Foreclosure in 89135>Question Details

Eleana, Real Estate Pro in 89084

Anyone have experience with BofA Cooperative Shorsale Program? Cons & Pros? How many are getting approved?

Asked by Eleana, 89084 Mon Apr 4, 2011

Help the community by answering this question:

Answers

8
Hello Eleana,
If you are representing the seller in the transaction with boa and your seller is in no hurry to move you will be happy with the way they do business.
If not, then remenber patience is a good thing sometimes!
Good luck,
John
Web Reference: http://www.JJLVRealtor.com
1 vote Thank Flag Link Mon Apr 4, 2011
Got the cooperative agreement and it sounded great. The negotiator was responsive and thought it would be a slam dunk. We thought as stated in the agreement an approval would be out in 10 days after an acceptable offer was received and uploaded with the RASS. The negotiator made it sound like it would happen even quicker than that. The cooperative agreement established a list price and promised $3000 to the seller for relocation assistance and 6% agent commission. The negotiator also specified in emails that they could allow 2% towards buyers closing costs (only if they putting down less 10% or less). Sounded great...until we got the offer. We negotiated with the buyer for 2% contribution and a full price offer.

Emailed the negotiator the offer as well as uploaded through the equator platform and then...the "cooperative" negotiator instructed us to counter $20k higher. WHAT? When I pointed out the agreement list price and statements the negotiator made in emails they started using delay tactics (unresponsive) and canceled out the file. Calls to the Texas call center where I had always been able to reach someone were being forwarded to Ct and voice mails to team lead and supervisor went unanswered. The file in equator is now in "transferred" status and we are proceeding with a "normal" short sale which will hopefully be more "cooperative".
1 vote Thank Flag Link Mon Apr 4, 2011
Hello Eleana,
If you are representing the seller in the transaction with boa and your seller is in no hurry to move you will be happy with the way they do business.
If not then remenber patience is a good thing sometimes!
Good luck,
John
0 votes Thank Flag Link Mon Apr 4, 2011
Yes, we have experience with Bank of America. We are closing their short sales. We are a professional short sale service and would be happy to explain the process to you. Please call us directly to discuss.

Eli Givoni, Director
Short Sale Department, LLC
561-361-1909
info@shortsaledept.com
http://www.shortsaledepartment.com
Serving all 50 states

MARS Disclosure for General Commercial Communications
IMPORTANT NOTICE:
Short Sale Department, LLC is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
0 votes Thank Flag Link Mon Apr 4, 2011
I have not used BofA's new Cooperative Short Sale program yet.
I have closed several with BofA. Sign onto Equator.Make sure your seller has their hardship letter and their financial papers available. If you have any questions, call the customer service line. They can guide you thru Equator. All of your emails will go thru their system.
In my cases, my sellers needed to contribute to the closing costs. Also, always make sure your HUD-1 is correct.
Good luck!
0 votes Thank Flag Link Mon Apr 4, 2011
we are batting 95%- info regarding short sales can be obtained on our site at http://www.vegashomeanswers.com - If you are an agent in need of assistance- give me a call- lots of training in our office regarding shorts sales- in fact we are holding a short sale seminar today.
Paul May -702-491-9601
0 votes Thank Flag Link Mon Apr 4, 2011
Hello! I just dealt with this with a seller of mine! It was actually a program we received through a B of A presentation....I definitely learned a LOT more after going through it though which was not properly explained in the introduction to it! It's a "Don't call us, we'll call you" program as they put it when I had it escalated! But fortunately, my husband works for B of A and offered some assistance....please feel free to email me if you ahve any questions...and depending on where you are in the process, I can offer some insight for sure! Jamie.hammontree@yahoo.com
0 votes Thank Flag Link Mon Apr 4, 2011
I'm currently in the middle of a Short Sale with BofA. As long as the Seller keeps their financial documents current with BofA and gets them what they rquest in a timely manner, it should go smoothly.
0 votes Thank Flag Link Mon Apr 4, 2011
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer