Bank of America: Back Up Offers

Based on agent feedback and to reduce cycle times, we would like to remind you that should it become necessary to submit a backup offer during a short sale, you must submit the backup offer within five calendar days after the initial offer becomes invalid.
If a backup offer is necessary and you have one ready to be submitted, you don't have to restart the short sale from the beginning. To submit the backup offer, contact your short sale specialist immediately and they will trigger the appropriate tasks for you to submit the new offer.
If you have a backup offer:

• The short sale can proceed without having to re-upload the financials if they haven't expired.
• The short sale status in Equator will change to Document Collection/Valuations.
• Complete the following tasks within five calendar days or the offer will be declined:
  1. Submit Short Sale offer
  2. Upload Initiation Documents
• You will continue working with the same short sale specialist.

If you do not have a backup offer:

• The short sale will be declined and its record in Equator will be closed by your short sale specialist.
• The status will change to Unavailable and the file cannot be reopened.
• You should return to marketing the property.
• Initiate a new short sale in Equator when you receive a new offer on the property.