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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I did not have to list them
Thanks guys. I will go back and talk to someone else. The first negotiator said I would have an approval in 48 hours with a 3% buyer's closing cost credit, $3000 to the seller and 6% commission and then the file was transferred to a new negotiator and it has been a mess.
MY PROCESS WENT LIKE THIS -

- CLIENT RECEIVED LETTER FORM NEGOTIATOR FOR PROGRAM
- I CALLED NEGOTIATOR FOR THE CLIENT
- ONCE SATISFIED TOLD CLIENT TO SIGN AND SEND IN PAPERWORK
- AFTER BANK RECEIVED THE SIGNED PAPERWORK THE BANK ORDERED THE BPO
- ONCE BPO CAME IN I WAS TOLD WHAT PRICE WOULD FLY AND CHANGED MLS ACCORDINGLY
- ONCE OFFER CAME IN - UPLOADED EVERYTHING THROUGH EQUATOR
- THIS IS WHERE SOMEONE ELSE GOT INVOLVED BECAUSE OF THE EQUATOR PROCESS
- CALLED THE PROCESSOR AND HE MADE SURE THE FILE WAS ASSIGNED TO HIM IN EQUATOR
- ONCE EVERYTHING WAS LOADED I HAD AN ANSWER WITHIN A FEW DAYS
- DID NOT LIKE THE APPROVAL SO NEGOTIATED UNTIL I GOT WHAT WAS NEEDED TO SATISFY EVERYONE
IT SOUNDS LIKE YOU NEED TO TRY AND GET A HOLD OF THE ORIGINAL PROCESSOR BECAUSE THESE DEALS ARE SUPPOSED TO GO THROUGH THE PERSON THAT INITIATED IT BUT WHEN EQUATOR GETS INVOLVED SOME ISSUES COULD HAPPEN
I had another bank offer funds to the seller in a similar non-HAFA letter. That money may well be used by them as a negotiating tool depending on how they do/do not come out on their bottom line, so don't count on $3,000. Also, they may issue an approval letter stating "no funds to the seller", which presents a problem if they don't change that wording. In my case, the escrow offer printed in bold letters the amount the seller was getting from the bank on the final HUD-1 to them just before closing, and got a signature.

How to decide which is better - the BofA Cooperative Short Sale Program or HAFA? Looks like my client qualifies for either one and I've heard people are having better luck by opting out of HAFA when taking a new listing (yet still getting the relocation assistance for the borrower even after opting out of HAFA). Since the property is located in California, with only one loan, because of SB931 the lender can't pursue a deficiency judgment anyways...

 

Thoughts? Experiences between HAFA and the Cooperative Short Sale program?

I have a short sale that was approved through cooperative short sale program also. They hired an out of town appraiser and the value is seriously inflated. I cant even figure out how they came up with value this high. its at least 30000 over in value. I have received one offer which they countered me back on at 189100 when the property was listed in January at 183000(their approved price). Its still thru equator but I get no response to any question from anyone involved, marketing(UTLS), negotiator. they leave a message asking the buyer to update financials via phone and when they call, they are given a password and a link to a website that no longer exists. anyone else have this experience? and if so what is the best course of action?

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