Big Changes to BofA Short Sales Process

Reblogger Yolanda Hoversten
Real Estate Broker with Prudential One Realty Centre

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.

Original content by Anja Kerstens CA BRE# 01839597

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!!

BofA short sale, short sale process bofa

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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Anja K. Kerstens
REALTOR®, CDPE, CHS and ASP®
DRE#01839597 

Summit Realty Group
 

http://akerstens.com
anjakerstens@gmail.com

Buy or Sell with your area specialist and accredited home staging REALTOR® getting homes sold faster.

 

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Topic:
ActiveRain Community
Location:
Illinois St Clair County O'Fallon
Groups:
Short Sales and Foreclosure Resource
Illinois Real Estate
HyperLocal Neighborhood and Community Posts
Posts to Localism
Local Expert
Tags:
real estate
bank of america
short sales
southwestern illinois
ofallon illinois

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Rainmaker
320,458
Yolanda Hoversten
Broker - O Fallon, IL Real Estate
Prudential One Realty Centre

Thank you, Anja! Wow, under two weeks, that is amazing. Congrats!

April 10, 2012 09:19 AM
Ambassador
1,662,604
Dale Baker
New Hampshire Relocation and Views Info Blog
Baker Energy Audits and Commercial Properties Inspections

Howdy and afternoon Yolanda

Yolanda my friend, this sure is a mighty fine blog post to re-blog to help get the news out about this here new info. There sure are many folks that the reduced approval porcess will help.

Have a good one
Dale in New Hampshire

April 10, 2012 01:47 PM
Rainmaker
320,458
Yolanda Hoversten
Broker - O Fallon, IL Real Estate
Prudential One Realty Centre

Hi there, Dale! It will reduce a lot of stress on all sides. They are slow to react, but this is a big step. Thank you!

April 10, 2012 03:28 PM
Rainmaker
340,613
Donna Yates
Real Estate North GA Mountains & Lakes Blue Ridge
Coldwell Banker High Country Realty

Hi Yolanda:  Well, it's about time and hopefully, other lenders will follow.  

April 18, 2012 06:18 AM
Rainmaker
320,458
Yolanda Hoversten
Broker - O Fallon, IL Real Estate
Prudential One Realty Centre

Good morning, Donna! I suspect they now have more qualified short sales and foreclosure closers, and are therefore more efficient. ;)

Great to see you!

April 18, 2012 07:33 AM
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Rainmaker
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Yolanda Hoversten

Broker - O Fallon, IL Real Estate
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Additional Information

Author Bio: Yolanda earned her business degree in marketing at Southern Illinois University Edwardsville. She is a licensed real estate broker and Realtor, helping home buyers and home sellers in Southwestern Illinois since 2004.