Pittsburg CA Short Sale Advisory | Bank of America Guideline Change

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Pittsburg CA Short Sale Alert For Bank of America Homeowners

Your Pittsburg CA short sale specialists have some information for homeowners who may have a Bank of America loan. Just wanted to let you know of a quick short sale update from Bank of America. If you have a loan with Bank of America and you’re thinking about doing a short sale, this is some information that does apply to you whether or not you have a Pittsburg CA short sale home.

A lot of times when we have a short sale that has been submitted with all of the seller financials to Bank of America to be reviewed for a short sale, and for some reason, if the buyer happens to back out, sometimes that happens, whether they lose their job, whether their plans change, something like that happens. If we lose the buyer, it used to be that we would have to start the whole short sale process completely over. Meaning, it gets assigned to a new negotiator over at Bank of America, as well as we have to resubmit all the seller financials, because by that time, most of them have probably expired. So you could be 45 days into the process, almost there, getting an approval from the lender, from Bank of America, and all of a sudden the buyer backs out. This scenario can have a very negative impact on Pittsburg CA short sale homeowners.

Bank of America has a new program with their short sales, where if the buyer happens to back out, if we have an offer within five business days of the buyer backing out, then we can resubmit that to Bank of America, but we don’t have to start the whole short sale process over again. Most of the items that they have, they’ll say, “Okay, this is fine. We’ve got everything that we need. Just send us the new offer. We’ll go ahead and review that without starting over.”

So that can pretty much take a lot of the stress out of the program, so we commend Bank of America on finally doing this, it allows us to have some back up offers without starting the process completely over. So, again, if you live in Pittsburgh, Bay Point, Antioch, if you’re looking to do a short sale, it doesn’t really matter, anywhere in the East Bay, and with every lender, we’ve pretty much worked with them all, so we’re happy to help you out with that. So let us know how we can help on our website.