It's been widely noted on this site and others that discuss short sales:  Bank of America has been one of the most painfully slow banks ever imagined when trying to complete a Short Sale.

Bank of America Short Sales are starting to Speed Up!

Bank of America introduced a new automated system that we use to upload our Short Sale information.  The system is called Equator.  Equator has its problems too, however it has drastically changed Bank of America's 1st phase of the short sale process.  You can read about BOA Short Sales directly from their website:  Bank of America Short Sale

The Brad Officer real estate team works hand and hand with a Short Sale Attorney in order to represent the seller to the best of our ability.  We are starting to see approvals in less than 60 days and sometimes less than 30 days  from Bank of America! That is a HUGE change from the previous 90-120 days minimum.

That is the good news.  The BAD NEWS is still the red tape issue.  Case and Point:  BOA agreed on price, everyone signed off ready to close, but BOA drags their feet on getting us a clear to close letter.  The original BPO (broker price opinion of value) "expires" and they now order a new one......causing further delay.

Have a Bank of America Mortgage and need to Short Sale?

The BOA short sale process may have started to speed up due to the new Equator system, but keep in mind it is still an automated system.  Many anxious sellers, owners, agents, etc. get fairly irritated with not being able to get an answer immediately.   Calling BOA will most likely not help as they just refer us back to Equator.  In this case, Patience is a virtue.

If you are considering a short sale in Jacksonville or Ponte Vedra Florida,  make sure you are working with a professional team:  Contact Brad Officer.

Read the complete Short Sale Guide for Jacksonville Home Owners

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