Four years ago, you couldn't hardly get a buyer for a home with a Bank of America short sale attached to it. They have really turned it around with their partnership with the EQUATOR short sale management system. Though the use of this system, we now enjoy instant and electronic file management and direct contact via email with the person currently handling the file. Bank of America short sales are the most straight forward short sales out there. We also have excellent escalation contacts at this bank in the rare event we can not resolve an issue with our line level negotiator.
In addition, Bank of America has now instituted a Co-op Short Sale Program. It is very similar to the HAFA program except that it reduces the incentive from $3,000 to $2500. In exchange for this reduction, the program offers expedited processing times due to dedicated processors and a significantly higher closing and approval rate for borrowers who currently must add aprroximately 4-6 weeks to the processing time to be accepted but usually rejected for the HAFA program.
