BOA sent out an e-mail today to its short sale agents advising us of a new policy regarding replacement contracts when a contract falls out and needs to be replaced with a new one.
Text from e-mail copied and pasted below....
8-Day Window to Submit Backup Offer
Based on agent feedback and to reduce overall cycle times, we are making a change to the short sale process. If it becomes necessary to submit a backup offer during a short sale, you now have a reduced window for making the submission. Instead of 14 days, backup offers must now be submitted within eight calendar days after the initial offer becomes invalid.
When a backup offer becomes necessary:
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Contact your short sale specialist immediately.
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Let the specialist know if you have a backup offer to submit.
Within eight calendar days, resubmit the listing data, submit the short sale offer, and upload the offer documents and supporting documents. Any backup offer will require analysis and investor approval, regardless how similar it may be to the previous offer.
If no backup offer is available:
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The short sale will be closed in Equator by your short sale specialist.
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You should return to marketing the property.
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You may initiate a new short sale in Equator when you receive a new offer on the property.
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