|
Bank of America
Bank of America Bank
of America continues to improve the short sale process so agents can help homeowners avoid foreclosure. In March,
fields were added to the initiation page in Equator so Bank of America can identify which short sale the homeowner qualifies
for and best fits their situation. Starting in April, a series of technology enhancements are being implemented to improve
the short sale process. Integrated Technology for Deals With
an Offer and Without an Offer:
Agents can now initiate a short sale in Equator prior to marketing the property.
The benefits of this type of "pre-offer program" include understanding the terms of the short sale and gaining investor
agreement for a list price upfront in the process. In addition, the homeowner may qualify for a cash incentive and have their
deficiency waived.
Short Sale Specialist Assigned
Earlier in the Process:
If a short sale is imitated with an offer, a short sale specialist will be assigned
in Equator earlier in the process. If a short sale is initiated without an offer, agents should be aware that many initial
steps in the process require homeowner contact to determine program eligibility. Once the appropriate short sale program has
been identified, a short sale specialist will be assigned and Equator will launch the agent tasks.
Homeowner Documentation:
Short sale specialists are able to identify
earlier in the process which homeowner documents, if any, are required. Depending on the homeowner's situation, the amount
of documentation required may be significantly reduced. However, the short sale process will not move forward until all required
homeowner documentation is provided.
Initial
Offer Evaluation:
If an offer is submitted that is significantly lower than current values, the offer may
be rejected and the agent will be notified in Equator. The Submit Short Sale Offer task will reopen and a new offer must be
submitted.
|
