My experience lately with Bank of American has been generally positive. I am involved in their cooperative short sale program. the bank asks me to reach out to home owners to let them know they qualify for a preapproved cooperative short sale. the cooperative short sale has several serious benefits over a traditional short sale. The bank agrees up front to waive their right to pursue the home owner for the deficiency, the bank sends a appraiser out to the property to let me know the suggested list price, plus the bank offers the home owner a relocation incentive, OH and the homeowner does NOT have to supply the mountain of paperwork (financials, hardship letter, etc). the home owners that have been through this program have generally been very happy.
there is also an option for me to request evaluation of a homeowner for the program (agent initiated short sale). I am so glad to see BofA working cooperatively with home owners on short sales.... more
Is there a reason, for backing out, where they have the would not be in breach of the agreement? For example, suppose they found the engineer report unsatisfactory? That would be a good reason. Supposed they could not obtain financing? That would be a good reason.... more