Beginning April 14, Bank of America will have a new short sale process and documents that are supposed to reduce the approval process to 20 days. BoA will require that five documents be submitted: a purchase contract and buyer's acknowledgment and disclosure form; a HUD-1; IRS Form 4506-T (which gives BoA the right to obtain copies of the seller's prior tax returns); Bank of America short sale addendum; and Bank of America third part authorization form.
Real estate agents will have five days (down from 14) to submit a counteroffer and buyers will be limited to two counteroffers. The agents will receive a response within three days.
It is about time that banks simplified the short sale process. The process has been unnecessarily arduous and drawn out. Not having such a dysfunctional process will help to encourage buyers and sellers and ultimately contribute to stabilizing the market.
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