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Common Document Errors Bog Down Short Sales

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By Paige Tepping

Looking for tips on how to keep the short sale process moving? Often there are two common problems that can derail a short sale: incorrect and incomplete document submissions. As one of the largest mortgage servicers in the country, we asked Bank of America to give us the details on what real estate professionals can do to keep things rolling.

Submit the correct documents. Bank of America forms are conveniently located on the Agent Resource Center site and can be downloaded at bankofamerica.com/shortsaleagent. Using Equator®, the online processing system used by Bank of America, you should be prepared to submit these documents when you initiate a short sale:

• Bank of America Third-Party Authorization Form
• IRS Form 4506-T, Request for Transcript of Tax Return
• 60-Day Estimated HUD-1
• Signed Purchase Contract
• Bank of America Short Sale Purchase Contract Addendum
• Bank of America Buyer’s Acknowledgment and Disclosure

Confirm that all documents are completed correctly. Delays can result when forms are filled out incorrectly. Review all completed documents before submitting them to ensure the names and addresses are consistent for both the buyers and sellers and all data is legible. Check all signature lines to be sure everything is signed appropriately and the printed names are included where required. Make sure the forms are dated where required and your state license number is included where indicated.

Easily monitor the process. It is recommended you initiate a short sale early in the process, even before there’s an offer on the property. The Equator short sale processing system allows you to quickly upload documents and send messages, eliminating the time-consuming job of sending faxes, making calls, and searching through files. This automated processing platform keeps you updated on outstanding tasks, and the due date and status of all submitted offers.

Conduct all of your communications via Equator messaging, not through your personal email. This feature ensures the message is secure, the contents are protected, your communication is centralized in one location and response time improves because short sale specialists reply to Equator messages first.

When you are seeking solutions to your short sale concerns at Bank of America, please contact your short sale specialist. Send a message via Equator and select the negotiator (or closing officer) in the “To” field and provide the details of your issue. You should receive a response within two business days. Urgent requests, such as a foreclosure postponement, should be directed to Short Sale Customer/Agent Care at 866.880.1232.

Next time you are ready to initiate a short sale, whether it’s with Bank of America or another lender, be sure you have thoroughly reviewed your documents and have everything you need to get the process started. That way, you will be better prepared to meet each milestone and work toward a successful closing.

For more information, visit www.bankofamerica.com.

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