Bank of America Short Sale Process

October 15, 2009 by  
Filed under Bank of America Short Sale Process, Blog

Initial Stage of a Short Sale
Homeowners should understand all of their options available to them, once they have become delinquent.
Many of the workout programs do not apply to homeowners, which is when the discussion of a short sale is introduced. Housing Assist of America can be reached at 888-877-0078.  A Housing Assist specialist will discuss the process of a short sale with the homeowner, and fax the necessary documents to Bank of America.

It is the formal process which really starts the short sale process.  Bank of America does not care if you call in and let them know that your client is looking to do a short sale. The official short sale begins when there is a signed purchase contract in front of a negotiator.  Don’t expect to get the answers you want from Bank of America, until you have this for them.
Property appraisals

As soon as Bank of America receives the signed purchase contract, they will order an appraisal:

  • If they think that the offer is close to market value, they will order an interior appraisal
  • After about 7 days after the appraisal, the information will be back at the negotiator
  • After Bank of America has received the appraisal, they will evaluate is the offer is close to the fair market value.
There is a good chance that additional information will be requested:
  • Purchase price of the property
  • Making changed to the HUD
  • Getting a promissory note signed by the borrower
  • Background information about the buyer
  • Deficiency letter signed
  • Recent tax returns
Finalizing the request

Once all parties involved have agreed to the terms of the short sale, Bank of America will take another 5 days to get a decision back.

Housing Assist Coldwellbanker