Replies to This Discussion

Permalink Reply by Chris Black on December 22, 2011 at 12:03pm

We have been closing what are unsolicited, pre-approved cooperative short sales through Bank of America for the past couple of months.  A local REALTOR® gets a notice from BofA that a certain property would qualify for the program.  The burden is on the agent to contact the homeowner and get them on board.

The benefits of the program are not unlike the already popular cooperative short sale - relocation/moving/rent expense incentive, no deficiency - and are spelled out in an agreement with the borrower.

Once the borrower is on board, the agent gets an approved list price and, in our experience, it's been smooth sailing.

Hope this helps.

Chris

 

Chris Black

Attorney

Winged Foot Title, LLC

8695 College Parkway, Suite 2350

Fort Myers, Florida  33919

P:  (239) 985-4142

F:  (239) 425-3518

W:  www.wingedfoottitle.com

Blog:  www.homeclosingprocess.com

Permalink Reply by Kevin - Greenville, SC on December 22, 2011 at 3:08pm

I've actually solicited BOA on a property that I was listing for a Cooperative Sale since I knew it wouldn't qualify for HAFA.

Permalink Reply by Sameer Punjani on December 22, 2011 at 12:41pm

Not sure, I haven't heard anything about it. But I hope it's not like the HAFA program where the BPOs come in way higher than what its worth and they list them at crazy prices where then the agent  has to request for a reduction after 30 days on the market. 

Permalink Reply by Kevin - Greenville, SC on December 22, 2011 at 2:03pm

BOA 'Pre-Approved' Short Sales are -  HAFA, Cooperative, and FHA PFS.  All have been around for about a year or more.

Permalink Reply by Anna Parker on July 9, 2012 at 6:45am

We currently have a "pre-approved" short sale with BofA listed.  Any idea on what review/approval time line is for these files?

Permalink Reply by Sharona Byrnes on July 11, 2012 at 10:18am

Just got this email today from B of A:

   
Short Sale Relocation Assistance Program:
Your clients could receive $5,000 to $30,000 in relocation assistance
Your financially distressed clients want to avoid foreclosure. You want to help them. So do we!

That's why Bank of America is excited to offer enhanced relocation assistance. Qualified homeowners who initiate a Preapproved Price Short Sale (without an offer) could be eligible to receive $5,000 - $30,000* in relocation assistance and owe no more on their mortgage with the sale of their property, depending on the investor involved.

Don't miss this limited-time offer to get your distressed clients the help they need by initiating a Preapproved Price Short Sale today at agent.equator.com.

Determining your clients' eligibility is easy:
Once you initiate the short sale at agent.equator.com, we will quickly evaluate the homeowner to determine if they qualify for the enhanced relocation assistance.

The homeowner must participate in one of the Preapproved Price Short Sale Programs, such as:

HAFA (Home Affordable Foreclosure Alternatives)
Bank of America's Cooperative Short Sale Program
Specific investor participation and eligibility criteria do apply to these programs.

Homeowners not meeting eligibility requirements for the enhanced relocation incentive may still qualify to receive $2,500 - $3,000 in relocation assistance from government- and bank-sponsored programs.

Frequently Asked Questions:

Q: How can I find out if my client qualifies for this limited time offer?
A: Call a Bank of America short sale specialist at 1.877.459.2852
Monday - Friday 8 a.m. - 10 p.m.; Saturday 9 a.m. - 5:30 p.m. Eastern.

Q: Do I have to do anything special when initiating or completing the short sale?
A: No. But act quickly by initiating the short sale at agent.equator.com.  This is a limited-time offer that your clients won't want to miss out on.

Q: If a short sale is initiated with an offer, will it qualify for this enhanced relocation assistance?
A: No. Short sales initiated at the time an offer is received do not qualify for the enhanced relocation assistance funds.

Q: Is the enhanced relocation assistance eligible to non-owner-occupied properties?
A: Yes, it is available to non-owner-occupied properties.

Q: Will the relocation assistance funds be reported on the HUD-1?
A: Yes, funds received at closing will be documented on the HUD-1, and a 1099-MISC will be issued.

Q: Can the relocation assistance funds be used to pay off existing liens?
A: Yes, the homeowner may use funds to pay off existing liens or to help with relocation expenses.

Q: Is the enhanced relocation assistance added to any other incentives, such as the HAFA or Bank of America Cooperative Short Sale Program incentives?
A: The homeowner incentive will be inclusive of the $3,000 HAFA incentive. For example, if the homeowner is eligible for $5,000, then $3,000 will be from the HAFA funds and the remaining $2,000 will be from Bank of America homeowner incentive funds.