BOA Pre-Approved Short Sales Are Here

By
Real Estate Broker/Owner with ANTONELLI Realty 3137972

   Bank of America's Pre-Approved Short Sales are here. They call them Cooperative Short Sales. I have a couple now with them. By the looks of it they are taking my oldest files and converting them. Even though when asked what files qualify they say it's a random choice. They took some low level negotiators and gave them new titles, CSS Advocates (Negotiators). Their job is to get the home owner to sign up for the program. Literally all they do is sign on the dotted line, and BOA agrees to give them up to $5000. Plus they wave any right to file or seek a deficiency judgment. Once signed up, BOA sends out for a BPO and gets the realtor or agent the price that BOA needs to get the deal done. The agent submits a contract from a qualified buyer with the appropriate pre-approval or proof of funds. Then the agent submits paperwork from the second if there is one, especially when they are quibbling over only getting $3000 and wanting $11000 (One, in my case). Once all the details are complete the file is approved and the appropriate approval letter is issued, all with in 30 days.  Sounds great right?

     It does sound great, in a perfect world. But, in our Realtor Bizzaro world that we live in, something always goes wrong. Something like the BOA Bpo comes in way over value and you can not get a qualified offer. The second is charged off and the new company (yes, which still has a lien) doesn't want to play ball. The second demands more money or a note. The second demands to file for a deficiency judgment, and YES they can do this. The second is a HELOC, bad news have the seller get ready to pay. But, in reality, isn't paying $10,000 much better than having a judgment for $200,000 hanging over your head?

    At least BOA is doing something to get these files moving. They see the flood coming by this time next year when the 5/1's reset. Now if the other banks will just open their eyes and see what they need to do to stop threading water, life might be better for all.

Have a great day

Paul Antonelli  

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Ambassador
1,656,308
Fernando Herboso - Broker for Maxus Realty Group
Maxus Realty Group - Broker 301-246-0001 - Gaithersburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

I wish they will choose my short sales. . I just lost a buyer in one BOfA short sale because they couldn't wait any longer. .  

Aug 17, 2010 07:32 AM #1
Rainmaker
507,463
Gordon Sloan
Group1 Real Estate, selling houses in Salt Lake City Utah - Salt Lake City, UT
Salt Lake Homes For Sale, Salt Lake Real Estate

Paul, good info.

We are working on a B of A deal now, will see if they know about this.

Aug 17, 2010 07:34 AM #2
Rainmaker
457,070
Sybil Campbell
Century 21 John T. Ferreira and Son Inc. 500 Centre St. Amelia Island, Fl 32034 - Fernandina Beach, FL
REALTOR ABR, SFR, SRES - Amelia Island

Paul ~ Thanks for the information, I continue to be amazed at what is happening in real estate.

Aug 17, 2010 07:40 AM #3
Rainmaker
1,965,617
Gabe Sanders
the BlueWater Realty team specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Paul, with BOA it's always a roll of the dice.  Sometimes they are reasonable, sometimes off the wall.  I think it all depends on the negotiator.

Aug 17, 2010 07:56 AM #4
Rainmaker
117,008
Keji Ogunleye
Fairfax Realty, Inc - Greenbelt, MD
GRI, SFR, KejiYour Realtor

I have been having good luck with BoA ... I'm getting approval in less than 2weeks.

Aug 17, 2010 09:26 AM #5
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Rainmaker
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Paul Antonelli

Broker Owner ; Antonelli Realty
Buy from Antonelli Realty and get a Free One Year Home Warranty.
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