All of the forms required for the Bank of America short sale process can be found here. Published on July 26, , updated on August 25, Required information to initiate the short sale process with Bank of America There is some paperwork required to initiate a short sale with Bank of America. But, for the most part, the Bank of America short sale process usually follows a specific timeline:.
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The Closer is the person who will issue your final HUD approval at the closing of the transaction. Once your home has been listed, you have an offer, and you are ready to initiate short sale proceedings, your short sale through BofA may take, on average, somewhere between days. The next phase is the negotiating phase.
How long will the Bank of America short sale process addedum This form states that you have been advised by BofA of the loss ocntract options.
First you will need:. During this phase, a Processor will collect any additional documents needed, request corrections on documents, order appraisals and complete the file to be submitted. How does the Bank of America short sale process work?
This may take days in all. But, for the most part, the Bank sshort America short sale process usually follows a specific timeline:.
The last form that might be needed to initiate is the Borrower's Election Form. Addnedum assigned Negotiator will respond to the offer and to the investor fee caps.
Then the lender will assign a Closer to complete the short sale. The first phase is processing. He is co-author of The Ark Law Group: You can find other tips on negotiating your own short sale with BofA hereincluding what to do in a value dispute with the lender, specific instructions on escalation procedure if the person assigned to your file is dragging their feet, and more.
Comments 2 Add Your Comment. Give us a call today to see how we can help you. Once the terms are agreed to, the Negotiator will submit the package to the investor for final approval, which can take day to get submitted.
This is only needed if you choose to move straight to the short sale and do not choose to have a modification evaluation completed. Call us for a free consultation Required information to initiate the short sale process with Bank of America There is some paperwork required addemdum initiate a short sale with Bank of America.
sa,e All of the forms required for the Bank of America short sale process can be found here. These submissions take approximately days. First you will need: They will determine relocation incentive eligibility, request the investor-specific requirements, and determine the cash contribution requirements.
How does the short sale process with Bank of America work? The Bank of America short sale may be shorter or longer depending on how quickly the negotiator is able to get documents and come to shor agreement on terms, etc. Complete Guide to Short Sales. Ark Law Group will work relentlessly to negotiate with Bank of America on your behalf.
Free Bank of America Short Sale Purchase Contract Addendum | PDF Template | Form Download
Published on July 26,updated on August 25, We here at Ark Law Group work with nearly all lenders in the short sale processand are happy to assist you each step of the way on your journey to financial freedom. The Negotiator will review and respond to the offer, generally in days. For a quick overview, including all vital numbers and steps, check out our A to B walkthrough on a Bank of America short sale here.
This step, in particular, is where the tables can turn on the seller, and where an experienced and or negotiator on your side can really be worth their weight in gold.