does anybody know?

 

what is bank of america's policy on approving a short sale with a buyer but the home was not marketed on the MLS?

 

The current homeowner/short sale sellers want to remain in the home and rent from the buyer. Does bank of america allow this?

 

 

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Hello Lula,

          Bank of America or any other lender that I have worked with, would not allow the borrower to remain in the home , rent or buy the home in the future from the buyer. They all want to make sure that it is an arms length trasaction and some of them will have all parties involved in the short sale transaction, including agents,title company rep, sign an arms length transaction form, as part of the closing package or before short sale approval.

Bank of America as far as I have seen requires the seller to use an agent and market the property as a listing, providing an executed listing agreement and MLS sheet. this is all part of their initial documentation requirements. It does need to be an arms length sale for the buyer. However technically, I have not seen anything where that buyer cannot rent the property to whomever they choose. But I am sure that if BoA knew the buyer was going to rent back to the seller, they would reject the request.

Bank of America requierd a listing contract in all they short sale. Aida

All the packages I have seen include language requiring the current owner to be out of the home entirely. They will not allow owner to rent back from buyer. Every lender I have worked with requires MLS marketing to attempt the highest return.

Keep in mind, most of the properties do not belong to the bank.  They only service the mortgage(s) who bought the mortgage(s).  To keep it legal, they will follow standard policies to avoid any lawsuits.  So make sure you provide them all those documents with all the required initials, signatures and dates, including your's as a listing or selling agent.   The banks get aduit.  So no short cuts for them.

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