Continuing on our recent tack on shorts, BofA has announced plans to make short sales less time consuming than they have been to now. Starting April 14 (this coming Saturday), BofA will institute a process designed to cut the consideration time for a proposed short sale down to a max of three weeks. Previously, such decision time ran from 45 days upward to several months. Realtors doing shorts will be required to submit five specific documents (•Purchase Contract including Buyer’s Acknowledgment and Disclosure
•HUD-1
•IRS Form 4506-T
•Bank of America Short Sale Addendum, which includes the Agent Certification form
•Bank of America Third-Party Authorization Form)
to the bank along with their offer, at the time of offer. Simultaneously, the bank will work with agents and attorneys to get collection of docs, valuations and such done more quickly to help reduce time for a decision.
If you are considering doing a short sale and your loan(s) is with BofA, contact them immediately. Involve your Realtor in the conversation as well.
As always, Good Luck.
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