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 firstname.lastname@example.org