July 13th, 2011 6:24 PM by Uletas Greene Carter
In the past, if a buyer walked for whatever reason, Bank of America required us to resubmit the entire short sale packet: bank statements, paystubs, updated hardship letter, new appraisal, and another 3 months of waiting for them to make a decision.
Bank of America announced yesterday that they will no longer require us to do that; therefore, if a buyer backs out, we can immediately submit a new buyer and continue with the short sale, and the process should go faster. The new buyer doesn't have to wait another 3 months and the seller doesn't have to re-live the process.
Hopefully, other lenders will implement this same procedure.
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