Hey guys, I’m Kelly Cook here again from the Kelly Cook Real Estate Group, your :k1: short sale specialists. We can be found online at www.AZKCRealEstateGroup.com. We specialize in helping homeowners find alternatives to foreclosure, through the means of a short sale.
Today the topic we are discussing is Bank of America short sales. This is a hot topic because so many people have a Bank of America loan and the vast majority of people that are underwater on their properties have their mortgage with Bank of America. Bank of America started off not being so great in the short sale industry. They took over Country Wide as many of you know. They had a lot of non-performing assets and weren’t sure how to deal with all of those. They were naturally one of the worst banks to deal with when it came to a short sale several years ago. However, I will commend Bank of America because they did turn the tide. They started to use technology to help the short sale process out to help streamline the process so that more agents or homeowners could be more useful in trying to short sale their properties and get all the documentation sent in to Bank of America.
Now Bank of America does also offer an additional program that a lot of the other banks don’t. It’s called the short sale co-op program. So at Bank of America you have the opportunity to do a regular short sale, a HAFA short sale, or a cooperative short sale with Bank of America. If you are approved with a HAFA short sale, you can receive up to $3,000 in relocation assistance which is awesome. Also the short sale cooperative program works pretty well, you can receive up to $2,500 in relocation assistance in the short sale co-op program with Bank of America. The process is kind of reverse engineered with the appraisal happening first as soon as you apply for a short sale. That way we know exactly what price to sell the property.
Please give us a call if you have more questions about those three issues with Bank of America. Again, my name is Kelly Cook with the Kelly Cook Real Estate Group, :k1:’s short sale specialists. You can email us at info@kellycookhomes.com or call me at 480-227-2028. I hope you have a great day.