Bank of America is one of the largest mortgage holders in the country, therefore it is important for many homeowners to understand the Bank of America Short Sale Process.  I have outlined the process below:

1. Find a reputable realtor that is familiar with short sales in general and BofA’s process in particular.
2. Homeowner must have a documented hardship and loan must be delinquent.
3. Market the property to obtain a purchase contract

Once BofA has received a copy of the signed purchase contract

1. BPO will be ordered by BofA to assess value of property and this valuation will be used to determine if the short sale offer is aligned with fair market value.

Additional negotiations or information will be requested such as:

• Purchase Price
• Changes to the HUD-1
• Funds and/or promissary note from borrower
• Deficiency letter
• Income, Tax and hardship verifications

If you have any questions about the Bank of America Short Sales program or would like to see if you qualify give me a call at 301-343-7671 or email me at jnewman@kwflagship.com and I would be happy to speak with you directly.