bank of america short sale changes effective april 13, 2012

Bank of AmericaShort Sale Changes

Effective April 13, 2012

Required Forms for Short Sale Initiation

• 3rd Party Authorization Form• IRS 4606-T• 60 day Estimated HUD• Signed Purchase Contract with Buyer’s

Acknowledgment and Disclosure• B of A Purchase Contract Addendum

3rd Party Authorization Form

B of A Buyer’s Acknowledgement and Disclosure

Short Sale Purchase Contract Addendum

Short Sale Real Estate Licensee Certification

Changes on April 13, 2012

• Any files without all five required submission items may be declined and will be required to submit all five items to reinitiate short sale.

• Back-up Offers will have 5 days to be submitted if buyer backs out before having to start process over.

• Authorization forms can only be used by licensees (no non-licensed assistants).

Additional Changes to System

• Secure Messaging only for Protection of clients information. No emails directly.

• Escallations after 2 days without response go to team leader.

• Exact Name match on all documents• Negotiator can order BPO’s and other required

Documents concurrently

Upcoming Training Webinar

• April 19, 2012 4-5PM Eastern Standard Time• BankofAmerica.com/RealEstateAgent • Customer Service 866-880-1232

M-F 8AM-10PM Eastern Standard Time Sat. 9AM-5:30PM Easter Standard Time