Short Sale Guidelines for BOA Short Sale in Naples, FL
I just wanted to share these Bank of America (BOA) guidelines with everyone out there since it’s rare to have a negotiator supply the investors specific guidelines right from the book! They were copied and pasted right from the investors guidelines to my email...so I am releaseing them to anyone wanting to know how BOA is operating on “some” short sales in Southwest Florida (SWFL).
The investor guidelines for this Short Sale program are fairly specific. I would like to share these as we are about to embark on the Short Sale process:
1. There are strict deadlines that must be complied with. I will make 3 attempts to obtain required information or facilitate task completion. Two attempts will be made to you, the Agent, and the final attempt will be made to the Homeowner. If the requested information, documentation, or task completion is not provided after the communication attempts, the property will be removed from the Short Sale Program.
2. The Homeowner may receive a Cooperative Relocation Assistance Incentive (CANNOT apply funds towards other liens, closing costs or other fees) and/or an Enhanced Homeowner Relocation Assistance Incentive (CAN apply funds towards other liens, closings costs or other fees) at the successful short sale close of the property with bank approval.
3. The Strike Price/Listing Price/Minimum Net Proceeds which go to the investor must be met.
4. There will be NO list price reductions.
5. Payoff to a 2nd lien (if applicable) is 10% of the UPB up to a maximum of $6,000.00.
6. If there are no 2nd Liens, acceptable offer may be up to $6000.00 less than the list price
7. The property will be marketed for no more than 120 days. An approvable offer must be received within the allowed 120 day marketing period. There will be no extensions or value disputes.
8. An approval letter will be issued with a 45 day close date. An extension of 15 days may be issued; however, the file MUST close within 60 days of initial approval.
9. The Short Sale MUST close within 60 days of the approval letter being issued. No exceptions.
10. If a Foreclosure Sale date is imminent; 14 day prior to the sale date, a request may be submitted to appeal for a Foreclosure sale postponement, though there is no guarantee this will be granted.
11. The Agent commission structure for this investor Short Sales is as follows:
a. Two Agents (one for Seller and one for Buyer) or One Agent (representing both Seller and Buyer) – 6% total
b. For properties = Less than $50,000.00; the Agent(s) commission remains - 6% total
Well...I hope everyone enjopys having a quick peek into the latest & greatest guidelines from BOA. Let's see if we can make them stick to it! :)