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Gaining the Trust of the Seller for a Cooperative Short Sale

By
Real Estate Agent with Elizabeth Anne Weintraub, Broker DRE #00697006

The hardest part about doing a Bank of America Cooperative Short Sale is gaining the cooperation of a suspicious seller. As a Sacramento short sale agent who closes lots of Cooperative Short Sales in Sacramento on her own, I can tell you without hestitation that the short sale program sounds too good to be true. I realize the sellers will raise their eyebrows and look at me strangely. I mean, get real, you tell a stressed out seller who is underwater, and most likely has substantial assets to protect that he can do a short sale without supplying a hardship letter, no financials, no bank statements, no tax returns, and he'll look at you like: why aren't you wearing a straight jacket?

Every short sale in the cooperative program is a little bit different. Some sellers get a relocation incentive only; others qualify for a HIN Incentive on top of the relocation incentive. It depends on your type of loan, when you took out that loan. You can ask me because I can tell if a seller is likely to qualify. Read more in my professional blog today about Another Amazing Bank of America Cooperative Short Sale.

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Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

Comments (6)

Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

There is no better conductor of a Bank of America Cooperative Short Sale than you, Elizabeth Weintraub.

Jun 13, 2013 07:07 AM
James Dray
Fathom Realty - Bentonville, AR

And that is why agents like you do those and agents like me don't.  Have a great day :)

Jun 13, 2013 09:42 PM
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Real Estate Agents - Luxury - Divorce

We'll see how this goes....shorter methods, less paper....hmm...it's not just the Sellers who are suspicious.

Jun 13, 2013 09:51 PM
Laura Allen, Lake Tahoe - Truckee Real Estate for Sale TahoeLauraRealEstate.com
Coldwell Banker Realty, Tahoe City, CA (530) 414-1260 - Tahoe City, CA
Tahoe Real Estate Agent Helping Buyers and Sellers

Elizabeth - If anyone is thinking about doing a short sale in the Sacramento area, I hope they give you a call. You have a lot of good information that every seller should know about! 

Jun 14, 2013 03:37 AM
Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

I am simply amazed. We had a coop short sale, never could move, never the answer from these people, who stand between you and the bank. Tried to talk tot he bank, and the bank would send us to this company again.

When they finally responded, they assured us that if the foreclosure procedure gets to Summary judgment, they would not allow the property to get foreclosed, and when it happened, they said they couldn't do anything.

Recently, after a long battle to remove some legal block, the file ended up being a co-op. the Seller's friend recently lost the house in foreclosure, which was in coop short sale.

She screamed, said no way, and called the bank refusing to deal with the extra layer of bureaucracy. All these wonderful things like hardship letter, and taxes did not really matter as we have submitted them to the lender and not once and not twice already.

We had the attorney getting involved to move it fro the co-op to regular sale.

How different sometimes things are.

Jun 14, 2013 03:07 PM
Elizabeth Weintraub Sacramento Broker
Elizabeth Anne Weintraub, Broker - Sacramento, CA
Put 40 years of experience to work for you

Hi Chris Ann and James: Surprising, you guys never seem to get tired of listening to me yak about it.

Hi Sally: I can understand the reluctance, believe me.

Hi Jon: Unfortunately, these coops are subbed out to third-party vendors who don't always live up to expectations, to put it mildly, and it sounds like you got stuck with one of those.

Jun 15, 2013 05:43 AM