Bank of America, one of the nation’s largest sellers of distressed properties, has taken steps to streamline their process of handling Short Sales. They claim that their new changes should help them respond to sellers’ offers in 20 days or less, rather than the 45 or more they have been taking lately. This is timely news for many buyers who feel stuck in the short sale process or captive to approvals that can take months to obtain.
The changes have been made to their Short Sale-handling software, but these are changes all prospective buyers of short sale properties in Santa Barbara should be aware of in the current climate. Along with any offer submitted for a Bank of America Short Sale property, the seller will also need to submit the following five forms:
- Purchase Contract including Buyer’s Acknowledgment and Disclosure
- IRS Form 4506-T
- Bank of America Short Sale Addendum, which includes the Agent Certification form
- Bank of America Third-Party Authorization Form
The first four forms can be found at Bank of America’s Short Sale Resource Center. Although there may be different versions of several of these forms, the bank’s new streamlined procedures require that buyers use their approved variant from the website. The last form can be found on the Department of Housing and Urban Development’s website. The changes outlined here were made effective on April 14th.
If you have any questions about these changes to Bank of America’s Short Sale procedures, or any questions about short sales in general, please feel free to contact me at Daniel@theZiaGroup.com or by phone at (805) 637-7148. I am a Certified Short Sale and Foreclosure Resource and would love to help guide you through the process.