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Breaking News: Submit a new offer to Equator without starting over!

If you’ve ever processed a short sale through Equator, what I’m about to tell you is going to be music to your ears!

Breaking News: Bank of America now allows real estate agents to submit a backup offer on a transaction if the original buyer has walked away from the sale.  This means you will no longer have to initiate a new short sale; instead, you can continue with the original transaction in Equator and still work with your same short sale specialist.

This is awesome news! We average about a 45 days submission to approval timeframe with the Equator platform…unless of course the buyer cancels and we have to reinitiate the file and the clock starts over again. Not anymore!

This is great new and we commend Bank of America for this advancement in their short sale process.

Below is a quick step by step guide to submit your new offer if your original buyer cancels:

Step 1: Let your assigned specialist know that your original buyer cancelled and you have a back up buyer.

Step 2: Once negotiator receives your request, they will assign a “Listing Data” task to you.

Step 3: Provide the marketing description

Step 4: Review the marketing plan

Step 5: Upload the new offer

Please note: If the “Listing Data” task is not completed and the new offer is not uploaded within 14 business days, the file will be closed.

Want to know more about this new process with Bank of America?

Look Below for the actual email they sent to us.

Call or email us today! 888-SHORT-20 Info@ShortSaleExpertsInc.com

From: Bank of America Short Sale Communications [mailto:Realtor-AgentFeedback@mail.realestateagent.bankofamerica.com]
Sent: Tuesday, July 12, 2011 1:38 PM
To: SHARA@SHORTSALEEXPERTSINC.COM
Subject: Now You Can Substitute a New Buyer for One Who Walked Without Restart

 

Now You Can Substitute a New Buyer for One Who Walked Without Restart
As an example of our commitment to improving the short sale process, Bank of America now allows real estate agents to submit a backup offer on a transaction if the original buyer has walked away from the sale.  This means you will no longer have to initiate a new short sale; instead, you can continue with the original transaction in Equator and still work with your same short sale specialist.  This change will save you time by not having to repeat a number of process steps.
When a Backup Offer Is Ready   You should send a message to your short sale specialist via Equator when the original buyer is no longer interested in the property.  Your short sale specialist will then respond to you within two business days and ask if you have a backup offer ready to submit.  If you have another buyer prepared to make an offer, the short sale can proceed without having to repeat the short sale initiation steps.  The short sale status in Equator will change to “Marketing,” and you will be directed to complete the following tasks within 14 business days:

  • Complete the “Listing Data” task.
  • Provide the marketing description.
  • Review the marketing plan.
  • Upload the offer.  (To do this in Equator, locate “My Properties,” then “Offers” and select “Place New Offer.”)

If the “Listing Data” task is not completed and the new offer is not uploaded within 14 business days, the file will be closed.

When No Backup Offer Is Ready

This new process applies only if there’s an available backup offer when a buyer walks.  If you do not have a backup offer ready to be submitted, the short sale will be declined.  In that case, you should return to marketing the property and initiate a new short sale in Equator once you receive another offer.

A new educational guide, How and When to Submit a Short Sale Backup Offer, is available to explain the backup offer process.  If you have any questions, please contact your short sale specialist via Equator or call Customer Care at 1.866.880.1232.

Visit the Real Estate Agent Resource Center at bankofamerica.com/realestateagent for additional educational guides, news and resources to help you complete short sales at Bank of America.

 

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If you have any questions or comments related to Bank of America’s short sale process please contact our Customer Care line at 1-866-880-1232 or visit bankofamerica.com/realestateagentPrivacy and Security
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Charlotte, NC 28255-0001Bank of America, N.A. Member FDIC. Equal Housing Lender
© 2011 Bank of America Corporation. All rights reserved.

This email was sent to: SHARA@SHORTSALEEXPERTSINC.COM

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