Test Short Sale Program from Bank of America
REO Insider recently reported on a new short sale program being tested by Bank of America. This cooperative short sale initiative has targeted just 2,000 pre-screened homeowners, mostly in the hard-hit states of California, Florida, Nevada and Arizona. Here are some more details of the program:
- For homeowners considered for modifications under HAMP and short sales under HAFA … having fallen out or failed to qualify
- No new documents are needed
- Deficiencies are waived
- The real estate agent will work with a short sale specialist appointed by the bank to market the property for 120 days
- The bank will not be selecting agents to work with the homeowners
- 6% commission guaranteed
- $3,000 relocation fee for homeowner
Stay tuned … we’ll post more news about this program as it gets released.
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One Comment
Kathy Rolfo
August 16th, 2010
Who should I direct my client to call when they are trying to initiate a HAFA short sale with BofA? Do they need to call customer service or is there another number they should call?