Great news for short sales! Bank of America will allow backup offers. See below:
As an example of our commitment to improving the short sale process, Bank of America now allows real estate agents to submit a backup offer on a transaction if the original buyer has walked away from the sale. This means agents will no longer have to initiate a new short sale; instead, they can continue with the original transaction in Equator and work with the same short sale specialist. This change will save time by not having to repeat a number of process steps.
When a Backup Offer Is Ready
Agents should send a message to their short sale specialist via Equator when the original buyer is no longer interested in the property. The short sale specialist will then respond within two business days and ask if the agent has a backup offer ready to submit. If another buyer is prepared to make an offer, the short sale can proceed without having to repeat the short sale initiation steps. The short sale status in Equator will change to “Marketing,” and agents will be directed to complete the following tasks within 14 business days:
- Complete the “Listing Data” task.
- Provide the marketing description.
- Review the marketing plan.
- Upload the offer. (To do this in Equator, locate “My Properties,” then “Offers” and select “Place New Offer.”)
If the “Listing Data” task is not completed and the new offer is not uploaded within 14 business days, the file will be closed.
When No Backup Offer Is Ready
This new process applies only if there’s an available backup offer when a buyer walks. If a backup offer is not ready to be submitted, the short sale will be declined. In that case, agents should return to marketing the property and initiate a new short sale in Equator once another offer is received.
