Bank of America's New Guidelines for Short Sales

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Real Estate Agent with License # 01767321 BRE# 01767321

Bank of America's New Guidelines for Short Sales

I see so very many posts right now about short sale information.  At the beginning of this year, I saw a slow down on approvals from everyone on short sales.  So my prediction and opinion I was relating to my clients was that the banks are going to slow down on approvals and move to the foreclosure option.

My opinion was based on the fact that when this whole mess began and Obama 'bailed out' the banks, he gave them a deadline for getting rid of bad debt (homes behind in their mortgage payments).  The deaadline was December 31, 2013.  Since short sales take quite a bit of time and many have a few false starts which also delays the process, it only made sense that the banks would have to start foreclosing instead of dealing with the short sale process.

And now, Bank of America has been the first to start this practice.  You can see from the guidelines below that this is what they intend.

BofA short sale guidelines

I also predict that home values have gone up due to a sharp decline in foreclosures and short sales when the banks stopped for the holidays.  Since the prices have gone up, many sellers have taken advantage and are now starting to list their homes for sale. With the rise in homeowners selling and the rise in foreclosures, one can see that with supply and demand being what they are, the prices should drop slightly during the year.

Hopefully you can see, that this year, NOW is the perfect time to buy.  Before the interest rates start to rise, before the prices get all out of hand again. 

And if you are thinking of moving, definitely pick a local expert and someone you can trust.  I will be more than happy to answer your questions or help you with your real estate needs.

Posted by

Serving the 210 Corridor - the cities of Monrovia, Duarte, Azusa, Glendora, San Dimas, La Verne, Claremont, Upland, Pomona, Chino, Chino Hills, Rancho Cucamonga and Fontana - wherever the need arises.

Warmest Regards,

Linda K. Mayer, Realtor, SRES

License # 01767321

A Realtor you can Trust!

(626) 824-8927 Cell

LindaKMayer@live.com 

 

 

 

 

 

 

 

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Rainmaker
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Barb Szabo, CRS
RE/MAX Trinity Brecksville Ohio - Cleveland, OH
E-pro Realtor, Cleveland Ohio Homes

Great article Linda and one I am going to share with my office as many of the agents there deal with a lot of bank owned homes. We have seen very brisk activity here..lot of showings and heard of more than one multiple bid situation.

Jan 22, 2013 04:03 PM #1
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Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

I think that this is really a lot of nothing, since you can submit a short sale with an offer to avoid this scenario. And, in this market, there are lots of buyers and it is not so hard to find an offer. Just my 2 cents, anyway.

Jan 22, 2013 06:59 PM #2
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Linda K. Mayer
License # 01767321 - La Verne, CA
Realtor, SRES, SoCAL, A REALTOR YOU CAN TRUST

That's true, Melissa, however and we usually do that.  However, if that offer falls out and you have to start over with a new offer, the foreclosure process in many cases will not allow enough time to get the 2nd offer all the way through the closing of the short sale.  Foreclosure will come first.

Jan 23, 2013 01:30 PM #3
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Linda K. Mayer

Realtor, SRES, SoCAL, A REALTOR YOU CAN TRUST
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