Southwest Florida Title Insurance & Real Estate Blog -

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.

Bank of America short sale transactions (Photo Courtesy of Flickr User MoneyBlogNewz)

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?

  • 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.

Additional materials and guides can be located on the Agent Resource Center at http://www.bankofamerica.com/shortsaleagent. Find information about Consumer Financial Protection Bureau (CFPB) Mortgage Servicing standards at: http://www.consumerfinance.gov/.

If you’ve got a client who needs to short sell his house in Florida, fill out this form and we’ll get started on making the transaction as smooth as possible.

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NOT LEGAL ADVICE: This information is not to be construed as legal advice. Legal advice must be tailored to the specific circumstances of each case. Every effort has been made to assure that this information is up-to-date as of the date of publication. It is not intended to be a full and exhaustive explanation of the law in any area. This information is not intended as legal advice and may not be used as legal advice. It should not be used to replace the advice of your own legal counsel.

Winged Foot Tite, LLC is not associated with the government, and our [short sale orchestration] service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.