- Low to no documentation from the Seller.
- Pre-approved pricing with aggressive price reductions.
- $2,500 cash to the Seller at closing.
- Full Waiver of Deficiency.
- Can be an investment property.
It’s basically HAFA without all of the paperwork and time delays. I’ve done quite a few of these and have a few more on the works right now. One key point is that you want to be sure to go through the Co-op approval process prior to placing the property on the market.
It may take a couple of months on the front end to get approved for the Co-op and get a listing price but once you have these things the process is very straight forward.
- List the property at the approved price.
- Sell it.
- Upload the contract and HUD into the Equator system.
- Received the final approval. Usually within 15-30 days
- Close the transaction.
From Bank of America
Important information on a Bank of America Cooperative Short Sale
■ If you successfully complete a cooperative short sale, you will sell your home and will be required to vacate the property.
■ You are responsible for all maintenance and expenses on the property until it is sold.
■ Financial hardship and inability to afford the payments on the property are needed to qualify for a cooperative short sale.
■ The short sale must be an “arm’s length” transaction. An arm’s length transaction means that you cannot list the property with or sell it to anyone that you are related to or with whom you have a close personal or business relationship.
■ Bank of America, N.A. will use proceeds from the sale to pay off the balance of your loan, and will work together with your listing agent on your behalf to facilitate the sale process.
■ We may begin or continue the foreclosure process while we review your request. We will suspend any foreclosure sale date until the expiration date of the signed Acknowledgement of Interest or the date of closing of an approved short sale, whichever is later, as long as you continue to abide by the terms and conditions of the agreement.
■ If the cooperative short sale is unsuccessful, Bank of America may offer you the opportunity to participate in a deed-in-lieu of foreclosure program.
■ Once your short sale is completed, Bank of America will report to the major credit reporting bureaus that your loan was completed as a short sale.
Benefits of a successful Bank of America cooperative short sale
■ If the cooperative short sale is successful, Bank of America will pay you $2500 for moving, relocation, or rental expenses.
■ If the cooperative short sale is successful, Bank of America will not pursue the deficiency balance on your loan.
■ If the cooperative short sale is successful, Bank of America will not foreclose on your home.
So folks, if you have a mortgage with Bank of America and need to do a Virginia or Maryland Short Sale, I can help. I’ll be waiting to hear from you. Any questions?
