Message just received from Bank of America Short Sales -

 

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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Replies to This Discussion

finally they saw the light after toooo many walking buyers
Finally doing what everyone else has always done.  I posted this on my activerain blog a few hours ago as well after it came in.
sinse i got the email, it went to all my social sites lol....we are celebrating
What these rules do is to once again PRECLUDE an open and honest flow of communication.  If anyone asks, the original buyer is still the active buyer no matter how long ago he/she walked - until we find a backup buyer.
The REAL needed fix will be when you can substitute your negotiator and servicers.  Like 3 strikes and they are out of there.
Has anyone substituted a buyer yet? Did you do it after the offer was officially approved with the original buyer?
Yes, and it takes FOREVER. We lost the second buyer, too!!!
I hope it does not take forever! My negotiator seems like she's on top of it *knock on wood* I let her know and I'm submitting the 2nd offer at the moment.
I hope it works for you Sara. My experience was very uninspiring. I had a great negotiator, too. It wasn't her fault, to my knowledge. Rosie Alvarez.

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