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Most times when agents or homeowners know I have a listing down the street...they can safely say "This chic is about to destroy the values in my neighborhood"...OK, mostly true because of my Short Sales, really...I am just bringing the neighborhood down to it's true Market Value, none the less, I have been called The Grimm Reaper....

But what bites my behind is when I go to bat to get a Short Sale approved, show comps and get a bank to lower their BPO/Appraisal pricing to what clearly is a fabulous deal and then....wait for it...I hear....CRICKETS from the Buyer's side...the buyer agent frantically trying to pin down their buyer, wondering if that buyer has possibly gone on a crusie to a third world country and cannot be reached to take The Deal of The Century....

BofA countered at $216K, and since I felt that it was still too high, and the buyer's offer was still lower...  we were able to "Convince" the bank to "come to the light" and see the true value is at $200K....which the buyer wanted...then...and stil NOTHIN', good news here is at  10am this puppy goes back onto the market as an Approved Short Sale, but we all know what happens...I WILL NEED TO RE-ENTER ALL THIS INFO AGAIN ONCE WE HAVE ANOTHER OFFER & BUYER...

Dear Buyer, If you don't surface by 10am, Good Luck, Hope I dont eventually come to  neighborhood where you end up buying...because I know you have heard of That Chic That Does Short Sales.... .

When I first heard about the Bank of America Cooperative Short Sale Program, I thought it might be more blah blah and less ah ha!

I was initially skeptical, A) because banks are famous for coming out with “new programs” that don’t end up getting squat done! And B) because I was told that with this program, the bank does the appraisal BEFORE an offer is received for the property.

Issue “B” was what I was more concerned with. I thought that with an appraisal being done before an offer is received, that there were great odds of the bank determining a value for the property much higher than we could actually get an offer for.

I thought of a way around this tho! We processed the file through their co-op program, and the seller received a check for $2,500!! So how did we get around the value issues with the lender? Give me a call and I’ll be happy to share with you how we get this accomplished now without having to worry about a high value when dealing with Bank of America co-op short sales. Now I’ve closed several through the Bank of America Cooperative Program, and my clients are getting checks! If you would like to see if you can qualify for the Bank of America Cooperative Program and receive a check for doing a short sale, contact me right away!

A quick side note about the BofA Cooperative Program: The process of going through the Bank of America Cooperative Short Sale program can take a little longer than a traditional short sale with BofA. This is because they outsource a lot of the processing. Of course this may be a benefit to you, depending on your situation. I have also found another benefit to this tho. Hit me up

Folks, as we all know, there are many things that are wrong in the Short Sale world. And in my opinion there is one thing that is very right. The Bank of America Cooperative Short Sale. The Bank of America Co-op is what Short Sales should be.

• Low to no documentation from the Seller.

• Pre-approved pricing with aggressive price reductions.

• $2,500 cash to the Seller at closing.

• Full Waiver of Deficiency.

• 6% Commission..

• Can be an investment property.

It’s basically HAFA without all of the paperwork and time delays. I’ve done quite a few of these and have about a dozen on the works right now. One key point is that you want to be sure to go through the Co-op approval process prior to placing the property on the market.

It may take a couple of months on the front end to get approved for the Co-op and get a listing price but once you have these things the process is very straight forward.

1. List the property at the approved price.

2. Sell it.

3. Upload the contract and HUD into the Equator system.

4. Received the final approval. Usually within 15-30 days

5. Close the transaction.

Easy peasy.

From Bank of America

Important information on a Bank of America Cooperative Short Sale

■ If you successfully complete a cooperative short sale, you will sell your home and will be required to vacate the property.

■ You are responsible for all maintenance and expenses on the property until it is sold.

■ Financial hardship and inability to afford the payments on the property are needed to qualify for a cooperative short sale.

■ The short sale must be an “arm’s length” transaction. An arm’s length transaction means that you cannot list the property with or sell it to anyone that you are related to or with whom you have a close personal or business relationship.

■ Bank of America, N.A. will use proceeds from the sale to pay off the balance of your loan, and will work together with your listing agent on your behalf to facilitate the sale process.

■ We may begin or continue the foreclosure process while we review your request. We will suspend any foreclosure sale date until the expiration date of the signed Acknowledgement of Interest or the date of closing of an approved short sale, whichever is later, as long as you continue to abide by the terms and conditions of the agreement.

■ If the cooperative short sale is unsuccessful, Bank of America may offer you the opportunity to participate in a deed-in-lieu of foreclosure program.

■ Once your short sale is completed, Bank of America will report to the major credit reporting bureaus that your loan was completed as a short sale.

Benefits of a successful Bank of America cooperative short sale

■ If the cooperative short sale is successful, Bank of America will pay you $2500 for moving, relocation, or rental expenses.

■ If the cooperative short sale is successful, Bank of America will not pursue the deficiency balance on your loan.

■ If the cooperative short sale is successful, Bank of America will not foreclose on your home.

So folks, if you have a mortgage with Bank of America and need to do a Florida Short Sale,  I can help. I’ll be waiting to hear from you. Any questions?

Hi folks. There's a new Short Sale incentive just rolled out from Bank of America. Florida homeowners facing a Short Sale may qualify for up to $20,000 short sale incentive from Bank of America.

So.....if you are in Florida, need to do a Short Sale and have a mortgage with Bank of America give me a call today. This offer is for a limited time so don't hesitate. Bank of America is offering to help so take them up on their offer. Any questions?

BofA Enhanced Short Sale

Are you facing foreclosure in Florida?

My short sale file was shut down over an "E"!!!!

I guess this is one of those times where I truly wish the buyer's name was Linda Green!! Go figure.

Click the image below to check out an awesome power point presentation on Robo Signing.