I recently closed a Reno, Nevada short sale and the bank waived all future deficiencies against seller. I was the listing agent for this single family home located in the Cold Springs area North of downtown Reno. The seller was a single, young individual who was approved for a $380,000 loan back in 2006. Because her second job ended and her income decreased, she was no longer able to afford her monthly mortgage payments on her own.
This Reno property was listed in June 2009 (Yes, we just closed on October 15, 2010). Although I received an offer right away, I did loose the first buyer when the bank took to long to respond. The second buyer decided not to buy after the bank countered their offer by $30,000. The third and final buyer had to wait 6 months before he could move into his new home.
During this 6 month period, appraisals came in low, bpo's were to high, documents had to be updated and uploaded into the new Bank of America equator system, the seller moved out of state and had to be tracked down, power and water were shut on and off a couple of times ( all expenses paid by listing agent), first time home buyers tax credit came and went (buyers were hoping to receive) and just when I had nearly given up on this one, Bank of America offers seller a Cooperative Short Sale on her home.
It really seemed to good to be true. Bank of America asked if my client would be interested in a new pilot program they were working on. If the borrower decided to participate, she would be able to close with no future judgments against her, there would be no foreclosure, and she would receive at $3000 incentive at closing for participating.
My first thought when Bank of America called was "do I still have a interested buyer?". My next thought was, " I sure hope my seller didn't change her phone number." And finally, I thought, "Is this for real? Or some kind of hoax, there has to be a catch."
Luckily for ALL parties involved this was not a hoax. Bank of America indeed was offering a select group of underwater home borrowers the Cooperative Short Sale.
The High Performance Out Reach Program or the Cooperative Short Sale Program selects underwater home owners in a pre-screening process. I believe that because my client had experienced a "true hardship" she was considered for and approved for this program. I don't know this for certain, but us just my guess.
Bank of America approved my Reno Nevada short sale listing and waived all future deficiencies. If you are facing foreclosure why not consider a short sale. Contact a short sale real estate agent who can help you through the process.
Bank of America Approves Reno Short Sale With Cooperative Short Sale Program