Big Changes to BofA Short Sales Process

Reblogger Yolanda Hoversten
Real Estate Agent with Berkshire Hathaway HomeServices Elite Properties

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

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

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Rainmaker
124,882
Kamal Salim
Realty Associates - Weston, FL
A Superior Level of Service !

Yes, That is great news. I have been updating my uploaded file in Equator, and it is a lot of work at the beginning, but once you get to know the process, it is actually a breeze

Apr 09, 2012 08:27 PM #1
Rainmaker
323,404
Yolanda Hoversten
Berkshire Hathaway HomeServices Elite Properties - O'Fallon, IL
Broker - O Fallon, IL Real Estate

Hi, Kamal ~ It is to be hoped that other lenders are taking notes. Of course it remains to be seen if BOA will follow through.

Apr 09, 2012 08:32 PM #2
Rainmaker
308,992
Anja Kerstens
Summit Realty Group - Gilroy, CA
GRI, CDPE, CHS, ASP, Selling Silicon Valley Real Estate

Yolanda, thank you for the re-blog.  The more agents are aware of this the better.  We wouldn't want them to lose their file submissions and have to start the process all over again.  We would have disappointed agents, buyers and sellers to say the least.

Kamal, you seem the be ahead of the pack updating your file.  That is good news.  Good luck with your short sale.  Ours got approved through Citibank last month in just under 2 weeks.  We will close tomorrow, less than 30 days after approval.

Apr 10, 2012 08:35 AM #3
Rainmaker
323,404
Yolanda Hoversten
Berkshire Hathaway HomeServices Elite Properties - O'Fallon, IL
Broker - O Fallon, IL Real Estate

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

Apr 10, 2012 09:19 AM #4
Anonymous
Anonymous
Anonymous

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

Apr 10, 2012 01:47 PM #5
Rainmaker
323,404
Yolanda Hoversten
Berkshire Hathaway HomeServices Elite Properties - O'Fallon, IL
Broker - O Fallon, IL Real Estate

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!

Apr 10, 2012 03:28 PM #6
Rainmaker
357,020
Donna Yates Real Estate - serving
ReMax Town and Country - Blue Ridge, GA
North Georgia Metro & Mountains

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

Apr 18, 2012 06:18 AM #7
Rainmaker
323,404
Yolanda Hoversten
Berkshire Hathaway HomeServices Elite Properties - O'Fallon, IL
Broker - O Fallon, IL Real Estate

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

Great to see you!

Apr 18, 2012 07:33 AM #8
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Yolanda Hoversten

Broker - O Fallon, IL Real Estate
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