Bank of America 2014 Short Sale Process Change | Real Estate Insider News – Real Estate Coaching and Training

Recent changes to the short sale process include providing a valuation report to the customer each time a value is obtained and used as part of the short sale process. This change improves the customer experience by providing more transparency and clarity to the information used in reaching a decision on a short sale offer. Valuation reports will be supplied each time a value is obtained.

Whether you have initiated the short sale with an offer or are just beginning the short sale process and do not yet have an offer, your customer should understand that:

  • A current value for the property must be determined, which then helps determine the market value
  • This process typically takes less than two weeks to complete

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  • For Equator® short sale files: The valuation report will be available in the Equator record
  • Non-Equator short sale files: The valuation report will be mailed to the customer

What can you do to assist with the valuation process?

  • Make sure the valuation contact information is up to date for Equator files
  • Help schedule the valuation and work with the homeowner to provide vendor access to the property
  • Inform your specialist when the valuation vendor has left the property

Your short sale specialist will be on the lookout for the results of the valuation. You will be notified through Equator when the valuation is complete and the report is available.

Reassessments: If the buyer has a valuation that is significantly different from the valuation we have on record, you may request a reassessment of value. To request value reconsideration, notify your short sale specialist and provide evidence to support the disputed value. Keep in mind that reassessment of value can add time to the process, and reconsideration is not guaranteed.