Providing you with the knowledge and tools needed to succeed with Short Sales
Hello to All,
I am in desperate need of information on BOA's Cooperative Short Sale Program. I have contacted a local resource and the short sale department at BOA and nobody seems to know how it works yet, I have one agent who has received 5 listings from BOA Cooperative Short Sale program to process.
I am being told that they are not to be entered into Equator could this be correct. Any resources would be greatly appreciated.
I'm in a cooperative short sale right now, as the listing agent. From what I've read about HAFA, I thought the Co-Op SS program was a variation under the HAFA. It may very well be.
You've probably already been on the websites provided to you by Kevin Lancaster. There's lots of useful information there.
What those sites don't tell you is that you probably won't be uploading docs to Equator until negotiations have been concluded.
I do hope some of this is useful to you. Start with the Coop Short Sale Team, and be ready with your authorization to speak to them on behalf of your clients.
My current experience since receiving a great offer and notifying BofA is that the Loss Mitigation Dept then ordered an appraisal for the property. By the time I received the dollar amount, the original would-be buyers had already found something else they wanted.
When a 2nd offer came in at the full price BofA had set, I was given the telephone number for the Cooperative Short Sale Team (you can find that number on the Bank of America discussion page (as I stated at the beginning of this email).
What I can tell you is that everyone I have spoken to at the Coop Short Sale Team has been courteous.
I too am wondering about that since I had the HAFA Fannie Mae group (RECD for BofA) tell my seller and me today to go to the "Fannie Mae Coop" program, since the 2nd lien holder on this property has communicated to us that they will not under any circumstances forfeit their right to pursue the debt after they release the lien and will also require a promissory note for the balance. And that's not allowed under HAFA and I'm not going to even try to negotiate anything that's not on the HUD with anybody anywhere.
Anyway, we called in to them today to request that they stop "processing" the offer as a HAFA SS, because this consideration will just delay everything anyway and my seller doesn't even qualify anyway for Fannie's HAFA because of other circumstances that don' fit the written criteria for it. I even told them that basically in the initial information and document upload on Equator. Such a time waster sheesh.
But, as I said they called it "Fannie Mae Coop", maybe it's all the same. Anyway, they told us that this program doesn't require adherence to the strict HAFA guidelines, but only gives up to $1500 max to the seller at closing for relocation assistance. Does this sound anything like what they said to you?
How do you become a an "approved" agent to do BOA Cooperative Short sales?
I am so frustrated !
We have had a property listed for 840 days.
We have had 8 prior buyers and ALL have walked away because it took BofA too long to approve the short sale.
The value has plummeted from a high 2 years ago of about $600K to now less than $400K
We've been through HAFA and Standard Short Sale - received approvals twice and both of those buyers walked away within a day of approval - "took too long and they found - and closed on another property"!.
The property is now deteriorating very quickly.
File was moved to DTS as cooperative Short Sale. Although the people I'm working with are extremely nice, they have already done an appraisal, assigned a list price and I have submitted a full price offer, the file is just sitting and not moving forward. TODAY, I received a notice to reduce teh price 3% from DTS even though there's an offer submitted and sitting in Equator as requested.
Since we had an approval before it was moved to Coop Short Sale, why is it now floundering?
Buyer #9 is now ready to walk away. He wanted to close by end of April but that won't be possible and there are plenty of other houses available for him to buy.
Social Media Team has been very helpful in the past in getting TS postponed. We now have a TS date of June 1st.
Sorry, but I just needed to vent. This Coop SS is so frustrating....... maybe I'm using too much logic :-)
Palm Desert and Newport Beach CA
Just got a call from Social Media Team after they read this post - THEY ARE AWESOME !