Home / News / Loss Mitigation / BofA and Auction.com Partner to Offer Short Sale Pilot Program
Print This Post Print This Post

BofA and Auction.com Partner to Offer Short Sale Pilot Program

""Bank of America"":https://www.bankofamerica.com/ announced a partnership with ""Auction.com"":http://www.auction.com/ to introduce a pilot program for short sales.

[IMAGE] [COLUMN_BREAK]

The pilot aims to assist homeowners and agents with generating offer activity.

Through Auction.com, marketing efforts will be broadened to reach more potential buyers. If an eligible homeowner agrees to the program, his or her property will be featured on Auction.com. Eligible homeowners will be contacted by the bank.

Auction.com will partner with agents to find a buyer either online or live at a local facility.

When an acceptable bid has been placed, agents will be notified. Once a winning bid is received, received, agents will then move forward with following the standard short sale offer submission and closing process.

The bank says the program will not cost the agent or the homeowner, and an agent's commission won't be affected.

As part of the pilot, agents must hold two open houses.

BofA says questions about the program regarding a specific property should be directed at Short Sale Customer/Agent Care at 1.866.880.1232.

About Author: Esther Cho

x

Check Also

Can Mortgage Forbearance Help Stabilize the Economy?

Forbearance rose to prominence during the COVID-19 pandemic, but does it still have a place in today’s economy? Click through to read commentary from the Joint Center for Housing Studies at Harvard University.