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While prices are rising in the Silicon Valley there are still homes that are underwater and you may need to short sale your South San Jose home. If this is the case, don't wait!

Bank of America has instituted some new policies which can have a major influence on your South San Jose short sale.

Co-operative Short Sales: Bank of America has a program where they will let you know ahead of time how much they are willing to accept for you South San Jose home in a short sale. Once you agreed to do the short sale they would put a hold on foreclosure activity and give you some money at close of escrow.

The new policy is that there will be no holds on foreclosure until the offer is fully accepted by Bank of America. What this means is that if you can not make your payments  on your South San Jose home and want to short sell you can not wait. You will not be allowed to stay in your home for months trying to modify your loan and trying to get a new job. Once the notice of default has been recorded you will have 3 months to get your South San Jose home sold as a short sale before the notice of trustee sale is recorded. At that point you have another 3 weeks before foreclosure on your South San Jose home.

As any real estate agent familar with south San Jose short sales knows, they take time for approval. Even a Bank of America co-operative short sale can take time. 4 months is not unheard of to obtain approval on a South San Jose Short Sale, so if you can not make your payments, do something or you could lose your home to foreclosure.

If you have any questions about Short Sales in Santa Clara or San Mateo County please feel free to contact me.

Marcy Moyer

Keller Williams Realty

www.marcymoyer.com

marcy@marcymoyer.com

D.R.E. 01191194

650-619-9285

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