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cooperative short sale: What You Don't Know About a Short Sale Approval Letter - 04/23/13 09:16 AM
Sellers have a great deal of information to absorb when doing a short sale in Sacramento, especially if it's a Cooperative Short Sale through Bank of America. That's because the rules are always changing, new forms can suddenly be required and it's a ton of foreign data to understand. What's simple to a Sacramento short sale agent is complicated to the average seller. Even lawyers have problems understanding what goes on because by nature lawyers are inquisitive and think logically. There is often nothing logical about a short sale. Also, just because a lawyer holds a law degree doesn't mean the (5 comments)
cooperative short sale: Countrywide Short Sale Nets About $17K Cash for East Sacramento Seller - 12/10/12 08:33 AM
A representative for Bank of America told me last week that the bank is no longer accepting strategic short sales for its Cooperative Short Sale program. I don't know if that's true because I haven't had an opportunity to verify it, much as one can verify anything at Bank of America. But I do know that every single Countrywide short sale I have approached I have been able to turn into a Cooperative Short Sale for my sellers. There has been a lot of attention focused on Countrywide short sales. It's hard to believe that Bank of America ever thought it (8 comments)
cooperative short sale: The Bank of America Short Sale Service Release - 12/05/12 06:59 AM
The buyers for this Sacramento short sale are still hollering and screaming about the service release. They want to sue Bank of America and Seterus and probably everybody else connected to the transaction because their short sale was rejected after being what they deemed to be "approved" in their eyes. Except it was not approved. A preapproved Bank of America cooperative short sale is not a short sale approval. It is a preapproved price and the bank has agreed that the seller can participate in the short sale review, but it is not an outright approval. This is a very important (4 comments)
cooperative short sale: Should a Buyer Sue the Bank for Rejecting a Cooperative Short Sale? - 11/14/12 07:12 AM
The thing about a Sacramento short sale is the fun never stops and the stupidity only gets "stupid-er" as time goes on. The dumbest thing I heard this week -- and this is only Wednesday, so it's possible I could hear something even dumber before the week is over, in fact, I can almost guarantee it -- is a short sale buyer wants to sue Fannie Mae for rejecting a short sale. And probably Bank of America, too. Because Bank of America had preapproved a Cooperative Short Sale and then was fired by Fannie Mae. Because Fannie Mae was the investor (7 comments)
cooperative short sale: Propositions and Politicians: A Bank of America Cooperative Short Sale - 11/08/12 07:37 AM
I felt exhausted after voting this week. Didn't you? The election wore me out. Especially if you voted in California. Holy cow. In Sacramento, we had four pages on our ballot. Four pages of Propositions and Politicians! There were just too damn many things to vote for. You've gotta ask yourself why aren't the guys in Congress, the men and women we elected, doing this stuff? Why are they taking it to the people and making us decide? Huh? That kind of question makes about as much sense as what the banks are doing. Especially Bank of America and it's Cooperative (5 comments)
cooperative short sale: The Bank of America Switch from HAFA to Cooperative Short Sale - 10/31/12 07:09 AM
This is my second or third Sacramento short sale in the last few months in which Bank of America has switched the borrower mid-short sale to a Cooperative Short Sale. We started out as a HAFA and were switched. I always start out as a Cooperative Short Sale if I can. That's because it's typically much easier on the borrower, and when the borrower is happy, so am I. Plus, generally the Cooperatives don't involve a hardship letter or financials, but there is no guarantee that the bank won't ask for those documents. It always reserves the right to request financials. (3 comments)
cooperative short sale: Got a Mortgage With Bank of America and Want Out in Sacramento? - 10/18/12 07:42 AM
It's music to my ears when a seller calls to say she lives in the Sacramento area, has a mortgage with Bank of America and wants to do a short sale. This Sacramento short sale agent is probably the only happy person the seller has spoken to who has anything good to say about Bank of America. Sellers aren't used to this kind of attitude. Many have been through the wringer with Bank of America, trying to do a loan modification or just get a person on the phone who will say the same thing the last person said instead of (4 comments)
cooperative short sale: Beware if You're in Escrow With a Bank of America Short Sale - 10/13/12 07:52 AM
An alarming thing is happening to Bank of America short sales. Especially the Cooperative Short Sales that have already been approved. I've got a bunch of Cooperative Short Sales pending in Sacramento. This means we've already had the price and the property approved by Bank of America. In my case, we've already sold the property, too, to a short sale buyer, and probably for more than list price and maybe all cash. In some instances, we have received the short sale approval letter on that Cooperative Short Sale. Can Bank of America cancel that short sale at the very last minute? (18 comments)
cooperative short sale: Bank of America Social Media Team Gets Kudos - 09/14/12 06:56 AM
I am ecstatic over the help I get from the Bank of America social media team. These men and women are a fabulous resource when your short sale gets stuck in the mud. Every single short sale agent should know how to send a Tweet to the social media team at Bank of America. I have lost count of how many times I have relied on them. I bet that Bank of America knows exactly how many times I have sent a Tweet to the social media team. It seems like once a week or so. But I close a lot (8 comments)
cooperative short sale: About Sacramento Short Sale Dedication - 09/05/12 07:02 AM
