BANK of AMERICA SHORT SALE Questions and Answers for Maryland Homeowners Facing Foreclosure, Need a Real Estate Agent

I am current on my mortgage but feel I am heading for trouble. Can I consider a Short Sale with Bank of America?

The short answer is “yes.” But before you consider a short sale, there are many other options to explore, such as refinancing or modifying your home loan payments that could allow you to stay in your home with more affordable mortgage payments. Call one of our short sale specialists at 1.866.880.1232 to help determine other options for which you may qualify. They will work with you to help determine your best course of action.

I have received a foreclosure notice. Can I still consider a Short Sale?

Yes. Depending on your circumstances, it’s possible to do a short sale all the way up until the day of foreclosure.

How long does a Short Sale take with Bank of America?

Because of the number of people and amount of paperwork involved in a short sale, it can take longer than a traditional home sale. Typically it takes 45 to 90 days after the initial offer is accepted to finalize, although time lines can vary based upon current market conditions and your particular circumstances.

Will I receive any money if my home is sold through a Short Sale?

No. Because Bank of America and other parties are receiving less than the total amount owed to pay off your property, all the proceeds of the sale go to satisfying that debt.

I have decided to go forward with a short sale.

Bank of America strongly recommends that you reach out to a Maryland licensed real estate agent as soon as possible. Selling a home in a short sale situation in Maryland can be a complex process. Working with a realtor who has previous experience in that process makes a big difference. Among other things, the real estate agent can help you market your home, field potential offers, and find a buyer.

I have received an offer on my home.

Once you receive an offer, you and your real estate agent from Maryland HOMES Team will submit it to Bank of America in writing, signed by the buyer. At that point, Robert McArtor’s team will work to gain approval of your offer. If you have a second mortgage with another lender, or any other debts against the home, it is your responsibility to work with them to get their approval.

My offer is being reviewed and I’m waiting for a decision.

As Bank of America considers the offer, they will need to determine the fair market value of your home. To do this, they will order a valuation of the property and look at the sale price of other homes of similar size in your neighborhood.

Once the fair market value of your home is determined, we may make a counter-offer. It’s not unusual for offers to be withdrawn all the way up until the closing, so during this time, Bank of America will encourage us to continue to market your home and bring them any offer we may receive.

My offer has been approved.

Once the offer has been accepted, Bank of America will provide you with an approval letter releasing the home for purchase. With everything in order, final documents will be prepared and a closing will be scheduled. Your house is now sold and your mortgage and any other loans against the home are paid off from the proceeds of the sale.

What if my offer was not approved.

If we are unable to get approvals from all the necessary parties, an alternative is to complete a deed in lieu of foreclosure. A deed in lieu allows you to voluntarily transfer ownership of your property to your lender in order to satisfy the total amount due on your first mortgage. This process may have a less negative impact on your ability to get a loan in the future.