Pre offer Short Sale approval

I am starting the process of a short sale with BofA utilizing the new pre offer approval process.  The home is not the sellers primary residence (she is a college student in another area of Florida).  BofA stated that she will have to do a Co-op short sale and referred me to REDC to start the process.

This is already taken up 2 weeks since our first contact with BofA.  REDC had the BPO completed but failed to share the information with me, then asked me to do the listing agreement anyway.  My understanding is that the BofA is to give us the listing price or did I miss something?  

Has anyone had much luck in getting sellers anything above the $2500 with this new program?

Has anyone seen this to be a quicker or streamlined process?  I am not seeing the benefit yet.

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Replies to This Discussion

Permalink Reply by TOP END Properties on October 22, 2012 at 2:24pm

I would go ahead and list the property at a price that it will sell for within 30-60 days (should be supported by comps).  If the offer is lower than their BPO, you can dispute the BPO later.  Right now you need an offer. 

CoOp is $2500 and the additional amount is subject to the BOA lotto.  You dont have to ask for it .. they will let you know if the borrower is the grand prize winner.

Permalink Reply by David Gonzalez on October 31, 2012 at 10:52am

I closed an escrow earlier this month home-owner delinquent year and half. Received $14,000 in HIN $2,500 co-op. Not sure what the magic formula is but our negotiator is the one who brought the HIN to my attention and told me that number. I sure wasn't expecting it but it was a pleasant surprise.

Now my question is if we can get extra $ for homeowners with HIN + Co-op are there any advantages to do a HAFA when they get only $3,000?

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