Bank of America Offers Preapproved Price Short Sales

Bank of America is currently my favorite lender to work with. They have taken a proactive approach to foreclosure avoidance and one of the alternatives they offer is a Cooperative Short Sale. I recently closed one of these and it was one of the smoothest short sale transactions I’ve ever had. The Coop Short Sale minimizes many of the challenges associated with traditional short sales. If the homeowner qualifies, Bank of America works with the homeowner and their real estate agent prior to marketing the home to reach an agreement on the terms of the short sale, including the listing price. This means that once an offer is submitted, Bank of America will respond to the buyer’s offer in 10 days! In addition:

  • Bank of America will pay the Seller $2,500 – $30,000 for moving expenses
  • Bank of America will not pursue the deficiency amount

 

  • If the cooperative short sale is unsuccessful, Bank of America offers the homeowner the opportunity to participate in a deed-in-lieu of foreclosure program.

Specific investor participation and eligibility criteria do apply to these programs. Homeowners not meeting eligibility requirements for the enhanced relocation incentive may still qualify to receive $2,500 – $3,000 in relocation assistance from government- and bank-sponsored programs.

If you have a Bank of America loan and would like more information about this short sale program, please contact me at csmith@total-property.com

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3 comments

  1. Sunnie Templeton · · Reply

    Hi~
    I am in the process of buying a short sale–
    Here’s the situation:
    **House had previous closing date with previous buyer
    **Buyer couldn’t get financing
    **Name of buyer was changed to my name
    ** Nothing changed on the offer–I offered the same approved price and was told I may be able to get the same closing date
    **Have been waiting now for over 45 days–Closing date has passed
    **Keep being told “In 72 hours” you’ll get an approval letter and new closing date
    **Have been told BOA “Negociator” is not responding to seller agent emails and his voicemail is always FULL
    **This has been brought to the attention of BOA’s Supervisor’s/Managers/ and has gone through the expediting process, however, with no resolution–Just “wait another 72 hours”…….

    Totally incredible! This could have been a BOA SUCCESS STORY, but instead, it’s just upsetting…….

    Any suggestions from this point?

    1. Hi Sunnie,

      I can appreciate your frustration, and you’re right, it SHOULD have been a success story! B of A is one of the few lenders that will allow us to substitute a new buyer and while they advertise that it will be a quick process/approval, it hasn’t been in my experience. It’s certainly faster than starting from scratch, but it takes much longer than it should. If the seller’s agent has gotten supervisors and managers involved, it sounds like they are doing everything they can. The B of A Twitter Help Desk is a good resource: @BofA_Help The seller’s agent can Tweet BofA and their response time is awesome. I love the BofA Twitter Team. A colleague of mine had a similar thing happen recently and it turned out that BofA was in the process of making some internal changes related to the Equator system (among other things) and most of the files were more or less put on hold for several weeks, so perhaps that’s partly what’s going on. Hang in there! Even though it has taken much longer than the 72 hours you were told, when you’re at this stage, most of the difficult legwork has been done and there isn’t much that can derail the deal. Good luck!

      Cheri Smith Broker, SFR, Licensed in Oregon

      Total Property Resources 547 SW 13th St. Suite 201 Bend, OR 97702 C: 541-788-8997 | O: 541-330-0588 | F: 866-624-5540

      Search thousands of homes at http://www.findbendhomes.com

  2. Donald N. Sayer · · Reply

    I had a short sale in 2010 after a divorce. I had the home for sale from 2008-2010. -0- offers. I then managed to attract a buyer for the eventual short sale. In the meantime I moved from Oregon to Colorado for work. Bank of America was busy on the sidelines, they bought Mortgage ins. for this abandoned home 4 months after I left it., forced foreclosure then settled on the short sale, then cashed in the $Mortgage ins$ and made a cool 1/4 million in profit at the expense of my credit. How can these heartless con men have any credibility? Donald N. Sayer

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