Bank of America Cooperative Short Sale Program
This is a pilot program being tested with 2,000 pre-screened homeowners in CA, FL, NV, AZ.
BofA works with the customer prior to listing to establish list price.
The property is marketed for 4 months and if it doesn’t sell there is a deed-lieu considered but they cannot force the homeowner to do it. Seller signs over the dead instead of a foreclosure. An appraisal is completed so the process takes less than 2 weeks to get an approval.
The banks want to do whatever they can to approve short sales! Not only do they, but they are investing in the programs to get as many short sales processed as possible.
If you have a bank of america loan that qualifies for a short sale, list it and sell it quick!
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