I have to admit that I have not done any B of A COOP short sales before the one I am currently handling.  Not out of choice, it just seems that I don't get the Short Sale listings until it is long past a pre-approval situation.

This Seller, however, was only a couple months late and had contacted B of A and been turned down for Loan Mod.  I took the Condo listing after explaining that we would ask B of A for a COOP as it appeared they would qualify.  Primary Residence, one note with B of A.  Anyway, I had a list number in my mind from comps..

Two weeks after being assigned to an Agent at B of A, I had a List Price assigned.  It was just below my own numbers so I knew it was good.  The List Price is critical as we all know and I have heard that the COOP can start out way too high.  This one didn't.  Relieved, I got a cash offer within 2 days, submitted all to Equator and off we go. 

It did take a few weeks to get a response..and that surprised me since the Investors had already approved the net numbers, but there you go.  We got our approval letter in approx. 4 weeks, opened Escrow and are due to close in approx. 2 weeks.  The entire process has been much smoother than anticipated and best of all???

Seller to receive a pre-approved relocation fee of $5,000!  That's fantastic when the Condo's value is $53,400!

All in all..a good experience.  Another Palm Springs & La Quinta Short Sale moving toward close from the Valley Short Sale Specialist.