This Emerald Lakes home at 319 Wimico Ci., Destin, Florida has been APPROVED for short sale by Bank of America. The home was in the Bank of America cooperative short sale program (COOP program). What does that mean? Bank of America offers an incentive to some homeowners to sell their home via short sale, sets a pre-approved list price, issues a waiver of deficiency for the balance of the loan, and often pays a cash incentive to the owner at closing. It’s sort of like Bank of America’s version of the HAFA program.
One of the frustrating things with the Bank of America COOP short sale program is the apparent delay in receiving a short sale approval. This Emerald Lakes property had a great offer on it in mid-March, very close to the pre-approved list price. Bank of America, however, ordered another appraisal and we waited for over six weeks for them to finally allow us to send them the contract. After all that time, they just issued the same price they had given us months earlier. It was a frustrating process, and there appeared to be redundancy.
In the end, however, the Emerald Lakes, Destin, Florida homeowner was very pleased that his short sale was approved. I currently have other COOP short sales in process, as well as HAFA short sales with Bank of America. If you have questions about short sales in the Destin area, give me a call.
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: [email protected]
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Wendy Rulnick, Broker, is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. She has successfully helped hundreds of families avoid foreclosure through short sale along the Emerald Coast of Florida. Wendy Rulnick is knowledgeable in all aspects of short sale, including VA Compromise Sale, FHA HUD pre-foreclosure sale, HAFA, Bank of America Coop program and more. Wendy Rulnick sells real estate in Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Panama City Beach, Eglin AFB, Hurlburt Field.