B of A CO-OP Relocation Expenses for Rental Property?

Hi Everyone,

I have a quick question about a Bank of America Co-op shortsale.  Sellers do not live in the property and it's been an income property for years.  Have any of you had a seller qualify for "relocation" expenses from a co-op sale when it was not their primary residence.  Carrying only one loan with B of A.

Thanks

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Permalink Reply by Jeff Payne on May 28, 2012 at 6:48am

Not sure I understand why the seller needs relocation money if they are not actually relocating?  Sometimes you have to stop to think "why would BofA give this money"

Permalink Reply by Nate Saylor on May 28, 2012 at 7:00am

My thoughts exactly.  Just curious if anyone had run into it.  I keep hearing about folks on the cusp of B of A acceptance and then having B of A decide to also send money to the sellers in the 11th hour, seemingly out of nowhere.  

Permalink Reply by Keji Ogunleye on May 29, 2012 at 3:57am

I have 2 rental properties for sale right now for sale as short sale, none of them are offered relocation or incentive.

Permalink Reply by Pat Glenn on May 29, 2012 at 5:12am

If it is the program through "Dignified Transition Solutions" who is a contractor of BOA, then yes, my seller is scheduled to get $3000 at closing from them in a couple of weeks and his property was a rental.. 

Permalink Reply by Nate Saylor on May 29, 2012 at 12:44pm

Good to know.  Thanks.  I imagined that it had happened to someone out there.

Permalink Reply by Kevin - Greenville, SC on May 29, 2012 at 2:43pm

Yes, My client is getting 'relocation' money on investment property both under the Cooperative SS Program and the HIN Program through Bank of America.  The property has never been owner occupied and was purchased as an investment property.

Call 877-459-2852 to find out more.

Permalink Reply by Ellen Muzzio on June 3, 2012 at 6:42am

I would caution you a bit on the co-op program as in our opinion it's a definite trade-off and can actually cost you time.  In the co-op program, BofA tells you how much to list the property for and we have had a couple of situations where they were way too high for the market.  Then they wouldn't let us do a price reduction for many weeks, only to reduce it a couple of thousand each time.  We got a buyer but in the weeks we were on the market it was the highest/best offer we got.  In the long run it took BofA 6 months to get the property down to a reasonable price so that we could move forward with the offer we got.  It would have been faster to do the traditional route......all for $3,000

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