Replies to This Discussion

Permalink Reply by Wendy Rulnick on May 25, 2012 at 12:04pm

Diana - The Coop program is not a guaranteed short sale. You still  must get a contract. Since you have little time, you need to probably reduce the price immediately and get the property sold.

Permalink Reply by Katherine Muhs on May 29, 2012 at 11:55am

Make sure you are allowed to reduce the price--I just found out (the hard way) the coop program has price reduction restrictions! Team Lead told me that to dispute the price I need Buyer's appraisal/BPO, my own CMA, an inspection report and if applicable contractor estimates for repairs. Of course Buyer won't be paying for an inspection until ss is approved and escrow is open. Talk about SNAFU.

Permalink Reply by Diana Skaff on May 30, 2012 at 1:44am

I asked about reducing the price after 21 days and B of A told me that the investor refused to lower it, so we were stuck with that.  The house was on Sheriff's sale yesterday and no one was there to buy it, so now it has gone back to B of A.  I left a message for my contact person yesterday to discuss this limbo status the home is in.  From what I understand, I technically don't have a listing anymore unless B of A wants me to be the Realtor for their REO.  

Permalink Reply by Wendy Rulnick on May 30, 2012 at 2:05am

Diana - This is unfortunate. The seller, at the time, still owned the house, so it was his decision whether or not to lower the price, whether or not the coop program ok'd it. Even at a lower price, he might have been approved for the coop sale. Otherwise, he could  have done a traditional short sale.

Permalink Reply by Diana Skaff on May 30, 2012 at 2:02pm

You are so right - this is unfortunate.  When I was told there was no way that the price could be lowered, I didn't question it since the listing price for the house was set by B of A.  There was no input from me or my client - just the BPO from an out of town Realtor.  Now I am seriously questioning whether I should have just lowered the price using my own judgement or if that would have been detrimental for my client who had been offered the coop agreement.  

The listing will be cancelled and B of A will eventually turn the property over to a Realtor to list as an REO.  Sadly, this whole situation has been an exercise in futility and a test of patience for my client and myself.

Permalink Reply by joe beauchamp on May 25, 2012 at 8:30pm

Do not make the mistake of thinking that the bank and investor are one well oiled, smoothly coordinated monolith. You have individual departments doing their own independent thing.  Maybe look at it that way will help.

3 possibly helpful things come to mind. 1) you can surprisingly often get the foreclosing attorney to throw in a week or two postponement. 2) after foreclosure, you can still conclude a short sale deal during the redemption period (yeah, really - got this from a friendly MI person). 3) you often can get a local judge to force a postponement of a month to 3 or more - it may take a lawyer to do this.

Permalink Reply by Steven Barnes on May 29, 2012 at 8:35am

I have had a coop SS for almost a year and gone through many buyers, the buyer now has been waiting for 6 months and still no approval.