Bank of America Expresses "Caution" to Seller and Listing Agent of Short Sale Listings

As a seller, you must be involved in the listing process of your home with your realtor.

As you are seeing, we are experiencing a seller's market. Yes, you have heard me mention this in my blogs going back to last April and now, inventory of homes for sale are at an all time low.

What this means is that sellers are in control of the marketplace. But, with short sales, the banks are in control. The banks know that there are more buyers than there are sellers, so they are countering with higher prices than what is listed in the MLS. This means your involvement as a short sale seller is critical in knowing your market.

Bank of America just posted in an email to realtors saying the following: "How the property is marketed is a decision determined by the Seller and Listing Agent, however, caution should be exercised in using terms like 'cash offers only' or 'property is ineligible for financing'. This kind of verbiage can be considered an attempt to exclude a financed buyer and lead to a delay in processing the short sale".

Since you are the owner of the property, it is important to know the bank's requirements. To be successful in not only selling your home, but as well as seeing it to a successful close of escrow, you want to be involved in the actual listing process. Obtain a copy of the MLS listing remarks to be certain that the  bank’s requirements are met. Make sure changes in the MLS are not made without your acknowledgement.

It is challenging enough to sell your home as a short sale, the last thing you want is a bank to foreclose because the requirements were not met. So, it is extremely important that you stay involved in the process. Review all remarks on the MLS and the commission amount that is being offered on your behalf by the bank is fair to the buying side. You want your home to be marketed to the greatest amount of qualified buyers. This will pave a pathway to success. You can reach me directly for additional information.

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.


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