Bank of America Short Sales are getting faster!
The speed up is happening as they’ve finally developed some internal systems and processes that make sense. Oh yea, and they’ve stopped changing them every 10 days, which helps. They are still struggling with the massive incoming volume of short sale applications, contracts, and inquiries, but hey – that’s to be expected for the largest holder/servicer of distressed mortgages.
One great new addition to the Bank of America short sale system has been the ability to apply for a HAFA short sale BEFORE we have the property listed for sale. The benefit of this is that the bank will actually provide you with a written document that states the terms of sale, i.e., approved listing price! This is great for Realtors and for buyers of a short sale, but this is even better for Sellers.
Sellers who get accepted into the HAFA short sale program through Bank of America have a lot less anxiety than the traditional short sellers. Another huge benefit is the speed in which we can sell the house. The most recent HAFA short sale via Bank of America that I put on the market was sold in 3 days flat! It’s a win win across the board.
One last thing, don’t try to get approved for HAFA or a pre-approved short sale without first identifying your listing REALTOR of choice and getting your short sale attorney in place. They’ve made the process a little smoother, but it’s still layered with red tape and “getchas” along the way that only a seasoned short sale attorney in Jacksonville and experienced Bank of America short sale REALTOR can help you navigate and stay on path.
Happy Short Selling!