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Bank of America Short Sale


In today’s distressed housing market many homeowners throughout California, are choosing to short sell their property. Since Bank of America is such a huge servicer of loans it is not surprising that “Bank of America Short Sale” is such a popular search term on Google. The processing of short sales differs from lender to lender as each lender has its own policies and procedures. Bank of America is a little more enigmatic than other servicers due to the fact that many of their short sale files are not handled directly by Bank of America employees but by independent contractors. The independent contractors consist are various companies that have been contracted by Bank of America to process their Bank of America short sale files. These contractors work Bank of America Short Sales pretty much just as Bank of America would if they were working the files themselves. Of course not all Bank of America short sale files are handled by contractors it seems that more and more files are being handled in this matter.


Bank of America short sale files are handled through an online operating system called Equator ( Equator is an interactive system that allows real estate professionals to initiate, manage and process short sales. Bank of America representatives (both contractors and employees) utilize Equator to create tasks, request documents, communicate and facilitate the short sale process. Overall, the Equator system is an effective tool for both real estate professionals and Bank of America. Real estate professionals are required to send all written communication (emails) directly through the Equator system. Problems can arise when the negotiator or closer assigned to the Bank of America short sale become non-responsive no matter how many emails are sent through Equator. Another issue with Equator is that many times, the contact information for the Bank of America representative listed in Equator is frequently incorrect which can be extremely frustrating. Since real estate professionals are limited to communicating directly through Equator via email and are dependent on the accuracy of the contact information, it is not unusual for real estate agents processing Bank of America short sales to become frustrated by time sensitive communication issues. It is important for homeowners to locate and retain a real estate professional that has the experience, knowledge and contacts within Bank of America so that if a situation like this arises, the real estate professional will have the ability to overcome this very frustrating obstacle.


Another important consideration pertaining to Bank of America short sales is how a homeowner’s chosen real estate professional processes the overall Bank of America short sale. Bank of America has many relocation assistance and cooperative short sale programs available. If the real estate professional does not process the short sale correctly a homeowner might lose out on thousands of dollars of possible relocation assistance money. Homeowner’s need to realize that not all real estate professionals are the same. A homeowner’s friend or acquaintance might have a real estate license but that does not mean that they are qualified to properly handle a Bank of America short sale. For more information on how to select a real estate professional for a Bank of America short sale please click the following link:


Another frequently asked question pertains to the length of time that a Bank of America short sale will take. Bank of America short sales typically take 4-6 months from initiation of the Bank of America short sale to close of escrow. For a more detailed analysis regarding short sale timelines please click the following link:


Overall, a Bank of America short sale should be a relatively fluid experience provided the correct real estate professional is chosen.


This article was written by Michael Gaddis, J.D. a licensed California attorney and real estate broker experienced in Bank of America short sales. Michael Gaddis assists homeowners throughout the State of California with their short sale needs but concentrates on San Diego, Orange and Riverside counties. If you have questions for Michael Gaddis please feel free to contact him at 888-242-2272 or by email at