As Bank of America’s short sales volumes have skyrocketed—from a reported total of six applications in January of 2007 to 60,000 to 70,000 a month in 2011—the bank’s infrastructure to handle the increased volume has undergone a massive transformation.

Reaching out to CDPE agents is in keeping with a sharpened focus on increasing short sale processing efficiencies, noted Kimberly Dawson, Senior Short Sale Executive for Bank of America, during a broadcast from the Charfen Institute studio earlier this year. “Looking at our own portfolio, we’ve seen that agents who are educated and understand how the short sale process works are more successful at closing short sales,” she observed.

A short sale is a complex transaction in which a financially strapped homeowner seeks to sell a home for less than the amount due on the mortgage. Though little understood a few years ago, short sales have proven to be a less costly alternative to foreclosure for the lender, while carrying far fewer long-term consequences for the borrower.

“With the threat of continued home price declines, along with high unemployment and more than 25 percent of homeowners owning more on their home than they could get for it in the current market, short sales are an increasingly important foreclosure-avoidance option, which has entered into the ranks of a national priority,” Charfen emphasized. “CDPE agents are on the front lines of this initiative, and are widely recognized for their expertise and effectiveness in processing short sales, compared to any other Agent population.”

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