BofA with Fannie Coop Short Sales - Are Approvals Possible?!

After having a few negative experiences with Bank of America with Fannie as investor Cooperative short sales being rejected due to Fannie's unrealistically high pricing requirements, I asked someone at Dignified Transition Solutions (DTS) who we work with on some transactions what the 'deal' was.  She confided with me that "almost all" of the Fannie Mae Coop files get rejected?!


We have a new BofA/Fannie seller with only a 1st who doesn't care about a relocation incentive, and just wants the best shot at approval, yet now they are dangling the $3,000 carrot in front of her, but really only enticed by the promsie of a 14 day approval.  I've of course referred to her to several attorneys and made record of that, yet she's asking once again the best course of action.  Seems to me that a 'straight sale' even if it takes longer, will have a better shot at success.


Thoughts anyone?  They are much appreciated!

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Permalink Reply by Justin Berry on September 4, 2012 at 4:44am

They are very doable.  Like all short sales, value and getting the BPO right is everything.  I believe they have a tendency to actually take longer overall compared to a traditional BofA short sale mainly due to REDC. :-/

Permalink Reply by Julia Fishel on September 4, 2012 at 7:21am

Thanks Justin.  Won't necessarily give up on 'em, just had a string of bad luck BPO's I guess (that's a new on me - usually don't have issues).

Permalink Reply by Edwin Baloloy on September 4, 2012 at 5:48am

From a high level, Fannie and BofA's relationship seems strained from the buyback dispute. I would suspect their willingness to continue working together on all levels wouldn't be very high.

 

Good luck on getting a 14 day approval with one of their third parties they use for pre-marketing. I've never had them meet their timelines with that SS strategy.

 

Permalink Reply by Julia Fishel on September 4, 2012 at 7:23am

Interesting perspective and think you're on spot ...

Permalink Reply by Bryant Tutas on September 4, 2012 at 8:29am

I've closed many FNMA co-ops with BofA. They always price high initially but then very aggressively reduce the price. Usually every 21 days until sold.

They do take 3-4 months.

Permalink Reply by Julia Fishel on September 4, 2012 at 12:22pm

Good to know.  Maybe it's DTS that's part of the problem we were experiencing on some where they wouldn't budge on the listing price at all for the entire 120 days.  This would be my first REDC coop so thanks for restoring the faith. 

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