Bank of America Announces Shorter Short Sales
Since April 14, Bank of America has implemented new procedures for the short sale process, which is intended to shorten the process from 45 days or longer, down to only 20. According to their website, the new Bank of America short sale process will enable short sale specialists to complete tasks such as document collection, valuations and underwriting at the same time, reducing the time from initiation to closing. This also means that when a buyer walks, agents will have five days to submit a backup offer, as opposed to 14. The changes, which were made to the bank’s short-sale management platform, Equator, include submitting five specific documents that are 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, and Bank of America Third-Party Authorization Form).