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Thursday, July 21, 2011

Bank of America Announces Short Sale Changes

Bank of America Announces Short Sale Changes

On July 12, 2011, Bank of America announced changes to its short sale process that allows real estate agents to submit a backup offer on a transaction if the original buyer has walked away from the sale. If another buyer is prepared to make an offer, the short sale can proceed without having to repeat the short sale initiation steps allowing the agent to continue with the original transaction in Equator and work with the same short sale specialist. This new process applies only if there’s an available backup offer when a buyer walks away from a transaction. If a backup offer is not ready to be submitted, the short sale will be declined. Agents should return to marketing the property and initiate a new short sale in Equator once another offer is received.

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