FORT MYERS, Fla- Bank of America is making a change in it's short sale process that could make the transactions easier than ever before. Real estate agents are now going to be allowed to submit back up offers with the original offer. That way, if the first buyer backs out, the second buyer can continue with the transaction rather than start all over again.
WINK News Real Estate Contributer Denny Grimes says in over 50% of short sale contracts the first offer fails because the buyer walks away. The delay's caused by starting the process all over again with a second offer made things frustrating for the sellers, buyers and their agents. Grimes says he expects other lenders will follow Bank of America's lead and allow short sale specialists to continue working on back up offers if the originall offer falls through.
Grimes says sellers, buyers and agents should all be aware of this change as it means different things to all of them. He offered those tips during his regular segment Friday morning on WINK News Now This Morning on TV Six.