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Bank of America has assumed a leading role in processing Short Sales. It is well known in the real estate industry that BofA was the first bank to start tracking Short Sales on-line in the Equator platform, making the transaction more transparent and shortening the time it takes to process.

This morning, BofA held their third webinar related to Short Sales. The title of today's webinar was 10 Tips to a Successful Short Sale. Here's are the ten tips offered by the webinar:

1. Agent Short Sale Education & Training

2. Setting Realistic Expectations for Both Buyers & Sellers

3. Get Outside Liens Released As Quckly As Possible (2nd liens, HOA etc.)

4. Work to Sell Property @ Fair Market Value.

5. Fully Execute Purcahse Contract Before Submission.

6. Negotiate Escrow Fees in Advance & Submit Complete HUD.

7. Check all Documents Prior to Submission to Equator. Illegible documents will be rejected.

8. Complete Tasks in Equator in a Timely Manner. Counter not answered on time will be automatically rejected.

9. Agree on Counter Offers Before Accepting.

10. Identify Potential/Common Causes for Delay

Here's hoping other banks follow BofA's example!!!

Here's a link to the entire recorded webinar: http://video.webexlivestream.com/events/webx001/35673/eFrame.jsp?mei=35673&cf=webx001&;

Here are the points covered by BofA Representatiives during the July 28th, 2010 Webinar::

• For the most part HAFA Short Sales require same type of documentation: Hardship Letter, Financials, Last 2 Years of Tax Returns, Last 2 Months Bank Statements, Last 2 Check Stubs etc.
• 2nd & 3rd lien pay-offs are limited to $6,000 or 6% of unpaid balance.
• Under the HAFA program, homeowners receive $3,000 for relocation expenses at close of escrow. Each servicer receives $1,500 as an additional incentive.
• HAFA is designed for homewoners who did not qualify under the HAMP (Loan Modification) Program.
• Short Sales under HAFA eliminate the possibility of Deficiency Judgments (amount "forgiven" or not paid to lenders).
• Home must be owner-occupied. BofA does offer other Short Sale programs for investors.
• While a Standard Short Sale in progress can be converted to a HAFA Short Sale, when possible it is recommended that the HAFA Short Sale be approved in advance by the bank.
• The homewoner will select the Short Sale Broker/Agent, not the bank.
• BofA HAFA Short Sales are now being initiated/tracked in the Equator website. This change has significantly improved agent/negotiator communication & has made process faster & more transparent.
• Under HAFA, the initial listing period will be 120 days. If the home does not sell, an extension could be granted or a Deed in Lieu would be considered by the lender.
• Under the HAFA guiduelines, after a Short Sale Offer is received by the bank, the goal is to provide an answer in 10 days or less.

For more information on the HAFA program, visit http://makinghomeaffordable.gov/hafa.html

You can also e-mail me your questions @ reoprorealty@gmail.com