Bank of America Cooperative Short Sale (Odenton, MD)

Bank of America Cooperative Short Sale

Bank of America Cooperative Short Sale really...NOT... Maybe it s me so I will begin with the word it s self. Cooperative 1. Done in cooperation with others 2. Marked by willingness to cooperate compliant 3. Of relating to or formed as an enterprise or organization jointly owned or managed by those who use it s facilities or services. Bank of America also called BofA in the industry has agreed in the past to a Cooperative Short Sale They have the property appraised and BofA recommends the list price. If the seller agrees with that price it is put on the market. When an offer comes in the owners agree and sign the offer. Everything is put into a package which is sent to BofA. The package contains a Short Sale Addendum.One item on the addendum is the agreed upon time frame for third party approval. On ours we ask for 90 days to get an approval in writing from the servicer (BofA). One week we took 2 Bank of America Cooperative Short Sales. They both went on the market for sale at the value BofA had come up with. The first was a Townhouse in Glen Burnie Maryland. It was under contract within days. The buyers were first time home buyers a young couple that loved the home. The contract price was over the list price. Everything was sent to BofA and the waiting began. I thought we would get an approval within the first 4 week s but that didn t happen. When the 90 day time period was over the buyer signed an extension for a third party approval addendum for another 30 days and 2 more after that. This Short Sale did close and the sellers got a check at closing for over 5 000.00 for moving expenses. The new home owners were very happy that day. I did catch a lot of flack from the buyers agent that called me about every 3 days and kept telling me YOU HAVE TO DO SOMETHING and called my Broker to complain. I am lucky to have a Broker that knows how complex Short Sales are. The second one was a Condo in Columbia Maryland. It went under contract in a short time just below the list price and again I thought we would get an approval in a short time. However the 90 days went by and this buyer would not sign an extension. Back on the market it goes and after 30 or so days we get another offer fora lower price but still within the 84% of what BofA would except. Again it was sent to BofA and again we wait. 90 days go by no approva.l The buyer signs another 30 day extension. When that 30 days go by they said Forget it.We are not waiting any longer . Back on the market it goes. The other day I got a call from some one working with BofA. She asked what was going on with this listing and was it still on the market. After I apologized (because I was about to raise my voice) I told her the entire story. She said she would let them know and told me my marketing time is about over. Bank of America could you PLEASE GET YOUR ACT TOGETHER and COOPERATE The G-Team your Maryland Real Estate Connection is a full-time team with over 22 years of experience. We provide service to our clients in all areas of Maryland. Our areas of specialty include Real Estate in Central Maryland. We are located in Millersville Maryland between Baltimore and Annapolis in Anne Arundel County convenient to Fort Meade. We also service Howard Harford Carroll & Queen Anne s Counties and central Maryland. Whether you are BUYING SELLING RELOCATING or SHORT SALES. Call us we can HELP. If you or someone you know is interested in Buying a home Selling a home or renting a home CALL US WE CAN HELP We provide Experience Integrity and Solutions to help you through the real estate process. Our website www.MarylandHomeSearch.com has all the information you need. It is designed to share info about the community it s neighborhoods real estate trends housing prices and the ability to create your own search for listings. Call us at (443)790-6918 or email theg-team(at)theg-team.com or contact.