Should My Seller Accept BofA's Cooperative Short Sale Offer?

In initiating a Bank of America short sale I have received a call from them telling me my seller has been approved for their cooperative short sale program. I didn't find a group here specifically related to this program so I can't find the posts that may have been written on this program.

I have gathered that the benefits of the program should be less paperwork and a more streamlined process. I guess whether or not that's really the case is another thing. But the big con that I have read about is that once they set the price we're stuck with it and there is no changing it.

Is that the gist of it? Is there a predetermined time frame in which we have to get it under contract before it goes to deed-in-lieu?

Any superstars here have any experience they'd like to share with me?

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Permalink Reply by DeLisa Rose on March 29, 2012 at 10:14am

Hi, I am a former BofA short sale supervisor.  Coop only means that it is not HAFA.  Your seller can opt out of HAFA which previously had several guidelines and restrictions and then go non-HAFA aka Coop for a quicker turn around time. Negotiate cash for keys in lieu of the Hafa incentive and close quickly.

 

Permalink Reply by Keri Sweetland on March 30, 2012 at 2:59am

I have had some GREAT results with Coop ss with BOA.  The process takes a bit longer (no longer than a HAFA ss though) and the negotiators tend to be a bit overloaded but the results to the transaction are great.   Things I like:

1. commission is laid out right up front, and it's usually at 6%

2. Homeowner more times than not they waive the deficiency balance (only two cases in the past year & half where they didn't)

3. Since the coop ss is done PRE-offer, you min. your buyers wait time.  The seller and the property are fully qualified BEFORE the buyer has to wait and you know what the bank is looking for so you know if an offer will fly or not.

4. If you get a value that is too high, go back and request a FULL BPO dispute.  You can usually handle valuation issues up front before you get your buyer in there and streamline the process.

5. Homeowners normally receive a min. of $2K (that's the lowest I've seen and that was over a year ago) which makes for a much more cooperative seller-and here in FL we had the FL incentive plan which gave the seller much more.  Just had a cooperative ss close with the seller receiving $3000.00 coop incentive and $14,500.00 FL incentive (part of the approval was to be approved for a coop ss or like program).

Overall, it's a decent program once you understand it better.  The key is to get the items into them pre-buyer and stay on them through review.  Once it hit's the "marketing" phase you can get an offer...the price is not any more or less firm than it would have been if you did a traditional short sale, the difference is you have more information in a cooperative short sale.  It's all based upon the BPO value and the investor guidelines in their internal loss matrix.

Good luck!

Keri :)

 

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