Special Message from David Bennett – Pinellas Realtor Organization
Thanks to input from Florida Realtors®, Bank of America is set to roll out a NEW short sale process and documents designed to reduce the approval process to 20 days.
It is extremely important to note that if you’ve submitted a short sale with Bank of America, be aware that before April 13 you must complete the following tasks or risk having your file declined: Submit Short Sale Offer, Upload Offer Documents and Upload Supporting Documents in Equator. Linking to these documents is available by clicking here. You may want to sign up for email alerts on that site.
On April 14, their short sale process will change as follows:
5 documents will be required for short sales initiated with an offer
- Purchase contract including Buyer’s Acknowledgement and Disclosure
- IRS Form 4506-T
- Bank of America Short Sale Addendum
- Bank of America Third-Party Authorization Form
All email communications between Bank of America and the sales associate will occur in Equator.
New timeframes – salespersons will have five days to submit a counteroffer in Equator. Bank of America is limited prospective buyers to two counteroffers. Responses will be given within three days.
The changes are so extensive that the Equator platform will be down for 10-12 hours during the overnight hours starting Friday, April 13. However, if all goes as planned, Bank of America hopes to reduce the timeline from offer to approval/decline to 20 days!
You are invited to view a webinar (April 19, 4pm to 5pm) about the new process. Click here to register.
David B. Bennett, CAE
President & CEO
Pinellas REALTOR® Organization