Bank of America Cooperative Short Sale Program
I just got a client into this program.  On the outside it seems like a HAFA pre approved short sale.  The letter sent to the clients is below (minus their personal information).  This is new to me and was wondering if anyone else has experience with this program.  Thank you!

 


Bank of America Cooperative Short Sale Program Information http://realestateagent.bankofamerica.com/content/documents/PeoplePr...

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My client's BPO/Appraisal was done prior to having an offer.
Hey James, did you have any luck on your cooperative short sale, My is the same thing happen, it took me more than 3 months and still nothing happen yet, I call them so many time and all it is just false promise, I deal with Abdur, then Laura Sanchez and it is still the same false promise all the time and I'm tire of it, so today I decide to go with the regular short sale instead. did you have any new resolution? in
No resolution yet.  After speaking to 6 different people in 3 months within NDS.  I started calling BofA for assistance.  I spoke with Matt Veron's office,  Patrick Youseff, Allen seelenbinder, Laura Marquez and all they could do is call NDS and send me back to them.  Two weeks ago I got an approval that expired in December with the wrong buyer.  That was helpful.
I got the same situation, nov 4 Demitria contact me while I already got approval from the regular short sale, convince me to cancel the regular short sale. After I did that, they tranfer me to Abdur the negotiator, He ask me to raise the listing price to 169,000 instead of 155,000, which I did, then he ask me to fix the hud but then ask to fix the commision to 5% and 1% for NDS. Which I confront with him and that is when everything went south. so after more than 2 month I contact Jeff  which suppose to be the supervisor( extensin 3551) left a message and no return call.  A week later I got tranfer to a different negotiator, Laura Sanchez. She right away promise me that she will put my file on equator right away that is around jan 26. I was so happy and thanking her for everything. Until now nothing happen yet? Wow. Today I just decide to go ahead and go with the regular short sale again.  It just a painful experience to me,  False promise after false promise that all they do.  I contact BofA, but they are no help, they don't know anything abou cooperative short sale.Who was your negotiator?

Joy,

 

According to a meeting I had with BofA, you are correct.  This program is only offered to those loans owned by BofA.  This being said, BofA sells off or services over 90% of all their loans, so this program is for a select few.  The select few that are actually paying BofA back money owned by BofA.

 

Also according to the meeting I was in, CITI and Chase are soon to follow this program.

I'm not surprised Troy.  How long ago did you meet with them and get this info?  I'm asking because I had heard rumors recently that they were going to be able to offer this on loans that they do not own and wondered if there was any truth to it.
I received a call with the appraisal price and the new list price the bank wanted - the owner agreed and we lowered the price to the appraised value - now lets see what happens when the offer comes in - I was told that once all the paperwork is in I will get an answer within a day or two
For the cooperative short sales. Have they requested you contribute 1% of the commission to NDS?
I received full commission (6%) on mine that I just got approval on.
no cut in commission - got full 6%

also ---

3% for buyer
3% for 2nd mortgage

I had an easy time with the negotiator

with this program they have one negotiator handle the entire process

The experience has been very good for me and the client
Did you have to list National default servicing on the HUD1? For some reason my file has been with 3 different negotiators and this one is saying I must include this 1% fee and lower the commission to 5%.
Nope...I didn't have to list them at all. My negotiator was great...gave me the full 6%.

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