And it is ABOUT TIME!!!!! We have been discussing this with the executive department at BofA for several years now.
Perhaps it was all the short sale brokers and agents that got them to finally listen to this biggest bottleneck in BofA short sales!
We don’t really care who BofA gave their ear to on this one, just that they finally took action on this!
We used to have to start the entire process all over again when a buyer walked and you tried to submit a back up offer.

You can now continue along with the original transaction! This will save time and eliminate some of the processing steps.
When your original buyer walks, let your negotiator at BofA know that you have a back up offer. The negotiator is supposed to respond to you within 2 days asking your if you have a back up offer to submit.
The short sale status will change to “marketing”. You will then be directed to complete the tasks within 14 business days.

You will need to: 
  • Complete the Listing Data task.
  • Provide the marketing description.
  • Review the marketing plan.
  • Upload the offer.
If you don’t do these steps within the 14 days- your file will be closed. 
Remember that this only works if you have a back up offer. If your buyer walks and you don’t have a back up offer your file will be closed. Keep that in mind as you are strategizing on how is the best way to proceed with the short sale when a buyer walks.

6 Responses to Bank Of America NOW Allows For Substitute Buyers When The Short Sale Buyer Walks!

  1. It is about time!!! I never understood why they had to start the file over when the first buyer walked or didn’t agree with the BPO. This post is more great news from the team of Wellington short sale agents. Thank you.

  2. Leave it to Bank of America to have policies so backward that you have to truly be grateful for a little common sense. Nonetheless I’m grateful as well. As a Wellington short sale agent, I know you are as well.

  3. Laurie says:

    Bank of America allowing this now will bring great relief to many homeowners who have suffered unnecessarily and unfairly trying to submit to the long time frames the bank has taken to make a decision on their situations. This is great news indeed so let’s spread the word!!

  4. This is great news especially for Wellington Short Sale Agents! Thanks for sharing this Katerina.

    Bob Hertzog
    Summit Home Consultants
    Phoenix Short Sale Agents

  5. Maybe banks are beginning to learn how to act in their own best interest as well as the interest of sellers? Toxic assets are just another form of debt that nobody would want to just keep accumulating with new on top of old.

  6. Charlie says:

    How about this one?
    The buyer walked and the sellers agent did not inform the bank. That offer is still waiting for approval. The agent is waiting for that approval and then submit backup
    Your input?

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