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Bank of America Approves Reno Nevada Short Sale With Cooperative Short Sale Program

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.

9195 Red Baron

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.

Iclipart house keys

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

 

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Ferrari-Lund Real Estate

 Cell ~ 775.846.5424

Email ~ Terrie@terrieleighton.com

 

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Comment balloon 9 commentsTerrie Leighton • November 07 2010 04:32PM

Comments

Terrie, way to hang in there, if only the banks would understand it would benefit them as well to get these things sold. There really is no reason to have to be so patient

Posted by Gerry Michaels, GettysburgGerry Social Meida (Glasswork Media Arts) over 7 years ago

Terrie, way to hang in there, if only the banks would understand it would benefit them as well to get these things sold. There really is no reason to have to be so patient

Posted by Gerry Michaels, GettysburgGerry Social Meida (Glasswork Media Arts) over 7 years ago

Thanks Gerry ~ It is ridiculous that all parties involved had to wait so long, but we did have the perfect ending so it was worth it. But I truly believe the short sales taken this year are not taking nearly as long to close. So I hope we are on the right track and the banks are starting to get the short sale process handled on their end.

Posted by Terrie Leighton, Reno Real Estate Agent ~ Selling Homes in Reno (Ferrari-Lund Real Estate ) over 7 years ago

Terrie,

I have had a short sale listing since last year too.  We have gone through 5 buyers so far and the six one is about to walk too.  The bank took over three months to respond to a cash offer and then countered above market.  We countered back over three weeks ago and are still waiting....................

Posted by Marvin Beninson, Grtr Danbury/Ridgefield, CT + Grtr Orlando. FL. (Keller Williams Realty) over 7 years ago

Marvin ~ Ugh! It is crazy the way these short sales are handled. You have me beat with 6 buyers. I am proud of YOU for hanging in there and are still trying to close for your seller. Good luck and I hope your bank approval is in your morning emails!

Posted by Terrie Leighton, Reno Real Estate Agent ~ Selling Homes in Reno (Ferrari-Lund Real Estate ) over 7 years ago

This program sounds just like the HAFA (Home Affordable Foreclosure Alternative) program? Is that what it was? I just became HAFA certified and was wondering if anyone had closed a sale through the program. They say in HAFA the bank sets the price up front and if an offer comes in on their terms they are obligated to accept it. 45 day escrow and seller gets $3,000 for moving costs.

Posted by Kelly Townsend, CDPE, Realtor (Coldwell Banker) over 7 years ago

Kelly, you are right, the Cooperative Short Sale does sound like the HAFA program. I believe Bank of America finds those who they are offering this to from HAFA eligible borrowers. My seller would have been eligible for HAFA has she stayed living in the home she was short selling. So I am assuming the Cooperative Short Sale is an extension of HAFA. I read they were only offering this pilot program to a handful of borrowers. I have not closed any properties under HAFA and I do know of any agents in my area who have either. Good luck to you and congratulations on your certification.

Posted by Terrie Leighton, Reno Real Estate Agent ~ Selling Homes in Reno (Ferrari-Lund Real Estate ) over 7 years ago

Terrie,

I also have been working on a BOA short sale for over a year. Mine sounds just like yours, after 6 months my 1st buyers walked. The 2nd buyers have now been waiting 3 months and we have yet to hear anything about their offer. The more I call and try to get up the BOA ladder the more rude and anal retentive they are.

Bob

Posted by Bob "RealMan" Timm, Bob Timm, Broker Associate, Alliance Real Estate (Alliance Real Estate - Minot) over 7 years ago

Way to go Terrie!  Great post!

I did a blog/reblog on this BANK OF AMERICA SHORT SALES TO GET DONE FASTER -LESS PAPERWORK?? CAN IT BE TRUE?

I think the first one may have started in July, but again it is a pilot program.  Wouldn't it be great if they could just apply this to all the short sales that have true hardships.

Bank of America short sales have come a long way and I have faster approvals now than in the past.

Posted by Dawn Barrier | REALTOR in Las Vegas, (702) 812-4550 to Sell or Buy in Vegas (eXp Realty) over 7 years ago

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