Bank of America/BAC and Equator
-
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
We send a message to the short sale negotiator via Equator when the
original buyer is no longer interested in the property. The BAC short sale negotiator will respond to us
within two business days and ask if you have a backup offer ready to submit. When we 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 we bare 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. When and if we have no backup offer ready
to be submitted, the short sale will be declined. In that case, we return to marketing the property and initiate
a new short sale in Equator once we receive another offer.
There is a new educational guide for agents seeking help called, How and When to Submit a Short Sale Backup Offer, to explain the backup offer process. If you have any questions, please contact Gene and Kim Quinney. Your
Short Sale Specialists.