Contra Costa cooperative short sale with Bank of America

Bank of America Cooperative Short Sale

People are hearing about the Bank of America Cooperative short sale all over Contra Costa.

What is this type of short sale (Contra Costa cooperative short sale )? Why can it benefit you?

First of all, I could probably also call this post “a day in the life” as I’m currently working on a B of A cooperative short sale, the first since their newest guidelines and roadshow meant to inform us realtors how “easy” these short sales should be.

Here are some key points if you’re looking to conduct a short sale in Contra Costa with Bank of America’s cooperative short sale program.

Can begin the short sale process BEFORE you have an offer. Yes, that’s right, get a pre-approved short sale price – shorten buyer wait times!
- First step is to have your agent call for an eligibility review of your file. If you have other liens, it may not work for you.
- Imagine marketing the home as a “pre-approved” short sale! You can! You’ll know what the bank wants, and you’ll have time to market it!
Next step after determining eligibility for the cooperative short sale program is VALUATION.
- Bank of America will enlist an agent to conduct a BPO (or appraisal) of the property.
- My most recent (in process) coop short sale used an agent for a BPO (broker price opinion) and not a full fledged appraisal.
Some borrowers will qualify as a “streamline candidate,” with no financial documents required (Really! My client has not had to provide any information.)
Upon determining value, and reviewing, B of A will issue a program approval (short sale approval) letter
Your 120 day marketing period will begin
Offer received from potential buyer
- Decision in 10 business days! Yes, you read that right!

Once you have a signed and accepted purchase contract which meets the needs of the bank, the following additional things will happen:

Auto-hold on any foreclosure action
Up to 2,500 relocation assistance for owner occupant borrowers
Final decision on your purchase contract, and clear to close within 10 days
Quick close possible after final approval
Per California rules on short sales, deficiencies shall be waived after closing

So here are the key benefits of working on a Cooperative Short Sale with Bank of America in Contra Costa:

Quicker decisions
Marketing as pre-approved short sale
Relocation allowance
No deficiency
Auto hold on foreclosure
No need to be late on your payments (depends on qualification and hardship)

Keep in mind the importance of working with an experienced Realtor in these matters. You need someone who works with Bank of America on a routine basis, knows and understands their online Equator system and is willing and able to work with 3rd party vendors assigned by B of A. Most (if not all) cooperative and HAFA short sales with Bank of America are conducted through third party companies i.e. REDC, Promise Solutions, AMS, etc.

Caveat, if you read some of my older related posts or found this in google, you’ll undoubtedly come across some other posts I wrote about how bad the process was. The jury is still out, but it most assuredly has been B-A-D in the past. Here’s hoping this new era of cooperation is real. We’ll keep you posted as to the success of the current cooperative short sale we have in the system now. As of July 19th it’s been 3 weeks from signing listing paperwork to verbal approval. Written approval will be coming soon , then we can market it as a pre-approved short sale. Stay tuned for updates.

Call Catherine Myers for short sales in Contra Costa.

Experienced with Bank of America short sales, B of A cooperative short sales, HAFA short sales and all major lenders.

925-683-2125

Serving short sales in Walnut Creek, Concord, Clayton, Pleasant Hill, Martinez, Pittsburg, Brentwood, Antioch and beyond!