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Linh Du, Home Seller in Emerald Lane, Plano,...

Hi all agents, Have you done a short sale from BOFA for self employed? Do sellers need to provide 2 month bank statements for personal only?

Asked by Linh Du, Emerald Lane, Plano, TX Tue Oct 18, 2011

Hi all agents,

Have you done a short sale from BOFA for self employed? Do sellers need to provide 2 month bank statements for personal only? Does lender ask for business bank statements. If yes, how many months. We own a company which is a S-corporation. Thanks for your answer, advice and experience with BOFA.

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Answers

7
We've closed over 80 bank of America short sales and our experience has been is that we normally state that the seller will no provide business bank statements.

Sometimes agents are the ones that request to provide this information and not the bank. Recently I was talking to an agent and he stated that the bank was asking for corporate financial information since they homeowner was the president of the corporation and he wanted his client to provide that information.

I'm like what!!!

Banks will try to get as much financial information as possible to see if they can squeeze money out of the homeowner since they're probably loosing a lot of money.

You can talk to the negotiator directly and politely tell him/her that you are unable to provide your business bank statements.

I hope everything works out for you.

Jose Adame
Real Estate Broker / Advisor

Expert in all areas of real estate and mortgages, Bank Foreclosures, Short sales, Distress Sales, Real Estate Investments, Mortgage Planning, Cash Flow Management and Real Estate Equity Management.

Ameriland Real Estate Services | 1754 Technology Dr., Suite 122 | San Jose, CA 95110
License ID: 01874707
Tel 408-315-6320 | Toll Free 888-700-3222 | Fax1 877-782-2394 | Fax2 408-273-6038
Web Reference: http://www.JoseAdame.com
0 votes Thank Flag Link Sat Jun 8, 2013
Linh Du,

Typically personal information is what they are requesting but as with most cases, things are on a case by case basis. You need to communicate with the negotiator who is assigned to your file and work with them. If they are asking for more things than what is typical, you need to understand why.

If you would like to discuss, feel free to contact me.
0 votes Thank Flag Link Fri Oct 28, 2011
Linh Du, Just the personal bank statements, NO! The business to when the servicer is LRC. This is clearly defined in their required document list for short sale request.

Did your Realtor share information that is contrary?. recommend that you gain the appropriate info from here http://homeloanhelp.bankofamerica.com/en/short-sale.html?cm_…

You will get poor information from people who have not closed BofA short sales. I have and do agree in part that negotiators vary however by a very small degree. They are all required to submit the same documents for every approval..

My intent is to give the best advice here not offend anyone.

Good luck Linh Du.

You are welcome to contact me for further assistance.

Michael
http://LosGatosHomesandRealEstateBlog.com
0 votes Thank Flag Link Tue Oct 18, 2011
Hi Linh,

If you want, we can show you short sale proofs from BofA for our clients.
Web Reference: http://www.4reohomes.us
0 votes Thank Flag Link Tue Oct 18, 2011
Thank you, Linh Du:

In our office our experience with Bank of America on Short Sales was that the bank of America only asked for personal bank statements but not the business bank statements for the self employed.

I suspect that it may depend on which negotiator the assign to your file.

I see that Mr. Wu indicates that they did ask his clients for their business bank statements as well. That is the opposite of our experience with Bank of America for self employed borrowers in a short sale.

That is not uncommon for the Bank of America or many of the other banks. It seems that the policies vary, depending on which office of the Bank of America is handling the short sale.

That seems to be true of many of the other banks as well.
0 votes Thank Flag Link Tue Oct 18, 2011
As for my experience with BofA short sales, I have done a handful. They use an online system called Equator to facilitate and streamline the short sale process. I currently have 2 short sale listings with BofA, with 1 expected to close within the next couple weeks, and the other is a brand new listing. My advice is to work with your agent closely and provide him/her with requested items in a timely manner to avoid delays. The Equator system assigns tasks to be completed within a certain timeframe. Failure to complete these tasks within the window will result in your file being suspended.

Again, please contact me if you have any questions regarding the process.

Thank you,

Art Wu, Realtor
Six Sigma Realty
408-568-4644
ArtWu@SixSigmaRealty.com
0 votes Thank Flag Link Tue Oct 18, 2011
Hi Linh,

Yes, Bank of America requires both personal and business bank statements. My previous seller was asked to provide the previous 2 months assets statements. Please feel free to contact me at 408-568-4644 or ArtWu@SixSigmaRealty.com if you have any further questions.


Art Wu, Realtor
Six Sigma Realty
0 votes Thank Flag Link Tue Oct 18, 2011
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