Bank of America has announced changes to the Short Sale Process to begin April 14 to improve the task flow in Equator and processing times.
The new Bank of America short sale process will enable short sale specialists to complete tasks such as document collection, valuations and underwriting at the same time, reducing the time from initiation to closing.
Before April 13, you must complete the Submit Short Sale Offer, Upload Offer Documents and Upload Supporting Documents tasks in Equator for all short sales submitted with an offer. Your file may be declined if these tasks are not completed prior to April 13.
Starting April 14, five documents will be required for short sales initiated with an offer:
- Purchase Contract including Buyer’s Acknowledgment and Disclosure
- IRS Form 4506-T
- Bank of America Short Sale Addendum
- Bank of America Third-Party Authorization Form (This form will be required for short sales initiated beginning April 14)
All messaging will remain in Equator. Agents will receive a standard notice to log in and retrieve their messages.
New Timeframes: Five (5) days to submit a backup offer when a buyer has walked.
- Date: Monday, April 2
- Time: 4-5 p.m. Eastern
- How improvements to the short sale process will help you and your clients
- What you should do before the process begins to keep your active short sales moving
- The benefits of initiating a short sale before you receive an offer
- Ongoing agent short sale resources and support
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