Short Sale Agent Update
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.
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
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- 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
If someone promises to: short sale your home with no “sign in the yard” and with “no showings” and “not put it on the MLS” they are breaking the rules. In most cases they are likely committing fraud and this could come back to haunt you down the road.
Short selling your home is not the most pleasant thing you will ever do and it is important to get it done right. Don’t let some predator use your embarrassment against you. Do the right thing and get this taken care of now.
Call me direct 208-941-5629 go to http://www.mrnohassle.com or email me at MrNoHassle@gmail.com.