My reservations about B of A's COOP short sale program may be easing here in Palm Springs Valley of California. The only drawback I could see was that the appraisals kept coming in over market, and that dragged out the Listing time. However, there are reductions scheduled for every 21 days so with this Short Sale without an offer, it seemed a perfect fit.
It took about 3 weeks for B of A to do their BPO, and assign a Listing Number to the property. I had a number in my head that I knew would generate activity, and the number I got last week was actually approx. $3,000 LOWER than my number! Great..off to a solid start.
I listed the Condo at Palm Lake in Palm Desert at 5:30 a.m., and had a cash offer by 5 pm..and the cash offer is about $2,000 OVER their List Price. So, in this case, it was the correct number.
I have uploaded everything to Equator and my contact tells me they will review it early next week and let me know if we are golden to open Escrow and proceed to close.
The lower price points seem to be easier for the Investors to assign numbers to. As you move up in values, their suggesst list prices get a little skewed, but that's to be expected I guess because not as many are SOLD!
Oh..best part? The Condo is selling for approx. $52,000 and B of A is allowing $5,000 relocation fees to the Seller! She's thrilled since she has lost a ton of money from what she paid in 2007.
Choose an experienced Short Sale List Agent. Certified, and experienced with lots of different Lenders..references provided upon request. FREE consultations on your many options..760-285-3578.
**********************************
like buttons