TheShortSaleGenius.com Bank of America has rolled out their Cooperative Short Sale program to any agent that wishes to participate. (Some designations and training organizations tried to spin this as THEIR exclusive program and really pushed it, too bad they don't know what they are pushing!) Bank of America has mimicked a lot of what people liked about HAFA, and eliminated what banks don't like about HAFA. Because of this I expect that this Cooperative Short Sale program will gain much more momentum than HAFA ever dreamed, but that's not the real question. The real question is: Should my client even participate? My answer to an agent who is not strong in negotiations with BofA is a VERY STRONG "NO!". The reason being is BofA has reserved the right to pursue deficiency, set commissions, set price and force a dead in lieu should you be unable to close your short sale within 120 days. Personally, I prefer to set the price with my client. I'm confident that most agents should know how to price a property to sell. I also will not delegate my commission to the whims of the bank. That will remain between me and my client. Further, why in the world would anyone want to subject their client to future liability if it could be avoided? And the deed in lieu is only a win for the bank. Foreclosure will still show on the client's credit, but the bank avoids the more costly and time consuming normal foreclosure process. Before you listen to anyone calling to get on the bandwagon, look ...
http://www.youtube.com/watch?v=EORZ8V_vKJI&hl=en
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