When Does My BOA Cooperative Short Sale Marketing Period Begin?

When Does My BOA Cooperative Short Sale Marketing Period Begin?

If you are a Bank of America home owner that is investigating a Short Sale, Bank of America may want to evaluate you for their Cooperative Short Sale Program.  It's a great program for Bank of America customers because if you are approved to participate in the program it does two things.  1)  It guarantees there will be no deficiency judgment against you and 2) Bank of America will tell you up front the approved price for the Short Sale.  What's not to love?

The trick with a Bank of America Cooperative Short Sale is that there is a 120 day marketing period in which your Short Sale Agent will be able to market the home for sale.  Because Bank of America hires a third party vendor for these Short Sales, and the employees of these vendors have marbles in their heads, you can sometimes get misinformation on how this sales work and when that 120 marketing period starts.  

The 120 day marketing period on a Bank of America Cooperative Short Sale starts when you get your letter than you have been approved for the process.  And that letter is the one that contains the approved sales price.  Don't confuse it when another letter than congratulates you for being chosen to apply for the program.  Or a letter congratulating you on submitting your information for consideration.  Bank of America loves to send you congratulatory letters.  The one that counts will have a price--the price Bank of America wants in a contract.

So when the representative at whatever third party vendor Bank of America has hired to do their Cooperative Short Sales tells you that your 120 marketing period started when you responded to the Cooperative Short Sale invitation, that's a side effect of the marbles rattling around in that person's head.  Trust your experienced Bank of America Short Sale Agent to guide you through the process and brush past the misinformation.  It'll take a lot longer to do the Cooperative Short Sale than you've been told, but that's the reality we face in Short Sales.