Bank of America says it’s making changes to its short-sale procedures that will shorten decision times on short sale offers to 20 days, down from 45 days or longer.
The new task flow in Bank of America’s short-sale management platform, Equator, will enable short-sale specialists to conduct tasks like document collection, valuations and underwriting simultaneously. When buyers walk, agents will have five days instead of 14 days to submit a backup offer. Contact us for more information.
The 30-year fixed-rate mortgage hit another all-time low this week, marking the seventh straight week it has averaged below 4 percent, Freddie Mac reports in its weekly mortgage market survey.
Here’s a closer look at rates for the week ending Jan. 19:
30-year fixed-rate mortgages: averaged 3.88 percent, with an average 0.8 point, a new all-time low and dropping from last week’s previous record of 3.89 percent. A year ago at this time, 30-year rates averaged 4.74 percent.
15-year fixed-rate mortgages: averaged 3.17 percent, with an average 0.8 point, up slightly from last week’s record low of 3.16 percent. Last year at this time, 15-year rates averaged 4.05 percent.
5-year adjustable-rate mortgages: averaged 2.82 percent, with an average 0.7 point, the same as last week’s average. Last year at this time, 5-year ARMs averaged 3.69 percent.
1-year ARMs: averaged 2.74 percent, with an average 0.6 point, dropping from last week’s 2.76 percent average. Last year at this point, the 1-year ARM averaged 3.25 percent.
Source: Freddie Mac
A proposed $25 billion settlement between five big banks, state attorneys general and the Obama administration may help resolve some of the thornier legal issues surrounding the mortgage mess that caused the housing market to collapse.
It will do relatively little to stop the ongoing wave of home foreclosures or revive the deeply depressed housing market, however.
.Do you know the advantages of a short sale? Contact us or call 510.206.7144 today to find out.
Are you or someone you know..
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I have successfully negotiated over 100 property short sales in the last six years and have the inside information for dealing with the giants like Bank of America, Wells Fargo/Wachovia, Chase and Citibank and others. Do you know that the banks will, in some instances, pay YOU up to $20,000 to do a short sale? You owe it to yourself and your family to find out All of your options. Call 510.206.7144 today.