Bank of America Co-op Short Sale Minneapolis, MN
Accomplish the impossible? Sometimes it DOES happen! My sellers, who lived in the Minneapolis, MN area, owed more on their home than it was worth and needed to do a short sale due to their divorce. They had one mortgage with Bank of America and wanted a fast short sale. They also hoped to preserve their credit since one of them wanted to buy another home within 6 months of selling their current home.
At that time I heard about a fairly new program that Bank of America is offering called a Co-op Short Sale.
With this program, the sellers give the information needed to qualify up front to Bank of America, and if the Sellers do qualify for a Co-op Short Sale, then Bank of America actually sends an appraiser to the home and sets the sales price. Here's the great part: once an offer is made and counter-signed by the sellers, Bank of America provides review and either an approval or counter offer within 10 business days!!! In this case we had an offer submitted at the end of June. We had some negotiation and still gained approval by July 15th!
Here's another important aspect: At the closing table qualified Sellers receive $2,500 for completing the Co-op Short Sale.
The main benefits of the Co-Op Short Sale:
- You don't have to miss a payment, can maintain higher credit and potentially qualify to buy another home quickly
- You can still qualify if you have missed a payment
- This program is available to investor owned properties as well
- You qualify up front and your sales price is set by Bank of America, so negotiations should go more smoothly
- If you need to reduce your price you can do so every 20 days up to 5 times (after 120 days a new appraisal is done)
- Your agent can give feedback or approval on a Buyer's offer within 10 days (lightning fast for a short sale)
- You may receive $2,500 at closing
Most agents know about Bank of America and their reputation to take a long time on short sales. Most banks don't offer a short sale program that can be completed without missing any payments. Until now investors were shut out of helpful short sale programs. This great new program changes changes all that and not only applies to Minneapolis, MN but the entire country!
If you have a hardship and your first mortgage is with Bank of America, please call me to find out more. I have a good relationship with the people in the Co-op Short Sale office and I also use an experienced title company that ensures a high degree of success.
You owe it to yourself to see if you can change your financial future. The Co-op Short Sale worked for my sellers in Minneapolis, MN and it can work for you!
What can we accomplish together?