Short Sale Expeditor® Overview of the Bank of America Cooperative Short Sale Process

  Bank  of  America  Cooperative  Short  Sale  

General  Information   • Jumbo  Loans  May  Qualify  
• Non  owner-­‐occupied  
• Early  investor  approval  shortens  decision  
time  
Initiate  the  Short  Sale   Before  marketing  the  property  for  sale  
Decision  Timeline   Before  marketing  the  property:  
• Lender  qualification  
• Document  Collection  
• Internal  Bank  Analysis  
• Investor  Review  
Once  an  offer  is  submitted,  decision  and  
approvals  are  provided  in  10  business  days.  
Cash  Contribution/Promissory   As  determined  by  investor  
Note  
Deficiency  Judgment   Investor  may  pursue  deficiency  
Foreclosure  Postponement   Automatic  HOLD  with  signed  purchase  
agreement  
Impact  on  Credit   Typically  less  than  foreclosure—deficiency  
charge  off  will  be  reported  to  credit  bureaus  
List  Price  Provided  to  Agent   Yes  
Approval/Close  Ratio   High  after  qualification  
Relocation  Assistance   $2500  
Unsuccessful  Short  Sale  Closing   Automatic  deed-­‐in-­‐lieu  of  foreclosure  
 

www.shortsaleexpeditor.com Information Courtesy of Bank of America