Short Sales in CT (Blog)
A Blog about Short Sales in Connecticut

TOP END Properties
curve
Short Sales in CT > Blog > Bank of America: Short Sale MLS Listing Requirements - Must remain Active
curve

Bank of America: Short Sale MLS Listing Requirements - Must remain Active

February 11, 2013

In our continued effort to ensure acceptable and fair marketing activity for all short sales, this is a reminder that Bank of America requires all properties to be listed on the Multiple Listing Service (MLS).
The property must have been listed prior to the acceptance of an offer. All offers must be submitted by the buyer subsequent to the listing date, and the property must be marketed on the MLS until a short sale approval letter is issued. Any property not listed on the MLS may experience processing delays, and/or the Short Sale file may be declined.
The following actions can help prevent processing delays and/or file declines.
  • List the property on the MLS and include all basic property detail, including:
    • Number of beds/baths, square footage, lot size, year built, location, interior features, etc.
    • All known property information used to market the property to prospective buyers.
    • Alternative language such as "unknown" or "unavailable" should be used - instead of leaving fields blank - when you encounter certain property characteristics that may be unknown via public record (e.g., Property taxes, deed information, and other fees).
  • Ensure the MLS remarks and/or comments do not reflect unacceptable language such as:
    • "Do not disturb homeowner, property not available for viewing"
    • "Bank has already approved the short sale"
    • "Cash offers only"
    • "Preapproval through listing agent lender only"
  • Ensure the listing status is current and active on the MLS until a short sale approval letter is issued
Per investor guidelines, additional documents may be required and will be communicated, as applicable, by the Short Sale Specialist.

No comments:

Post a Comment

curve
© TOP END Properties. Licensed Broker in CT. Privacy Policy. curve

short sale homes, sell for less than the mortgage, houses with underwater mortgage, motivated sellers, preforeclosure homes

Need to Sell a Home via Short Sale? Don't settle for less.
We are the Real Estate Marketing Experts!
Click Here to Contact Us Today