According to insider information from within the Bank of America REO Department, the company will be making changes to the foreclosure purchase guidelines for financed buyers.
"Bank of America/Merrill Lynch Prequalification Will No Longer Be Required!
Effective March 1, Bank of America will no longer require a Bank of America or Merrill Lynch prequalification for offers submitted on bank-serviced or bank-owned REO properties. A prequalification or validation from any lender will be considered acceptable to determine if the buyer's offer is viable."
For Buyers that are working with an Agent and have already obtained a pre-approval from their desired lender of choice, this is great news because you won't have to be subjected to a delay in submitting your offer to the bank for review by waiting on a Bank of America Mortgage representative to then also pull your credit, review your file, and provide you with a pre-approval from them. Many times, Buyers have lost out on homes due to this exact delay in the offering process. Buyer's were also subjected to having an additional credit pull on their profile, which in some instances can have an adverse impact on their overall FICO score.
For Agents that are representing Buyers who are seeking to purchase a Bank of America Foreclosure property, this is great news for you too! You can get your clients pre-approved with your preferred lending partner & present the offer right away. You won't have lost control in the process & you don't have to worry about your clients credit being negatively impacted if they were already on the fence of credit worthiness for their new loan.
Bank of America is always working diligently to ensure it's non-performing real estate assets owned are being sold in a professional and fair manner. This is just another step in that direction as BofA has identified that this was a potential snag for many consumers in the open market. Great job Bank of America, keep it up!
Josh Parker is the Team Leader of ProFusion Property Group, located in the Trinity & Odessa area, and an active Tampa YPN Committee Member. ProFusion Property Group specializes in the listing & sale of residential real estate all over Pinellas, Pasco & Hillsborough County. His team has successfully sold over 175 units for their clients in 2012, while maintaining an exceptional “sold price to list price” statistic of 99.08%. For more information, free tips, and free home searches, please visit Josh & the ProFusion Team at www.profusionpg.com!