The Bank of America cooperative short sales program is designed to make quicker work of the arduous short sale process for sellers. The program, started by Bank of America in January 2011, is designed to lessen the amount of intimating paperwork and shortened the time delays that have been historically associated with short sales.
The Bank of America co-op short sale program makes this possible by working with homeowners and real estate agents prior to marketing the home to reach an agreement on the terms of the short sale including approval of the seller and listing price. With these details in place, short sales can be completed in a fraction of the time (2-3 months versus 12-18 months.)
Other benefits of the Bank of America coop short sale incentive program include:
- BOA provides $2,500 to the Seller for relocation assistance
- BOA will not pursue the deficiency balance on your loan.
- BOA will not foreclose on your home