Short Sale Soundoff: BofA shortens backup offer period
Bank of America has made a change to its short sale process in regards to backup offers. According to BofA, based on agent feedback and to reduce overall cycle times, the bank is reducing the window agents have for submitting a backup offer on a short sale. Instead of 14 days, backup offers must now be submitted within eight calendar days after the initial offer becomes invalid.
When a backup offer becomes necessary, agents should contact their short sale specialist immediately, and let the specialist know if they have a backup offer to submit.
Within eight calendar days, resubmit the listing data, submit the short sale offer, and upload the offer documents and supporting documents. Any backup offer will require analysis and investor approval, regardless how similar it may be to the previous offer.
If no backup offer is available, the short sale will be closed in Equator by the short sale specialist. The agent should return to marketing the property and may initiate a new short sale in Equator when a new offer on the property is received.
from C.A.R. NewsLine
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