I have to admit that I have not done any B of A COOP short sales before the one I am currently handling. Not out of choice, it just seems that I don't get the Short Sale listings until it is long past a pre-approval situation.
This Seller, however, was only a couple months late and had contacted B of A and been turned down for Loan Mod. I took the Condo listing after explaining that we would ask B of A for a COOP as it appeared they would qualify. Primary Residence, one note with B of A. Anyway, I had a list number in my mind from comps..
Two weeks after being assigned to an Agent at B of A, I had a List Price assigned. It was just below my own numbers so I knew it was good. The List Price is critical as we all know and I have heard that the COOP can start out way too high. This one didn't. Relieved, I got a cash offer within 2 days, submitted all to Equator and off we go.
It did take a few weeks to get a response..and that surprised me since the Investors had already approved the net numbers, but there you go. We got our approval letter in approx. 4 weeks, opened Escrow and are due to close in approx. 2 weeks. The entire process has been much smoother than anticipated and best of all???
Seller to receive a pre-approved relocation fee of $5,000! That's fantastic when the Condo's value is $53,400!
All in all..a good experience. Another Palm Springs & La Quinta Short Sale moving toward close from the Valley Short Sale Specialist.
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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.
https://agentresources.bankofamerica.com/ss_news_12JUL11