I have some customers who are extremely delinquent and BOA approached them to do a co-op short sale; they immediately called me to get started and we have an executed listing agreement BUT we haven't begun marketing the property per BOA co-op guidelines: (http://realestateagent.bankofamerica.com/content/documents/Cooperative.pdf).
The file has been initiated with 3rd party servicer LRC but they're telling us they won't postpone the sale date until a week from the actual date. Does this sound accurate? It feels like that's cutting it really close and there's no margin for error - I don't want my customers to lose to foreclosure in the end.
Alex Krumm
Re/Max Alliance Group
Broker Associate
GRI, Certified Distressed Property Expert
Winner, Five Star® Best In Customer Satisfaction: 2010, 2011, 2012
941-234-3597 Direct
941-954-5454 Office
941-341-0192 Fax
**********************************
like buttons
Replies
The negotiator can actually put in the request sooner than that, but they do like to wait until a week out. If you do not have an offer or negotiator yet, then I have heard the 'non-negotiator' people HAVE to do it that late. So, yeah... that sounds typical.
As far as putting it on the market... I always wait until we know which way we are going: HAFA, Co-Op, Traditional etc. Our market may be different than others. There are tooooooo many non-distressed listings out there, and if we do not have answers right away for the Buyers, then they just go to another listing. I like to be able to tell them as much and how long with as much accuracy as possible. So, like you, I wait.
Alex - Bank of America usually waits to just prior to sale date to postpone. I've had other situations where this was done a month in advance, though, but very few. I'd keep the negotiator on alert status, and remind them ahead of the seven days, maybe two weeks early, due to vacations, etc. By the way, even with coop, I'd place the property on the market now. Their programs change all the time, and that one buyer may be ready to buy today! The seller can always opt out of Coop (or HAFA) if time is of the essence due to foreclosure or other circumstances.