Bank of America Cooperative Short Sales -- Sound too Good to Be True?

By
Real Estate Agent with RE/MAX of Naperville

Bank of America Cooperative Short Sales -- Sound too Good to Be True?

 

Naperville Area Short SalesWhen I first started watching a webinar on "Bank of America Cooperate Short Sales", my first reaction was -- This program sounds great! A few key points were; the short sale process is started immediately, my clients get $2500 toward moving cost expense and a faster turn around time on the short sale decision. Great!

 

But then the skeptic in me made it's appearance. I started thinking -- this sounds too good to be true. Since I dedicate time everyday to improve my knowledge on short sales. I do this in an effort to better serve Naperville Area Short Sale sellers. So I decided to dig deeper, and what I discovered were a few drawbacks for the short sale seller.

 

On the one hand, the purpose for the cooperative program is to close short sales faster. Which it might -- rather than waiting for an offer to be received, all the leg work is done in the beginning, prior to an offer. The seller's paperwork is submitted, the BPO is ordered, sellers qualification and value is reviewed, and bank determines the list price. This is all great for a short sale buyer -- last wait time.

 

But, on the other hand -- for  the short sale seller, there are a few drawbacks -- In the Cooperative Short Sale Program; Bank of America retains the rights to collect on the balance, the investor may require cash contribution or promissory note, marketing time is 120 days -- if at the end of the 120 days if the property has not sold, it will then be a forced deed in lieu.

 

What I see here is a -- win, win, win for Bank of America, no so much so for the Short Sale Seller.

 

Posted by

Maria Mastrolonardo is a full time Illinois Realtor-Associate with RE/MAX of Naperville specializing in Short Sales. She has been helping home-buyers and home-sellers since 1997. She can help you with any questions or information regarding Short Sales for the Western Suburbs of Chicago which includes but not limited to; Naperville, Aurora, Downers Grove, Lisle, Plainfield, Bolingbrook, Warrenville, Wheaton and Woodridge.

To reach her call/text at (630) 248-6077 or mmastrolonardo@gmail.com

 

You can also find me here!

 

                                    

 

RE/MAX of Naperville is not associated with the government and our services have not been approved by the government or your Lender. Your Lender may not agree to the change of your loan and/or a Short Sale.

Photo: Microsoft Clip Art

 

 


 

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Rainer
2,583
Mark O'Shea
Ebby Halliday Realtors - Dallas, TX

I have had several short sales with Bank of America, and You are correct.  Win Win for the Bank.  It is great that you are gaining knowledge of short sales to help your clients!

Mar 16, 2011 07:54 AM #1
Rainmaker
497,861
Terry McCarley
REMAX Realty Team - Cape Coral FL - Cape Coral, FL
REALTOR, SRES, CDPE - Cape Coral, FL

Why does this not shock me at all - Bank of America is the absolute worst bank to deal with when it comes to short sales!

Mar 16, 2011 08:04 AM #2
Rainmaker
74,147
Maria Mastrolonardo
RE/MAX of Naperville - Naperville, IL
Realtor, Naperville, IL Real Estate

@ Mark - it's always win win for the bank.

@ Terry - on the webinar they make it sound like the newest greatest program.

Mar 16, 2011 08:12 AM #3
Rainmaker
317,818
Evelyn Santiago, Managing Broker Heart Realty Group, Inc.
Heart Realty Group, Inc.. - Oswego, IL
Passionate About Real Estate & Our Clients!

Maria:

I see you also decided not to drink the Kool-Aid.  I attended an actual seminar that BOA had and got the same impression.  Win-Win for BOA not the short sale seller.  I will take my chances doing regular short sales with them and their wonderful Equator System.

Glad to know that someone else in the suburbs is looking out for short sale sellers.

 

Apr 28, 2011 04:24 AM #4
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Rainmaker
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Maria Mastrolonardo

Realtor, Naperville, IL Real Estate
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