Bank of America will begin to sell distressed homes in Florida at a faster pace beginning this weekend.
Homeowners behind on their mortgage have had to wait months while the bank waited on offers from buyers. Buyers have had to wait for months for the bank to approve deals, according to the Tampa Bay Times.
The bank worked with a technology company to develop software that helps short-sale negotiators close deals more quickly, a bank (NYSE: BAC) spokesman told the Times.
The goal will be to approve short sales within 20 days starting on Saturday. The real estate agent community is happy to see the focus on streamlining the process, according to the Times.
Bank of America is the second-largest bank in Central Florida with $6.8 billion in deposits and 69 branches in the area.
Article from Orlando Business Journal Wednesday, April 11, 2012, 7:00am EDT – Last Modified: Wednesday, April 11, 2012, 7:01am EDT