One would think that Bank of America would be happy that a short sale agent in Sacramento is opening so many Cooperative short sales on her own. The bank is not spending money to solicit the borrower. The bank is not pounding the pavement. I am bringing these short sales to the bank.
When I open a Cooperative Short Sale in Equator, the first thing that happens is my requests for a Cooperative are ignored. The third-party vendors pursue the HAFA. I send emails that say do NOT review this for HAFA because the seller wants to pursue a Cooperative Short Sale.
Then, I ask the seller to call the customer service number and repeat over and over Cooperative, like a mantra. If the customer service rep at DTS, REDC, AMS -- wherever -- says HAFA, the seller is counseled to say “No, Cooperative.” Yet, the bank opens a HAFA anyway. You’ve gotta ask yourself, why is that? I’ll tell you why I think they’re doing it, and it’s not because they’re stupid, although you may disagree. It’s because there is probably more money in it for the bank.
Read more about the differences between a Cooperative short sale vs the HAFA.
Photo: Adam Weintraub