I recently initiated a short sale on equator, which happens to belong to BoA and this morning I got this message:
"Dear Agent, your file has been assigned to REDC to work as a FNMA COOP. We are
currently in borrower outreach process to confirm interest in the coop program
which can be expedited by having the seller contact our customer care at
800-729-8879. Once program eligibility has been received by Bank of America and
interest is confirmed by the seller, a cooperative interest letter is sent to
the seller which must be signed and returned to the fax number on the letter.
Upon receipt the BPO and Investor Reserve are ordered with an average expected
turn time at 14 days. It will not be possible to upload an offer through a task
at this point but it is imperative that you upload the listing agreement and MLS
Data sheet into the Equator library immediately. If you have any questions
please feel free to contact the customer care number above. Thank you!"
What does this mean? Is this some kind of BoA Coop Short Sale? If this is a coop, why are they offering this when the owner is obviously "cooperating" to do the short sale already? Any advise?
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Replies
My experience with the COOP program has been positive -- it should be in your seller's best interest to pursue it !
Sounds great, thank you everyone for your feedback, I have informed the Seller and they will be calling the bank tomorrow.
Hi Trong,
Congratulations. Your client has been invited to do a cooperative short sale. I would say is a privilege.
REDC is a third party hired by Bank Of America to handle this cooperative short sale and you will be working with them.
Call the phone number given, give them loan number. They would want to speak with the seller and explain how the coop short sale works, will send them paperwork to sign. They will start the short sale without an offer, do appraisal, will determine how much you will list the property and so on .
I have done and closed bofa coop short sale and its a good thing. You just have to stay on top of it and timelines.
Good Luck!