Oh That Sneaky Bank Of America....At It Again

 

Oh those clever, sneaky Bank of America Short Sale Department. At it again......presenting them as being on the side of those dear, cherished, troubled borrowers.

And I have a bridge to sell you!

Have you heard that you can initiate a short sale with Bank of America without having an offer. Oh they tell us that they are trying to work with the consumer and their agent to expedite the short sale process. They can give us a pre-approval and then when we get the buyer, they can give us a final approval within 2 weeks.

Sounds good!

Sounds really good! But what they really want to do is get us to identify some suckers prospects for their "Cooperative Short Sale." Oooh....cooperation, that sounds great! The Cooperative Short Sale entails a Bank of America representative giving us the list price (I wonder if that's going to be a real market value), then they will give us 120 days to find a buyer at their price. If we can't (and that's tough because this is now a firm price) then they will "consider" a deed in lieu of foreclosure for the seller.

A client of mine was approached with this program. They got her information from a real short sale that we initiated (with a buyer). They made every effort to entice her into working with them. But there were a lot of "mights" and "possibly" in the information.

• The seller "might" qualify for moving expenses up to $2500
• The seller "might" be offered a deed in lieu of foreclosure

And on top of this, it's a 120 day program. If we can't find a buyer who matches their price and terms, then they terminate our participation and move forward with some "resolution". I suppose I sound cynical.....and I do market my short sales in a realistic manner. There is no point in being ridiculously lower than market value. But I'm aggressive...and my list price takes into account reality. If I am not getting showings and offers, then the market is not moving....and appraisal/BPO doesn't always take that into account.

So while I like the idea of a Cooperative Short Sale Lender....I'll wait until one actually shows up to get too excited.

 Karen Fiddler
Broker/Associate
The Fiddler Realty Team/eVantage Real Estate
Lic # 01494165

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