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.

Chris Ann Cleland, Associate Broker- Licensed in Virginia, GRI, SFR, Northern Virginia Short Sale Specialist. Affiliated with Long & Foster, 7526 Limestone Drive, Gainesville, VA 20155.  To contact Chris Ann, call 703-402-0037 or email chrisann@LNF.com.  Or you can visit her website:  www.nvarealestate.net.

Header photos taken by Chris Ann Cleland.

The opinions expressed in this post are those of Chris Ann Cleland, not those of Long & Foster REALTORS®.

 
This post has been included in Virginia Real Estate News Prince William County, VA Real Estate News
Post is included in group: Bartender, Make it a Double
Post is included in group: Short Sales Specialists
Post is included in group: Short Sale Support Group
Post is included in group: Virginia Foreclosures Short Sales and REO (and Pre-Foreclosures)
Post is included in group: Short Sale REALTORS®

9 Comments on When Does My BOA Cooperative Short Sale Marketing Period Begin?

JUN
04
638,233 Points 53 Featured Posts Outside Blog Called Shot Master

Hi Chris Ann,  I am so impressed.  BofA is really coming around.  They were so tough to work with a few years back, but now, they are on the side of the homeowner.  They just modified my mortgage to a crazy 2.75%.  Love it.
10:57am • #1
354,622 Points 3 Featured Posts Outside Blog Called Shot Master

Chris Ann

I hope this program by BofA and the principal reduction plus moving assistance programs proves they are finally getting it. That's only till you read about their considering to let the old Countrywide part of their business go into bankruptcy.

You need a great, experienced SS agent such as Chris Ann to get the deal done. cheers cvc
11:07am • #2
1,518,342 Points 112 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Belinda:  They really should handle these Cooperative Short Sales themselves.  Their third party vendors are ridiculously slow.  And I say, I'm convinced those companies hire people with marbles in their heads.  Bank of America could do a much better job without the vendors.
11:15am • #3
1,518,342 Points 112 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Curtis:  Those old Countrywide loans are time bombs for Bank of America.  I think that's one of the reasons they rolled the Cooperative Short Sales.
11:16am • #4
630,605 Points 7 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Chris Anne   You have the patience of a saint
11:33am • #5
158,040 Points 2 Featured Posts Called Shot Master

Great blog. Suggested for a feature.

They have 3 letters and 9 steps as they like to say! Also, there is the HAFA trap as well. When you upload the new info into Equator, you sometimes get a message saying that the client is eligible for the proactive HAFA short sale when they are not. So it is wise to check the guidelines and move the file to the co-op short sale instead.
6:43pm • #6
JUN
05
1,518,342 Points 112 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Hannah:  My patience gets tested daily, believe me.

Satar:  It's confusing to say the least, but a good program.  Now if they could make it easier to understand and faster to move along.
10:13am • #7
JUN
12
550,772 Points 19 Featured Posts Outside Blog Called Shot Master

Chris Ann~ No matter who the lender might be, when you are considering a Short Sale, you need to have an experienced agent.  

Consumers in the Northern Virginia area should call Chris Ann Cleland.  She is a successful Short Sale agent and that's what you need!
10:58am • #8
1,518,342 Points 112 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Donna:  Thanks for the plug.  
11:04am • #9


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Chris Ann Cleland, Associate Broker, Northern VA

Bristow, VA

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Long & Foster REALTORS®, Gainesville, VA

Address: 7526 Limestone Drive, Gainesville, VA, 20155

Office Phone: (703) 402-0037

Cell Phone: (703) 402-0037

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