Montgomery County Short Sales: Why Bank Of America Is Offering A New Short Sale Program
Montgomery County MD – A cooperative short sale may be a good option depending on your situation.
But, you need to remember that Banks are not in the business of making life easier for its customers, much less anyone trying a short sale.
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Banks are in business to turn a profit. The main reason Bank of America has initiated the Cooperative Short Sale is to increase the bank's bottom line profit.
They increase their profit whenever they cut losses on loans that are in default. The bank faced several problems:
1. They have a bad reputation for taking too long to process short sales and loan modifications.
2. Due to the length of time to buy a short sale, buyers are making lowball offers.
3. Many agents are in experienced on short sales and unsure of what to do. As a result, many agents were in the dark on where to price a short sale property.
Before listing the property, Bank of America will provide the terms such as the list price and deficiency judgments. In doing so, the bank is able to provide a shorter decision time once an offer is received.
In fact, Bank of America claims that once an offer is received, they will provide a decision in 10 days!
This simply means that Buyers will be less frustrated with the purchase process and more willing to wait for it to be completed.
With a traditional short sale many Buyers get frustrated and walk before a response is received on the short sale.
Thinking about a loan modification? Our Montgomery Frederick & Prince George’s County loan modification guide will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send us an e-mail at email@example.com to request a Free Copy.
Click here to request your free copy.
Thinking about a short sale? We can help you short sale your property so you can move on with your life. Send us an e-mail at info@RickThompsonTeam.com. We will contact you for a free consultation.
When we talk, we will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call Rick directly at (301) 758-1059.
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
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Rick Thompson & Team, Remax Town Center, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Rick's personal views and do not reflect the views of Remax Town Center.
This information on Montgomery County Short Sales: Why Bank Of America Is Offering A New Short Sale Program is provided as a courtesy to our viewers to help them make informed decisions.
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