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.