Why 26% of Bank of America Equator short sales are Automatically rejected….
So I just had a conversation with a pleasant Bank of America rep. BofA is doing a pilot program where they call agents for a welcome call after they have initiated a short sale on Equator.
The point of the call is to walk the agent through the process and answer any questions they may have. I was told that 26% of the short sales that are initiated in Equator end up getting declined because the agent failed to do something correctly. These files then have to be re-initiated and start all over. That’s a waste.
Any of us that have called BofA in the last couple months have definately heard about the Real Estate Agent Resource center located at www.bankofamerica.com/realestateagent. This is a decent place to find tips for dealing with BofA.
One change to their process that has taken place in the last few months involves the seller financials. No longer does the seller have to call in and get a login to upload their financials themselves.
We can upload those docs directly to the Library in the Property section.
Currently BofA is asking for;
1. 2 Months Bank Statements
2. 2 Pay Stubs, or 2 Qtrs of Profit and Loss for self-employed.
3. 4506-T
I have also had requests for a financials statement on loans with Mortgage Insurance so I always just include that in my list. Also if there is a Bankruptcy at play they will want a Trustee’s Release Letter also.
And of course if you are applying for HAFA, everything pretty much goes out the window and process is totally different.
The seller docs can be uploaded to the library as soon as the offer is initiated and they recommend calling into Short Sale Customer Care at 866-880-1232 to let them know the docs have been uploaded. This way a rep can note that the seller task is complete.
Stay tuned for more updates.