Bank of America Short Sale Process

admin · #1 10-22-2009, 12:39 PM

After gathering required documents for short sale from homeowner. Fax to the contact numbers listed in the forum.
Once faxed it is important to follow up. Verify LOA and package received, if so Bank of America phone team has to
1. upload and
2. open the file

These are steps that you need to make sure are done by the phone team to avoid delays in the process.
File will be assigned within 10 business days to a negotiator.

admin · #2 11-30-2009, 06:19 PM

Initial Stage of a Short Sale

Homeowners need to understand the foreclosure options available, once they are past due.
In many instances the workout programs do not work for all homeowners, but in almost all instances a short sale is an option. Click here if you need short sale assistance. A Short Sale Spe******t will contact you and get you started on stopping foreclosure and working your short sale with Bank of America.

It is the formal process and we are the experts at getting your short sale approved. You can chance your short sale with a realtor or we can have a realtor that is familiar with the short sale process with Bank of America contact you.

Property appraisals
Once Bank of America receives a signed contract and verify all required documents have been received, they will order an BPO or in some instances an appraisal:

If Bank of America processor thinks an offer is close to market value, Bank of America processor may request an interior appraisal (BPO)
In most instances it takes 7 business days for the appraisal or BPO to be uploaded and available for the short sale processor
Once the Bank of America processor gets a trigger that the appraisal has been received, the processor will evaluate is the offer and the BPO to see if the offer is close to market value.

In some instances if you are not working with a professional additional information will be requested:

the offer may need to be adjusted
some fees on the HUD may get whacked like a loss mitigation fee
they may need proof of funds and loan approval from the buyer

Bank of America Short Sale

After there is an offer and acceptance from Bank Of America short sale they will send a short sale approval letter which will need to be sent to the title company for finalizing and approval of the final HUD and approval.

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