The quickest road to a short sale decision: Bank of America Cooperative Short Sale Program

The quickest road to a short sale decision: Bank of America Cooperative Short Sale Program

The Bank of America Cooperative Short Sale Program reduces the challenges of a regular short sale in Laguna Niguel, such as waiting up to 60 days just for having your sale be assigned a representative.

Bank of America idealized the program in order to help homeowners explore all their options and, most importantly, avoid foreclosure.

But, how do short sales work?A cooperative short sale in Laguna Niguel begins with the homeowner calling the bank where he/she explains the hardship endured, thus not being able to continue the mortgage payments. The Banker and homeowner then discuss a loan modification (which is, in most cases, a pre-requisite when entering a cooperative short sale).

After the bank reviews the documents presented to show the homeowner’s grievances and determines that a loan modification is not a possible option, it will then turn to the last resort: a cooperative short sale. The next step involves the Bank ordering an appraisal in order to list the property with a Realtor. After the Bank agrees to the appraised price, the property is listed to be sold. 

Given that the short sale is pre-approved, buyers can get an answer on their offers within a day or two as opposed to the 3-6 months a regular short sale takes.

Since the Bank understands that the appraisal may come in high, the property cost gets lowered every 21 days until an offer comes in if the property doesn’t sell within the first 21 days.

This new program is great given that it makes short sales hassle-free 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:

Bank of America offering a new short sale program in Orange County