Short Sale Valuation Disputes with Bank of America – New Changes

From Bank of America today:

Short Sale Agent Update

May 1, 2012

Process Refined for Valuation Disputes

Bank of America has refined the process for settling valuation disputes during a short sale.

The value of a property is established by independent third-party vendors shortly after a short sale is initiated. Occasionally, however, a listing agent may wish to contest that value. When that occurs, there is now a revised process for reconsidering the value.

Process Steps

1.     Tell your short sale specialist that you would like a reconsideration of the value.

2.     Receive an investor-specific, easy-to-complete form from your short sale specialist that specifies all requirements for a successful value dispute.

3.     Fill out the form and attach specified evidence.

4.     Stay in touch with your short sale specialist for results.

5.     Expect a value dispute review within 10-12 business days once all required information has been received.

Learn about the evidence needed to dispute a value.

Your short sale specialist can provide additional guidance.

If you have questions, first contact your short sale specialist (or closing officer) through Equator messaging. If there’s no response after two days, escalate to your short sale team lead.

For urgent needs (such as a foreclosure postponement) or for escalation beyond your short sale team lead, contact Short Sale Customer Care at 1.866.880.1232.

Visit the Agent Resource Center at bankofamerica.com/realestateagent for educational guides, news and resources to help agents complete a short sale at Bank of America.

I do like the fact that BANA is working hard to meet in the middle.  So far we haven’t had very many disputes on price, which is good, but chances are at some point both sides will have a differing idea of value, and it’s good to see they are open to us showing them  why an offer should be accepted.

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