This Indian Lake condo in Destin Florida is a Bank of America Cooperative Short Sale. What is that? It means the list price and the seller have been pre-approved for short sale. Bank of America’s coop short sale program is an alternative to HAFA, which is the Treasury Department’s Home Affordable Foreclosure Alternatives program.
One of the key differences between HAFA and the Bank of America Coop short sale program are the qualifications. HAFA restrictions don’t normally allow investment properties to qualify for the program. Bank of America’s Coop program does accept investment properties. Some of the other key differences are: Coop will allow loans over $729,750, loans originating after January 1, 2009, and a lower debt-mortgage payment ratio for applicants. In addition, the Coop program offers a $2500 relocation incentive to homeowners upon closing.
What are the benefits of Bank of America’s Cooperative Short Sale? A seller may apply prior to listing his property. If you are an agent who has listed a Bank of America short sale, you can start the qualification process by going to Equator and “initiating” a short sale. Then Bank of America will start the review process to see if your seller qualifies. This saves time in the end, as Bank of America will offer pre-approved pricing and cut down on post-contract paperwork from the seller.
This Indian Lake condo in Destin Florida was pre-approved for Coop Short Sale prior to listing. Bank of America’s price,$61,800, is very competitive. In fact, I’ve already received an offer on it, the first day of listing.
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: [email protected]