Bank of America offering a new short sale program in Orange County
Every bank, like many other businesses, aims to make money and not necessarily make things smooth for their customers; much less to anyone trying to short sale their property. So, naturally, the main reason Bank of America has initiated the Cooperative Short Sale Program in Laguna Niguel is to increase the bank’s bottom line profit.
And as we have talked about in previous posts, a short sale might be a good option for you depending on your current situation.
Banks increase their profit whenever they cut losses on loans that are in default. But they also face a few problems:
- They take long periods of time to process short sales and loan modifications.
- Given the fact that the length of time to buy a short sale is long, buyers are making lowball modifications.
- There are many agents that are unfamiliar with short sales and have no clue as to what to do. Due to this, said agents are oblivious on where to price a short sale property.
Bank of America will set the terms before listing the property, such as the list price and deficiency judgments. By doing this, the bank is able to give a shorter decision time once an offer has been placed. The bank claims that once an offer is received, a decision will be provided within 10 days, making buyers less frustrated with the purchase process and more willing to wait for it to be completed.
Since traditional short sales used to take so long, many buyers got frustrated and walked away before a response was given on the short sale. But luckily for sellers and buyers, this process has been made a bit easier for every party involved.
Thinking about a short sale?I can help you short sale your Laguna Niguel home and get back on your feet. Send me an e-mail at arna@ehomes.com. I will then contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, call me at (949) 244-0444.
Thanks for reading this.
Arna Freedman, Real Estate Broker at Homes of California, helps buyers and sellers in Laguna Niguel and other Orange County cities.
Phone: (949) 244-0444. arna@ehomes.com.
Experience, Excellence and Service
View My homes for sale at www.ehomes.com.
Arna Freedman specializes in loan modification assistance and short sales in Laguna Niguel California.
For other Short Sales articles visit:
The quickest road to a short sale decision: Bank of America Cooperative Short Sale Program
