If you’ve ever worked on short sale transactions in the real estate industry, then you probably know how frustrating it can be when lenders put a value on either an appraisal or even a “drive by BPO” (broker price opinion) without sharing the report with the sellers and or potential buyer.
For me, it’s absolutely infuriating when a lender counters a property’s appraised value but then never tells us what value they arrived at.
Fortunately, things are changing at Bank of America.
Recent changes to Bank of America’s short sale process include providing a valuation report to the customer each time a value is obtained and used as part of the 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
Note:
- 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?
