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Another Amazing Bank of America Cooperative Short Sale
I closed another Bank of America cooperative short sale yesterday, this time in West Sacramento. The entire short sale was processed as smooth as silk. Our on market date to closing was fewer than 60 days, start to finish. This is because I prequalify my sellers whom I believe will be a good candidate for the Cooperative Short Sale. By the time we go on the market, we have the agreement in place to do a Cooperative and we have the preapproved price from Bank of America. Which in this case, was about $50,000 less than I anticipated.
There doesn’t seem to be a lot of rhyme nor reason to the valuations we receive from Bank of America. Most of the time, they are right on the nose, but sometimes the prices are too high and, every so often, they are a little too low. Even when they are low, though, it sets the stage for multiple offers, and multiple offers can push up that price.
When I sat at the dining room table with the sellers, I could see the little clouds of doubt lingering in their eyes. They were sharing with me their net worth and retirement plans, and I was explaining how Bank of America will most likely not request any financials, no tax returns, no bank statements; not even a hardship letter. It was clear that saying this was akin to telling them the Easter Bunny would hop into their yard in the early morning hours to hide Easter eggs. They nodded and looked thoughtful, but they had reservations, as any normal person would.
We went on the market, received several offers, and were in contract a few days later. The buyers absolutely loved the home. When Bank of America asked the sellers to submit a 4506T, that was the other shoe they had probably been waiting for to drop. But the 4506T was just a form, and whether the bank requested tax returns or didn’t, it had no bearing on the short sale.
The nicest part about the short sale is the fact the buyers gave the sellers permission to move at leisure, so there was no big rush at closing to get out. The sellers were able to stay current on their mortgage payments and were released from liability, plus the bank paid them a relocation incentive on top of an HIN incentive. Everybody got what they wanted, which makes for a very happy ending!
If you’re wondering whether you might qualify for a Cooperative Short Sale through Bank of America, call your Sacramento short sale agent, Elizabeth Weintraub, at 916 233 6759. I’ve closed many cooperative short sales; I know how everything works, and some sellers qualify for different types of programs. Don’t trust your future to some agent with an unproven track record. Get an expert.
A Bank of America HAFA Short Sale Broke the Record
It’s too bad this isn’t Talk Like a Pirate Day because I’d like to say shiver me timbers — I got a Bank of America HAFA short sale approved in fewer than 6 weeks. None of this year-long craziness with 25 HUDs. Start to finish, from the day Bank of America mailed out the paperwork to the day we received the short sale approval letter for the buyers of that Hollywood Park short sale. How did this happen? Did the Sacramento River open up and part? Did a lightning bolt slap the Sacramento Capitol? And more important, how can this Sacramento short sale agent make that happen again? Over and over?
Because I did the same things I always do. I reviewed all of the paperwork upfront for the short sale, which is an extremely important component some short sale agents miss. We discussed the hardship letter in detail. I immediately turned around the revised HUD and Terms of Sale. I wasted no time in uploading the short sale offer and responding to the counter in Equator. I did my job as usual, including selling that home in record time. So what was different this time that I didn’t want to poke out my eyes with a stick?
It wasn’t a true HAFA, now that I stop to think about it. Oh, yeah, the tenants are getting a check for $3,000, but the seller is also getting some money. The seller is getting more money than the tenants. I’m calling it a hybrid short sale — a combination HAFA short sale and HIN Incentive — which is like a Cooperative Short Sale but it’s not. That’s the best explanation. But not the only explanation.
The other part is the third-party vendor for Bank of America wasn’t one of my usual assignments. There’s an entire smorgasbord of acronym vendors who handle the HAFA and Cooperative Short Sales for Bank of America. Definitely was not one of those. It was Service Link. I’ve worked with Service Link in the past, and they are so responsive. It’s almost like they were raised on another planet.
The guys at Service Link are trained. They are professional. They know how to communicate. They do what they say they are going to do. In short, they must be German. They do their job efficiently. And they do it remarkably well, especially in comparison to those other guys.
I’m still slapping my face to wake up. Six weeks, start to finish, for a Bank of America HAFA short sale. I feel like admitting, yes, Virginia, there is a Santa Claus.
Get Cash for That Sacramento Cooperative Short Sale
Not every person is cut out to be a Sacramento real estate agent. That’s a fact, Jack. In fact, some are unqualified to be in sales in the first place, and let’s not overlook the fact that some people think salesperson is a dirty word. Like, there is something wrong with sales or that if you don’t have the natural ability to sell then you can’t acquire that ability or wouldn’t want to. But when it comes to selling your home in Sacramento, a seller will increase his or her chances of maximizing profit potential and obtaining a fast sale by hiring a professional real estate agent.
In our Sacramento real estate market, often that means hiring a Sacramento real estate agent who knows how to sell short sales. You might think that any real estate agent can sell a short sale but that’s faulty thinking. Without jumping into a million reasons why that’s wrong, let’s just look at one reason. Like this seller in the Pocket. She had a good job and made a good income, and did not really have a hardship.
After looking at her situation, we devised a strategy. Because this Sacramento short sale agent knows her stuff. We put her home on the market in early September as a Sacramento short sale. A pre-approved Bank of America Cooperative Short Sale. It closed escrow yesterday. From the day the For Sale sign went into the yard to the day the buyer was handed the keys, it took 43 days. Start to finish. That’s faster than some homes sell and close that are not short sales.
The seller did not fork over her tax returns. She did not give Bank of America her bank statements nor payroll stubs. There was no hardship letter required. She had to make one phone call to say NO to HAFA and YES to the Cooperative Short Sale.
Bank of America paid two cash incentives on this short sale. The cash payment to the seller at closing was more than $12,800. No strings. Just: Here, take this cash. In fact, escrow wired the money to my seller’s bank account because she was on a plane when her home closed escrow. The seller received a cooperative incentive on top of an HIN Incentive. Yeah, I know what you’re thinking — it’s taxable. Yup. But yowza! It almost seems criminal and hard to believe that a seller can get paid to do a short sale yet it’s happening all over Sacramento, especially to my clients.
The bank did not approach the seller in this situation. This is an important component. Her Sacramento short sale agent figured out that the seller qualified and talked to the bank on the seller’s behalf. Bank of America wanted the seller to do a HAFA. But HAFA would have given her only $3,000, involved financial disclosures and made her life a total nightmare. Instead, the Cooperative Short Sale was fast, easy, no hassle and the seller put almost $13,000 into the bank at closing.
So, you tell me which was better for this seller, OK? HAFA or Cooperative short sale? I believe the Cooperative short sale wins hands down every single time. If you have a mortgage with Bank of America and want out, call Elizabeth Weintraub at 916 233 6759. It doesn’t cost you a dime out of pocket. In fact, it can pay.
