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Bank of America making big changes to short sale process
Bank of American finally releases property values to consumers during the short sale process.
Last month Bank of America announced to its realtor partners via email that property value results will be available to them and the consumers when taking part in a short sale transaction. This could be a game changer for short sale transactions.
FOR IMMEDIATE RELEASE: South Gate California
Before last months announcement Bank of America would not disclose to its agent partners and or the consumers what were the results of their assessment of value for any property. This made it difficult for agents and consumers to know where they stood in regards to the possibility of a short sale offer being excepted or not.
Usually the way the process worked was an offer was submitted and the bank either excepted or rejected it. The problem was when the bank would reject the offer with no counter price and just told the agent and or the consumer that the offer submitted was to low. This lead to agents and buyers having to submit multiple offers till they got one that met the banks desired price.
Now with the value of the property being disclosed to the agent and consumer the guessing game can end and the time that was before waisted could hopefully be minimized.
Guillermo Serafin a broker associate with Berkshire Hathaway Home Services CA Properties in South Gate CA states “we hope that releasing the results of the banks estimation of value will help us to get more short sales approved and lead to a smoother process”. He also goes on to say “This step is a good step in the right direction to making the process of short sales more transparent but like usual the followup behind this initiative is whats going to really make a difference. If the lender isn’t willing to revise incorrect valuations then knowing what they think won’t do anything but frustrate further all involved”.
Guillermo Serafin specializes in assisting home owners, buyers and investors navigate through the short sale process. He constantly is reaching out to the general public and real estate professionals through trainings and blogs that he conducts and releases to assist all with this very complicated type of real estate transaction.
Guillermo Serafin and his team launched www.thinkingshortsale.com as a site to help the consumers find out weather if a short sale was an option to them or if there was some way they could keep their home.
Guillermo Serafin also created a hassle free way for consumers to request a home valuation in order to give them an idea of where they stand with their properties value. Consumers can go to www.homepricingmadeeasy.com to obtain there no cost home valuation.
Guillermo and his team can be reached as follows.
Phone: 8778011923 Ext-101
Turning Dreams In To Accomplishments By Creating Customized Solutions.
877 801 1923 Ext. 101