The California Association of REALTORS® reported to its members today that Bank of America says it is stepping up efforts to increase the number of short sales it completes.According to Bank of America officials, the bank is on track to complete 100,000 short sales in 2011, up from about 42,000 a couple of years ago. The bank plans to increase its short sale completions by 60 percent in 2012.
Bank of America now has 3,000 people on its short-sale account, bank officials said in a webcast statement. When the market first started to decline, the bank had approximately 200-250 people on its short sale account. The bank also is starting to mail out packets of materials to delinquent homeowners encouraging them to try to short sell.
