Bank of America Makes Changes to Short Sale Process…Say What?!

If any of you have ever tried to short sale your home or purchase a short sale and the bank of the note was Bank of America, then you know the pain I am talking about. Let’s just say that Bank of America’s not the fastest moving bank around. Oh boy do they have a bad reputation for their slowing moving short sale process. They used to take up to 1 1/2 years to approve a short sale. But now they have their approval time to 2 to 3 months. This article will come to you as a surprise. They are not the fastest moving bank around. Sometimes you have to wait weeks if not months to get an approval for a short sale. Thus, this article is super awesome!

Bank of America Makes C.A.R. Recommended Changes to Short Sale Process

Over the past few months, C.A.R. has worked with Bank of America to make changes to the bank’s short sale purchase contract addendum and Short Sale Real Estate Licensee Certification.  Starting April 14, along with other changes, agents and brokers are no longer required to sign the Short Sale Addendum.

C.A.R. is pleased BofA has made these changes to its short sale documents in line with C.A.R. recommendations and looks forward to continuing to work with BofA to improve the short sale process in ways that will mutually benefit both REALTORS® and lenders.

~ CARS