Bank of America Short Sale Agent, Lisa Jefferson, 678.480.5054 Provides Short Sale Listing Serivce

Sept. 8, 2010 - PRLog -- The Bank of America Short Sale Process can be very complex. Therefore it is important to work a real estate professional that has experience with the Bank of America Short Sale Process. Once a homeowner has determined he or she can no longer afford to maintain their home it is very important that the home owner act quickly to avoid foreclosure.

Bank of America has a step by step process in which you must follow in order to be considered as a Short Sale candidate.

Step 1
The Homeowner must call Bank of America and request to proceed with a Short Sale in lieu of a Foreclosure. When you contact your mortgage servicer, have your loan information  available and be prepared to discuss your financial hardship in detail. The first thing they will look at is whether there are any options that may allow you to stay in your home. If you decide that a short sale is the best right option for you, you can begin marketing your home.

Step 2
Bank of America recommend that you contact an experienced real estate agent as soon as possible. Selling a home in a short sale situation can be a complex process. Working with a realtor who has previous experience in that process makes a big difference. Among other things, the real estate agent can help you market your home and find potential buyers or investors fast.

Step 3
Once you receive an offer, your real estate agent need to submit it to us in writing, signed by the buyer. At that point, we will work to gain approval of your offer. If you have a second mortgage with another lender, or any other debts against the home, it is your responsibility to work with them to get their approval. An experienced realtor can assist you in doing this.

Step 4
As we consider the offer, we’ll need to determine the fair market value of your home. A valuation or a BPO (Broker Price Opinion) of the property will be ordered to determine the actual value. Homes of similar size and in your neighborhood will be used to determine the final number. Once the fair market value of your home is determined, Bank of America could make a counter-offer. It’s not unusual for offers to be withdrawn all the way up until the closing, therefore it is important that your realtor continue to market the property.

Step 5
Once the offer has been accepted, Bank of America will provide you with an approval letter releasing the home for purchase. Final documents will be prepared and a closing will be scheduled. Your house is now sold and your mortgage and any other loans against the home are paid off from the proceeds of the sale.  

For more information, please contact Lisa Jefferson, Broker/Owner, CDPE, Short Sale Agent for Bank of America Homeowners. 678.480.5054 Direct 770.821.7902 Office.
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