We have learned of a very interesting development with respect to Bank of America. Bank of America has advised that it will permit a new buyer to step into the shoes of a buyer who has walked away from a transaction. Furthermore, Bank of America has advised that the process will not have to begin anew. This change will potentially save a great deal of time during the short sale process as your Berlin Patten negotiator will no longer have to initiate a new short sale if a file cancels and a new buyer is found. As with all lenders, please keep in mind the following caveats/disclaimers:
1.You must have a backup offer ready to be submitted:
Contact your Berlin Patten negotiator immediately if you discover that the original buyer is no longer interested in the property, and you have a backup offer waiting. The negotiator will then work with the Bank of America short sale specialist to submit your backup offer without having to repeat the short sale initiation steps.