Home      Virtual Tours     Real Estate   Blog      Mobile AP     Contact   



Sell My Home listings What is my home worth Real Estate


IDAHO

NORTH IDAHO DIRECTORY.   AND VISITOR INFORMATION

Search Homes on MLS | Search Land on MLS | Real Estate FAQ | Why List With Rain | New Listing Notification

Bank Of America Short Sale Process

Help for agents

Each bank will process short sales differently. While Bank of America used to take care forever to process, they are becoming one of the quicker and easier banks to work with. If you have a seller that needs a short sale with Bank of America, familairize yourself with BofA short sale process.

First step is to register on the equator site.

Go to http://www.equator.com and register as an agent.
Once approved you may sign in at the top right hand corner.
If you have short sale properties, you may post a property for sale.

Bank of America does not give you a listing price. A good rule of thumb is that the banks will usually accept up to 30% of what the seller owes on the property. List your property slightly above this figure. Remember to ask the selling agent to collect the first 5 digits of each of the buyers social security number and date of birth. I usually have my sellers accept every offer with a short sale addendum notifying the buyer that there will be multiple offers and that the bank will make the final decision on which offer is acceptable.

I run across alot of 2nd mortgages and home equity loans from Bank of America. The process is completely different for BofA Junior liens. For more information see my article on BofA short sale of 2nd mortgages

The second you get an offer in, upload it on the equator site.

If you have an offer on a BofA short sale click initiate short sale. You will receive a series of emails after each of these steps and be placed with a generic negotiator.

Next upload your 3rd Party Authorization. Click here for a Sample

You will then be asked to put in the sellers contact information.

Next is uploading the Offer and all the supporting documents.

The supporting documents will be a property photo, prequalification letter, proof of funds, estimated hud1 worksheet, mls sheet and mls number

A negotiator at Bank of America will then be assigned to your case and a BPO will be ordered.

At this point you will instruct the homeowner on the steps they need to take. You can find information on what the homeowner needs to do to complete the short sale package here

The negotiator may send emails to you through the equator system. Be sure to check often for messages and new tasks. The negotiator will either accept the offer or counter the offer. Everything is done on a worksheet inside the equator system, you will either accept or counter on this worksheet. (Example of the worksheet). Once an offer is accepted it will be marked as accepted and the final hud will be approved.

One thing that is not evident in the system is that you must wait for a closing agent to approve everything in the equator system before you close escrow. Other banks the negotiator delivers the final verdict but in Bank of America you must have a closing agent. If your close of escrow date changes, make sure you evidence that on the worksheet.

After the close of escrow you are not done! You will need to upload a few more documents such as A certified HUD, insurance, certified and signed approval for 2nds, etc. Be sure to look for these tasks or BofA may send back the wire transfer.

I hope this helps you to navigate through the Bank of America Short sale process.






Contact Rain Silverhawk

KELLER WILLIAMS
SANDPOINT REALTY

RSS Feed for blog

Bayview Bonners Ferry
Bottle Bay Careywood
Clark Fork Cocolalla
Coeur d' Alene Dover
Garfield Bay Hayden
Hope Laclede
Montana Moyie Springs
Naples Old Town
Ponderay Post Falls
Priest River Priest Lake
Rathdrum Sagle
Sandpoint Selkirk Loop
Schweitzer Spirit Lake
North Idaho Lakes

Book Appointment with us on MerchantCircle
Site Map

Short Sale Resource

Real Estate FAQ

North Idaho Classified Ads

Bonner County Real Estate Ads

Classified Ads

What is my home worth?
Free FSBO Reports
For Sellers
For Buyers

Strange State Laws

Back Page Real Estate Classified Ads

Visitor Info
Virtual Tours
MLS Search
Why List With Rain?
Photos

Designer Gemstones

Webdesign and Hosting

Links
Webrings

Realtor logo Equal Housing Opportunity logo MLS logo

rainsilverhawk on Twitter Counter.com

Submit to Social Websites



eXTReMe Tracker







Privacy Policy | Terms of Use | Blog | Contact Us

Silverhawk's Creations    Clark Fork Idaho    Phone (208) 610-0011    rain@lakeandhomes.com
Copyright © 2007-2016 Rain Silverhawk    All Rights Reserved.

IDX information is provided exclusively for consumers' personal, non-commercial use, that it may not be used for any purpose other thank to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable but is not guaranteed accurate by the MLS.

Sandpoint real estate for sale