois is not as badly affected as some markets in the country, this is good news nonetheless to Bank of America consumers (and their agents) facing short sales in Southwestern Illinois.
Bank of America just announced a new Short Sale Process.
You may have heard it already but BofA is changing their short sale process and documentation drastically to streamline the process to reduce the approval porcess to only 20 days. YES 20 days!!
These changes are so extensive that unfortunately Equator will be down for a few hours during the over night hours of April 13th.
Those of you who are currently working with or have recently uploaded short sale documents on the Equator platform need to complete the required information before Friday or risk having your request being declined.
After April 13th a listing agent will need to submit all required documents as one packet: the RPA with Buyer's acknowledgement and disclosure, BofA short sale addendum and third-party authorization form, IRS form 4506_T and HUD1.
BofA will not allow prospective buyers to submit more than two counter offers and sales agent will only have 5 days to submit a counter offer.
These changes apply to ALL states.
Check your mailbox for informtion from Equator or contact them or BofA.
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