Now You Can Substitute a New Buyer for One Who Walked Wtihout Restart for Bank of America Short Sales in Milpitas CA

Now You Can Substitute a New Buyer for One Who Walked Without Restart for Bank of America Short Sales In Milpitas CA

The days for having to initiate a short sale transaction from First Base if the buyer in contract walks away are over.  At least for Bank of America Short Sales.  Now you can substitute a new buyer for one who walked without restart for Bank of America Short Sales in Milpitas CA.  You heard me right.  Bank of America has heard the pleas of all the Real Estate Agents and Brokers who have complained that the short sale process is tedious and lengthy enough without having to start all over when a buyer in contract decides to walk. 

If You Have A Backup Offer:

Now you simply have to submit a back up offer within (2) days from the day the original buyer cancels the contract.  That's great news for Short Sale Sellers and Agents as well, specially where time is concerned as you will not have to repeat a number of process steps.  This means an agent can now accept back up offers and inform the back up offerors and their agents that should the original offeror back out, their backup offer will not have to start from scratch but segue from where the original offer left off.  And you still work with the same short sale specialist on Equator.  Now you can substitute a new buyer for one who walked without restart for Bank of America Short Sales in Milpitas CA.

Here's how it works:

1. Inform the specialist of the cancellaton
2. Within (2) days the specialist will ask if you have a back up offer
3. If you have a back up offer, the status in Equator will change to "Marketing," for which you will have to complete the following within (14) days:

•      Complete the "Listing Data" Task
•      Provide the marketing description
•      Review the Marketing plan
•      Upload the offer.  (To do this in Equator, locate "My Properties," then "Offers" and select "Place     New Offer."

The "Listing Data" file needs to be completed and the "new" offer uploaded within (14) days or the file will be closed.

If You Have No Backup Offer:

Without a backup offer the short sale will be declined.  If that happens, just return to marketing the property again and initiate a new short sale on Equator once you receive another offer.

Bank of America has issued a new guide, How and When to Submit a Short Sale Backup Offer, to explain the process. 

So raise your hands and rejoice because Now you can substitute a new buyer for one who walked without restart for Bank of America Short Sales in Milpitas CA.

If you or anyone you know is in a situation where you have to do a short sale or need advice on an upside down property or are under financial stress, call us at (408) 316-0793 or email rpablaza@comcast.net.  We have alternatives that can release the stress you are in