Short Sales With Bank of America Now Allow A New Buyer to Be Substituted!
If you have ever been involved with a short sale with Bank of America, you already know that this is big news! Bank of America now allows realtors to submit a backup offer on a home if the original buyers walks away from the sale! You no longer have to initiate a new transaction and can continue with the original transaction and work with the same short sale specialist! I had a BOA short sale that should have been "sold" three times but due to the extremely long time frame, the buyers walked every time. This new change would have been HUGE for my seller! I am so excited for seller's who are already dealing with the stressful situation of short selling their home with Bank of America. This is definitely a positive move for seller's going through the short sale process.
If you are working a short sale transaction with Bank of America and the original buyer determines they are no longer interested in the property you should send a message to the short sale specialist assigned to your file via Equator. The specialist will then respond within two business days and ask if there is a backup offer. If an offer is available, the second buyer’s offer can then be submitted without having to repeat the steps and start the transaction over. You will have 14 days to:
- Provide the marketing description
- Review the marketing plan
- Complete the Listing Data task and
- Upload the new Offer
This is great news and will make working with Bank of America short sales much easier and also make them more likely to close successfully. Keep in mind that this will only apply if there is a backup offer available at the time the original buyer walks. If no backup offer is available, then the short sale will be declined and you must initiate a new transaction via Equator once you do receive a new offer.
If you need to sell your Murfreesboro TN Home, or own real estate in Murfreesboro TN or the surrounding area and are unsure about the short sale process, please contact me at 615-566-3789 or visit my website. I would be happy to speak with you about the process and help guide you through the transaction.