Bank of America used to be very
difficult to work with when people were interested in short selling their
homes. This has changed somewhat recently.
Bank of America developed a new
system which makes the short sale process faster and easier.
The introduction of the new system,
Equator, has played an important role in revolutionizing their short sale
system and improving their short sale process.
The approval time for short sales
has been decreased to 60-90 days in most cases. As a seller you can create an
account on their website, upload the necessary documents: the short sale
package, your bank statements, any authorization for third parties, and a
hardship letter.
The Bank will alert you and your
agent after the short sale is initiated with the Bank. At this point you are to
upload financial information for the short sale. Any other lien holders are
contacted as well.
Once they have received all the
documents that they need, then they will begin the approval process and order
an appraisal on the property to ensure the offer is in accordance with the
market value of the property.
If everything looks good, then they
will approve the short sale. The actual closing normally occurs within 30-45
days afterwards. Thinking about a short sale?
I can help you short sale your
property and get back on your feet. Send me an e-mail at tom.mack@exprealty.com.
I will contact you for a free consultation.
When we talk, I will explain how the
process works in detail and answer any questions you may have. Or, if you
prefer, you can call me at 407-359-2220
Discover how other sellers
successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification?
Our Orlando loan modification kit has the instructions you will need to get a
loan modification approved with your bank. Click here to request a copy.
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