We all know that Friday the 13th is considered to be bad luck according to western superstition. Yet, ironically, on Friday, April 13, Bank of America made a few major changes that may make our short sale processing times more efficient. The goal of these changes is to make short sale processing through Equator (the Internet-based platform) at Bank of America so efficient that short sale approval can be received in less than one month.
First off, Bank of America will require their new third party authorization for all short sales being processed through the Equator system. Additionally, the folks at Bank of America will be working to improve task flow for short sales in Equator by making some minor changes to the process.
According to the Bank of America website,
Starting April 14, you’ll see several changes:
Five documents (which you can obtain at www.bankofamerica.com/realestateagent) will be required for short sales initiated with an offer:
- Purchase Contract including Buyer’s Acknowledgment and Disclosure
- IRS Form 4506-T
- Bank of America Short Sale Addendum
- Bank of America Third-Party Authorization Form
And, effective April 14, you will have only 5 days to submit a backup offer if your buyer has flown the coop.
The last change is a curious one, especially for short sale listing agents, since it often takes awhile to find a new buyer after you learn that the current buyer has changed his or her mind. Nevertheless, lucky or unlucky, be prepared for changes to Bank of America processing that became effective on Friday, April 13.