BofA Cooperative Program--Handling of Contract
How is the BofA Co-op program handling the purchase offer?
I've always managed this as the Contract is between the buyer and the seller. The property sells when the seller chooses to sell, on terms agreed to between buyer and seller. We send the Servicer a full executed Contract, then work to secure approval.
Is Co-op trying to position themselves to negotiate on behalf of the seller? Prior to the seller accepting an offer?
Does Co-op ask, or require, that the Contract be submitted to BofA prior to the parties executing the Contract?
What are others experiences on this?
Replies to This Discussion
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Permalink Reply by Tara Polley on
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The BofA Cooperative Program is designed to be a Pre-Approved Short Sale for loans that do not qualify for HAFA. It is requested by the seller, prior to listing the home, and the list price is set by the lender based on a BPO. It then proceeds as a normal short sale. You have 120 days to market the property after approval, or it becomes an automatic Deed in Lieu of Forclosure. If you receive an offer from a buyer within that 120 days, in theory, it is supposed to offer approval of said offer within 10 days of the lender receiving it, with $2500 in relocation fees to the seller. Similar to the HAFA program.
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Permalink Reply by Kevin - Greenville, SC on
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sent you an e-mail.
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Permalink Reply by Robin B. Cook on
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Hi Michael,
I am in the process of completing a co-op now. I listed the property at the same time we were trying for the HAFA program. We were turned down for HAFA and moved to the co-op. My sellers were offered 3K for relocation, but turned it down to use toward the 2nd mortgage. It has been much easier than a previous HAFA I completed that took a year! Robin
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