BofA of Allow Back-up Offers to in System

No full restart required if the back-up offer is in place prior to
cancellation of the current buyer.

from CAR:

Short Sale Soundoff: BofA to accept back-up offers on short sale listings
Bank of America announced this week it will accept back-up offers on short
sales and will allow the back-up offer to take over if the first buyer does
not complete the transaction, without requiring the process to start again.

Under this new guidance, agents will no longer have to initiate a new short
sale in Equator if the original buyer walks away from the transaction.
Instead, the agent can continue with the original transaction in Equator and
work with the same short sale specialist. The file will remain open and the
paperwork that has been submitted will remain active. However, the buyer's
qualification and the offer price will need to be reviewed again if a
back-up offer is used.

This new process applies only if there's an available back-up offer when the
original buyer does not follow through with the transaction. If a back-up
offer is not ready to be submitted, the short sale will be declined. In
that case, agents should return to marketing the property and initiate a new
short sale in Equator once another offer is received.

In December, C.A.R. leadership met with representatives of Bank of America
and asked the lender to accept back-up offers without starting the process
over again. C.A.R. also has raised this issue with Fannie Mae, Freddie Mac,
and Wells Fargo, and hopes they will follow Bank of America's lead with this
process.

More info
<http://www2.realtoractioncenter.com/site/R?i=tAVW0jIemhZy-YHg-0kd_g..>

-sunil

SUNIL SETHI REAL ESTATE

Sunil Sethi / Broker, President, REALTOR, MBA, CPA (inactive)
38750 Paseo Padre Pkwy Suite B3 / Fremont, CA 94536
Cell 510 388 2436 / Fax 510 431 9046

<http://www.sunilsethi.com/> www.sunilsethi.com

CA DRE#: 01173766