Replies to This Discussion

Permalink Reply by Kevin - Greenville, SC on October 22, 2012 at 8:17am

They are probably just as likely if not more likely to experience delays with an 'in house' Short Sale.

Permalink Reply by Alex Krumm on October 22, 2012 at 8:31am

Co-ops are the way to go ... they're like magic, but real.  Imagine BOA telling you a price to market the property, guaranteeing a deficiency waiver, and offering your buyer $3k+ to close, and all this in less than a month.  Fairy tales?  No, ma'am.  If you've got BOA offering this to your customer I'd give it a shot.

Permalink Reply by Leslie Kunkel on October 22, 2012 at 9:54am

I had a great experience with a coop short sale! the seller did not have to provide financials and he received $29,000 back in seller incentives!! The price was $700k so I am guessing the amount is based on the purchase price. Go for it, Judith!

Permalink Reply by Arlene Garcia Hanner on October 22, 2012 at 11:41am

Greetings,

I agree with the previous two commenters.  The process timeframe will likely be similar.  If you want to speed it up, instead of waiting forever on the price to be determined by the BPO, etc...  Run the comps yourself and submit the highest and best offer with your client's paperwork.  I recently did that with a BofA Coop short sale that was farmed out to Default Servicing. 

If the 3rd party loss mitigator does not respond quickly, you still have the same escalation help as with an "in house" short sale, such as Twitter Team or the BofA short sale workshops, etc...

Permalink Reply by TOP END Properties on October 22, 2012 at 12:55pm

I had a CoOp approved in 30 days without any hardship documents required.  I think your seller is misinformed.

Permalink Reply by joe beauchamp on October 22, 2012 at 1:34pm

They don't employ technical heavies to make great systems or problems go away. Think about how "super" they think they are by allowing a "soft decline" meaning starting with a new buyer but keeping all the data and file for the seller. Is that really a big deal for anyone else? It shows how it is an extraordinary effort for BofA to pick up any pieces, no matter how contained, and move forward with them. BofA deals with exceptions and problems by starting all over. BofA throws it in the air and assigns totally new people all the way through.

So it makes perfect sense that changing from any program causes a full reset at BofA and you start over. It isn't supposed to be a punishment, it is just that they don't care and economically are dis-incented to care.

Permalink Reply by Janet Kleen on November 15, 2012 at 8:22am

Coop short sales are easier than the traditional short sale, take less time, and your seller could receive from $3000-$30,000 in relocation assistance.  She can stay in the house until closing. Why would she not want to go that route?