Bank of America is announcing a refining of its Equator short sale process streamlining its approval process and reducing the wait to an accepted offer; and hence a closing. The changes are expected to trim the bank’s decision time in half — from 45 days or longer to 20 days, reports say.
Starting April 14, the bank says (links to forms follow..)
it will permit its short sale specialists, using a third-party platform called Equator, to complete document collection, valuations, and underwriting at the same time, which is expected to help speed the process.
Bank of America also announced starting April 14 that real estate agents will be required to submit five documents in short sale transactions to be considered by the lender. These required documents include:
A purchase contract including Buyer’s Acknowledgment and Disclosure form
IRS Form 4506-T
Bank of America Short Sale Addendum