Bank of America sent an exciting email today, notifying everyone that they have updated their short sale procedure to now allow back up offers to be submitted if a buyer falls out.  Previously, the file needed to be declined and the process was started over. This is another big step Bank of America has taken to improve their short sale processing times.

Now, if there is a back up offer in place, we are given 14 days to upload the new offer into equator.

You can download their full education guide here:  Bank of America Back Up Offer Guide

If you are a home owner and have a loan or loans with Bank of America and are considering a short sale, please do not hesitate to contact our team.  We have an extensive background and very high success rate with Bank of America short sales.

You can view further information on their short sale process here:  Bank of America Short Sales

And this is the email that was sent out by Bank of America today:

As an example of our commitment to improving the short sale process, Bank of America now allows real estate agents to submit a backup offer on a transaction if the original buyer has walked away from the sale.  This means you will no longer have to initiate a new short sale; instead, you can continue with the original transaction in Equator and still work with your same short sale specialist.  This change will save you time by not having to repeat a number of process steps.

When a Backup Offer Is Ready

You should send a message to your short sale specialist via Equator when the original buyer is no longer interested in the property.  Your short sale specialist will then respond to you within two business days and ask if you have a backup offer ready to submit.  If you have another buyer prepared to make an offer, the short sale can proceed without having to repeat the short sale initiation steps.  The short sale status in Equator will change to “Marketing,” and you will be directed to complete the following tasks within 14 business days:

Complete the “Listing Data” task.

Provide the marketing description.

Review the marketing plan.

Upload the offer.  (To do this in Equator, locate “My Properties,” then “Offers” and select “Place New Offer.”)

If the “Listing Data” task is not completed and the new offer is not uploaded within 14 business days, the file will be closed.

When No Backup Offer Is Ready

This new process applies only if there’s an available backup offer when a buyer walks.  If you do not have a backup offer ready to be submitted, the short sale will be declined.  In that case, you should return to marketing the property and initiate a new short sale in Equator once you receive another offer.

A new educational guide, How and When to Submit a Short Sale Backup Offer, is available to explain the backup offer process.  If you have any questions, please contact your short sale specialist via Equator or call Customer Care at 1.866.880.1232.

Visit the Real Estate Agent Resource Center at bankofamerica.com/realestateagent for additional educational guides, news and resources to help you complete short sales at Bank of America.

If you are facing foreclosure or have any questions regarding a short sale and the foreclosure process, please do not hesitate to contact our team.  We specialize in San Diego Short Sales, Orange County Short Sales and Riverside Short Sales.