Bank of America Announces “Quicker” Short Sales
In mid-April, Bank of America announced the roll out of a new and more efficient short sale process. Bank of America claims that this new shorter and quicker process will allow for decisions on short sales within twenty (20) days. Although many in the short sale business remain skeptical of whether Bank of America can meet such a timeline considering the prolonged short sale process of six (6) months or more, Bank of America has already made some changes that are immediately noticeable.
Bank of America is still utilizing the Equator system. The Equator system is their real estate software program that allows Realtors and Attorneys to communicate online with Bank of America short sale negotiators. However, Bank of America now requires most of the short sale documents required for them to process a short sale to be submitted upfront upon initiation of the short sale. In the past, the Bank of America negotiator would request certain documents upon initiation and then continuously ask for additional documents through the first two (2) to four (4) weeks. Now, they immediately ask for the Tax Return verification, Purchase Contract, Bank of America Short Sale Addendum as well as the estimated fees to close. These documents must be completed and uploaded to the negotiator prior to Bank of America even considering the short sale. This new change alone should reduce Bank of America’s short sale processing times, but it requires that Realtors and Attorneys gather more documentation upfront.
If you are considering a short sale or would like to know if there are alternatives to short sale, please do not hesitate to call our office at 305-227-4030 for more information.
Ray Garcia, Esq.
Board Certified in Real Estate
Law by the Florida Bar