The short sale process with Bank of America involves five (5) distinct stages that every loan must pass through in order sell the home and release the obligation.
Using an experienced short sale broker shouldn't cost you anything and should make the entire process a lot easier.
BOA pays all of your broker fees so it doesn't cost you a penny to have someone you trust working for you and protecting your best interests.
The short sale process with BOA includes: Initiation - This is where you make the decision to sell your home and place the home on the open market for sale.
You should list the property at a price that is reasonable and based on the current market value.
It's important to list the property at a competitive but realistic price that will be accepted by BOA as a fair price for the home.
Submit Offer and Docs - When an offer is received on the property is when all the activity begins.
Your short sale broker will need to submit this offer along with all of your supporting financial documentation to BOA, so that they can review the offer and either accept or deny it.
Obtain Valuation - Once BOA has received the offer they will conduct their own appraisal of your property's market value.
They will rely heavily on this valuation and it will tell them whether to deny, approve or counter-offer the offer that was submitted.
Investor Decision - Once that BOA determines that the offer submitted is valid and qualified they submit it to the investor for final approval.
The investor is best described as the 'source' of the funds for your loan, and will always have the final yes or no.
Closing - When the investor gives their final approval of the short sale the closing can take place.
The closing is the same as any real estate transaction except that it involves a release for less than is owed on the mortgage from Bank of America.
Using an experienced short sale broker shouldn't cost you anything and should make the entire process a lot easier.
BOA pays all of your broker fees so it doesn't cost you a penny to have someone you trust working for you and protecting your best interests.
The short sale process with BOA includes: Initiation - This is where you make the decision to sell your home and place the home on the open market for sale.
You should list the property at a price that is reasonable and based on the current market value.
It's important to list the property at a competitive but realistic price that will be accepted by BOA as a fair price for the home.
Submit Offer and Docs - When an offer is received on the property is when all the activity begins.
Your short sale broker will need to submit this offer along with all of your supporting financial documentation to BOA, so that they can review the offer and either accept or deny it.
Obtain Valuation - Once BOA has received the offer they will conduct their own appraisal of your property's market value.
They will rely heavily on this valuation and it will tell them whether to deny, approve or counter-offer the offer that was submitted.
Investor Decision - Once that BOA determines that the offer submitted is valid and qualified they submit it to the investor for final approval.
The investor is best described as the 'source' of the funds for your loan, and will always have the final yes or no.
Closing - When the investor gives their final approval of the short sale the closing can take place.
The closing is the same as any real estate transaction except that it involves a release for less than is owed on the mortgage from Bank of America.
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