Bank of America recently came out with this reminder. When listing the home on the MLS make sure you do it correctly. Below is the memorandum that BOFA sent out this week.
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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.
- 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 MLSuntil 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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