Bank of America Announces Two Major Changes to Their Short Sale Programs
Bank of America has announced to major changes to their short sale programs. First is regarding the Proactive Short Sale Pilot Program, and the second is BofA offering up to $30,000 in short sale incentives to the seller.
Bank of America is placing more emphasis on their Proactive Short Sale Pilot Program. This pilot program, initially rolled out in Florida was designed to create much shorter short sale processing times and significantly increase the Bank of America short sale approval rate. Pre-approval of short sales allows most of the tedious paperwork to be completed before a contract is submitted on a property. Bank of America just announced that their Proactive Short Sale program is rolling out Nationwide. This is huge as time is running out for short sales as many of the bail out programs are expiring at the end of 2012!
How do you initiate a Bank of America Proactive Short Sale?
To initiate a Bank of America Proactive Short Sale a Realtor must submit the following paperwork in the Equator System:
- Listing Agreement
- IRS 4506-T Form
- Bank of America Third-Party Authorization Form
- Initiate in Equator as “looking for Pre-Approval”
All of this documentation must be submitted in Equator. Bank of America requests that all communication to be done through Equator first. If there are additional questions, a Realtor can call Bank of America and speak with a Short Sale Specialist at 866-880-1232.
The Second Bank of America National Announcement ties right into the Proactive Short Sale Program. Bank of America’s Short Sale Relocation Assistance Pilot Program is rolling out Nationwide! The initial pilot program was rolled out in Florida. This is part of the Attorney General’s 25 Billion dollar settlement with Bank of America. This program provides homeowners with relocation assistance when they do a short sale with Bank of America.
How much is Bank of America paying for Short Sale Relocation Assistance?
Bank of America is pay anywhere from $2,500 to $30,000 for Short Sale relocation assistance depending upon the value of the property and the investor on the loan. To be eligible, participants MUST per-approved and participate in either the HAFA program or Bank of America’s proprietary short sale program. With a HAFA short sale, if you receive any relocation funds they get will be added to the HAFA relocation funds amount. For example, if you receive $5,000 in relocation assistance it will include the $3,000 given as part of the HAFA program. On the high end you could receive up to $33,000 in relocation assistance.
How much time do I have to participate in the Bank of America Short Sale Relocation Assistance Program?
Time is running out!! All short sales must be initiated by December 31st 2012 and must close by September 13, 2013. Shorts sales that are already in the system and with a contract are not eligible for the program.
For more information on these programs please give Team Baranowski a call for a confidential consultation about the possibility of a short sale. Call Craig Baranowski at 850.259.1788 or email us @ firstname.lastname@example.org.
This site, Craig Baranowski or Keller Williams Realty is not providing legal or tax advice. The information provided is for educational and informational purposes only. It is recommended that sellers considering a short sale should consult an independent legal and tax adviser for more information.