Florida Short Sale Realtor News: Bofa Announced Important Changes To Short Sale Process

Florida Connects – Bank of America finally makes a move and has come up with changes to their most difficult short sale procedure. As we all know in the profession Bank of America is one of the worst lender to deal with on a short sale process and many hours of work and frustration finally made them listen to us short sale agents.

While the new process is still not the greatest it is at least a step in the right direction if it will help your home owners and speeds up the process. Time can only tell.

The new BofA announced procedure should shorten the decision on a submitted short sale contract from 45 days or usual longer down to 20 days. This will help homeowners and short sale agents if it is fthis easy like Bank of America makes it sound.

Bank of America will streamline their short sale procedure through the short sale management platform Equator as they have in the past and every short sale agent needs to get educated about the new procedure.

New required forms need to be submitted at the beginning within the short sale contract submission and short sale agents need to get familiar or your short sale will be denied in the early stage of approval.

A complete short sale package must be submitted through the Equator system and needs to include follow documents:

1) A full executed Contract For Sale and Purchase

2) BofA Short Sale Addendum and Agent Certification

3) BofA Third Party Authorization

4) BofA Buyer’s Acknowledgement & Disclosure

5) BofA IRS 4506-T

6) HUD-1

It is important you the short sale agent submit all required documents and be very precise. Always check for the correct name spelling of your buyer and seller on all documents to avoid rejection or delay in the approval process.

Short sale agents need more than ever before to be on top of assigned tasks and follow up, follow up and follow up. The process will bring their own flaws and frustration but when you the agent are in control of your short sale process you can get it approved.

Need help with your short sale  send us an e-mail at info@floridaconnectsInc.com.

Annett T. Block with Florida Connects specializes in loan modification assistance and short sales in Florida. Celebration Loan Modification Help, Celebration Short Sales. Celebration Short Sale Realtor. FL Short Sales. Florida Realtor.Florida Short Sale Realtor.Florida Short Sale Agent.Florida Short Sale Broker.