Bank of America short sale changeApr 9th, 2012 | By Axel Weiss, Bradenton Realtor | Category: Buyer Advise
Big changes to Bank of America short sale process this weekend. Short Sales can become a great alternative to bank owned homes again!
“Finally the big bank has listened to our comments and is taking action”, says Axel Weiss, the Broker of Sea to Sky Realty. Bank of America is set to roll out a new short sale process and documents designed to reduce the approval process to 20 days! The changes are so brought that the Equator online platform where Bank of America short sales are handled will be down for 10-12 hours during the overnight hours starting Friday, April 13.
On April 14, Bank of America’s short sale process will change as follows:
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
“All email communications between Bank of America and the sales associate will behandled exclusivly in Equator.”
Potential buyers should pay attention, as when an associate leaves his company their offer could end in limbo. The same might happen if they are currently in the sellers position. If you are planning to buy or sell a short sale, please read this:
“It’s best to deal with a Broker directly than through a herd of more or less educated sale’s people.” We see it a lot, people are selecting their hair dresser by constant education, whereas their representation when selling or buying their most valuable asset, their home, is selected by having the kids in the same Kindergarten or just because somebody knocked on their door. Successful Real Estate consultants are dedicated professionals, not part time adventurers. They rarely knock on doors. Check their background, the public records, somebody being in foreclosure himself might not be the ideal financial advisor.
Professionalism is the most important factor to succeed in Real Estate.
Axel Weiss, MBA, Broker
Sea to Sky Realty
The Short Sale and REO Company
Bradenton, FL 34205
(941) 866 1666