A potential short sale seller asked me how she could get out of a short sale before we even listed her Sacramento short sale. Hey, that's worse than a prenup. That's anxiety. That's uncertainty. I always explain cancellation rights in a short sale, but when a seller brings it up before I've discussed it, that's not necessarily a very good sign of commitment. I can't guarantee how long a short sale will take. It could be 10 days if it's a Cooperative Short Sale, or it could be a year or longer. The commitment I make to my Sacramento sellers is (6 comments)
cooperative short sale: The Differences Between the Cooperative Short Sale vs the HAFA - 08/15/12 06:45 AM
One would think that Bank of America would be happy that a short sale agent in Sacramento is opening so many Cooperative short sales on her own. The bank is not spending money to solicit the borrower. The bank is not pounding the pavement. I am bringing these short sales to the bank. When I open a Cooperative Short Sale in Equator, the first thing that happens is my requests for a Cooperative are ignored. The third-party vendors pursue the HAFA. I send emails that say do NOT review this for HAFA because the seller wants to pursue a Cooperative Short (8 comments)
cooperative short sale: What's New in Short Sales? - 08/09/12 07:12 AM
I could talk all day long about short sales, and I often do. There's so much going on in my life as a Sacramento short sale agent. It's hard to pick just one thing to talk about. For example, a few weeks ago I was contacted by a Bank of America third-party vendor, which I won't name. It asked me to sign up for its short sale agent portal so I could get early acceptance for my clients in the Cooperative Short Sale program offered by Bank of America. I was encouraged to enter those short short sales that were in (7 comments)
cooperative short sale: The Dreaded FHA Waterfall in a Bank of America FHA Short Sale - 04/25/12 06:34 AM
Bank of America short sales are on the right track. I read something that says Bank of America does more short sales than any other bank these days. I believe it. I do more Bank of America short sales over any other kind in Sacramento. It's rare that I encounter a bank I haven't worked with before. But the worst kind of Bank of America short sale has really nothing to do with Bank of America and everything to do with HUD. Housing and Urban Development. It's the dreaded FHA Bank of America short sale. One of my big beefs with (6 comments)
cooperative short sale: Before You Hire a REMAX Agent to Do a DTS Cooperative Short Sale with Bank of America - 02/04/12 10:58 AM
As the hot-to-trot little Sacramento short sale agent that I am, I listed a couple more short sales yesterday. One of those is a Cooperative Short Sale with Bank of America. The thing about this short sale home is it is owned by a lawyer. A lawyer who is sharp enough to hire the best short sale agent she could find and not the agent who Bank of America recommended. She likes my 30-plus years of experience, and she appreciates the fact that I am the #1 Agent at Lyon Real Estate for last month. I'm not saying that Bank of (16 comments)
cooperative short sale: Should You Do a Short Sale With Bank of America? - 01/23/12 10:19 AM
I get a lot of phone calls from buyer's agents in Sacramento asking me who the lender is on a short sale. They are wising up and realizing that not every agent in Sacramento who lists a short sale is likely to close that short sale except, perhaps, for me. So, their broker has given them a list of questions to ask a Sacramento short sale agent. The problem with this approach is they don't know what to do with the answers they get. They think multiple loans is a bad sign, which is not true. They hear Bank of America (3 comments)
cooperative short sale: Here is the Most Recent Update for a Bank of America Short Sale - 10/28/11 09:59 AM
I attended another Bank of America short sale webinar yesterday. I was hoping for some breaking news but it was stuff I already knew. With the exception of one little piece of information that I bet most other agents didn't catch. And they didn't really say what they are going to do with that. I'm always searching for that little gem that teaches me something new. Here are some of the highlights; then I'll get to the down-and-dirty part: Single Point of Contact. The homeowner will now have an individual person to talk to at Bank of America. I suspect this (7 comments)
cooperative short sale: Job Security as a Sacramento Short Sale Agent and a New Short Sale in Antelope - 09/01/11 10:22 AM
I am sometimes so focused on a seller's hardship letter that I might blurt out something I should not say. A seller might tell me that his job transferred him to the East Coast, which means he has to uproot his family, tear his kids away from their friends and school, and move to some horribly distant and barren land. And I'll say: "Perfect; that's great!" Then, I find myself backpeddling to explain why I said that because I would hate to come across as a person without compassion. Because the truth is I do care. I am saddened by the (0 comments)
cooperative short sale: How Banks Circumvent the 10-Day Turnaround Requirement for Preapproved HAFA Short Sales - 08/30/11 10:46 AM
There is no good reason to get a Bank of America short sale preapproved through HAFA anymore. You don't gain one ounce of time by getting preapproved and, in fact, it takes longer to close. I am on my last leg of those atrocities, thank goodness. I am presently working on my last few preapproved HAFA short sales. These are not just any old preapproved HAFA short sales. These are Bank of America preapproved HAFA short sales, which are a whole 'nother animal due to the fact that Bank of America hires a third-party vendor to process these. Which I'm not (10 comments)
Elizabeth Weintraub, Sacramento Short Sale Agent, Land Park, East Sac, Lyon RE
Broker-Associate at Lyon Real Estate, midtown Sacramento. Selling since 1974. Home Buying Guide at About.com. Sacramento short sale agent.
Author Bio: Elizabeth Weintraub is a Sacramento real estate broker, author, home buying guide for About.com, a Land Park resident, and a Land Park agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully closes short sales throughout Sacramento four-county area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.