Bank of America (BOA) announced it will shorten the decision process on short sales to 20 days, from its normal 45 days or longer.

The changes come from a new streamlined process in Equator, BOA's short sale management platform.  This will enable specialists to conduct tasks like documentation collection, valuations and underwriting simultaneously.

Effective April 14^th, five documents will be required to process short sales initiated with an offer.

• Purchase Contract including Buyer's Acknowledgment and Disclosure
• HUD-1
• IRS Form 4506-T
• Bank of America Short Sale Addendum
• Bank of America Third-Party Authorization Form

Also new, is that agents will have 5 days to submit a back-up offer when a buyer walks.

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.   

Find out more at Bank of America.

Posted in Denver Colorado Real Estate, Real Estate Industry Trends

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