An unnamed source at Bank of America has verified the buzz throughout the short sale community. He says it is true. Bank of America is rolling out a new program designed to approve short sales in two weeks. Some agents have tentatively named it Bank of America HPO short sales but my source called it a Bank of America Cooperative Short Sale. It's developed to "recognize and embrace the real estate professional," but that's a bunch of baloney.
It's modeled, in part, after a Wachovia short sale. There is no hardship letter. To apply, the listing agent submits to Bank of America a purchase offer, the buyer's proof of funds and loan commitment letter, and a copy of the listing agreement. Bank of America orders a BPO. Within 2 weeks, the short sale is approved.
This is a pilot program and is not available to all real estate agents.
More Articles by Elizabeth Weintraub:
- Is the HAFA Short Sale Program Right For You?
- Should Short Sale Buyers Hire a Short Sale Listing Agent?
- How to Use a Short Sale Addendum
Technorati tag: bank of america short sale cooperative program
At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
Comments
Bank Of America is without a doubt the worst bank to deal with. They are so big that they don’t care. Lately, I have had a run on with BOFA properties. I do not think they will ever be like Wachovia.
Good to know this information. This is a great HELP to all especially those in need of financial assistance for their loans. Good Article!
I’m just learning about government foreclosed homes and short sales, so found this article interesting and informative.
Sounds fishy to me.
Not available to all real estate agents? Why? What happened to equal opportunity? So it is not available to every borrower?
I think it’s not available to everybody yet because it is a pilot program.
Put in an offer an a BOA short sale mid July and after they sent me a counter which I excepted they then ordered an appraisal and I am still waiting 3 weeks later for an approval. I don’t think they will ever streamline their system….
I am with Bof A for my first. We have been trying to go thru this program called HAFA. They will pay our relocation fees of up to $3000. They will seek no recourse as well. Thats awesome.. HOWEVER, if you have a second like we do.. the second will have to agree to a settelmeant of only $3500. In our case like many others the second will not coperate. Which throws this so called program out the door. Its worthless if the second will not cooperate in which case we have to do a traditional shortsale. We loose everything in that program we were trying to get. If we foreclose then the second can still comeafter you for the whole amount. In which case Y not modify your first and not pay the second. The 2nd will just put a lien on the house. So if and when we ever decide to sell.. he will get his money first. No biggie. So this pilot program or HAFA PROGRAM is only good if you 2nd is willing to participate.
Most lenders participate in the HAFA short sale program, and HAFA pays up to $6,000 to second lenders. Who is your second lender?
Can you advise when the Cooperative Short Sale program will be completely implemented. I tried to question a Bank of America Short Sale Representative and they were not aware of this program. I currently have a new listing – short sale (2 liens with Bank of America). This listing is ideal for the “Cooperative Short Sale”. How do I submit this request???
Your best bet is to ask the homeowner to call Bank of America and request a Cooperative Short Sale. It’s already implemented in my area in Sacramento. I don’t know if the bank is working with all agents or just a select group. I received an invitation because I close a lot of Bank of America short sales. But it wouldn’t hurt for you to call B of A as well. Call the Charlotte office.