It's modeled, in part, on the excellent Wachovia short sale. Not every Bank of America loan qualifies, but for those who do, there is no hardship letter required, and the seller often receives a cash incentive for participation. To apply, the listing agent submits a request to Bank of America to get the seller and the property approved for the process upfront. After the sales price has been determined and an offer received, the short sale typically is approved within 10 to 14 days. The only little snafu is if Bank of America decides to pull a service release in the middle of escrow. It's not always possible to even switch to a traditional short sale at that point because the seller might be denied otherwise.
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
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At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.