Bank of America Short Sales

Bank of America short sales are on the move….
With Bank of America short sales starting to move quicker into closing, we should be setting up for the best spring home buying season in years. Thanks to B of A’s implementing the equator system getting files submitted and worked on has become a much quicker process. The equator system allows the person who submitting the short sale whether it’s the client, realtor or title company submits via an online portal versus the old fashion fax method they were using.
This short sale process for Bank of America eliminates a lot of the phone calls or going back and forth emails that you would normally have to deal with making sure that your file was received and is being worked on.
What’s great about the B of A equator system is that it sends you email notifications letting you know what you are missing or may need to fix within your package, again eliminating huge amounts of waste time you used to spend doing follow up calls.
Although great, it does have some draw backs. For instance, if the your are requesting a huge reduction request like over $150,000 or more your file may get kicked back and you will have to submit via fax.
All in all with B of A adopting the equator system for short sales and other banks like GMAC who has also implemented some features from the system, we expect at our Title Company closing will be robust for the Spring home buying season
For more info on short sales try what is a short sale