Earlier today, 01/20/2011, I had the opportunity to be involved with a Webinar where BofA Short Sale Executive Kimberly Dawson unveiled BofA’s new “Cooperative Short Sale” program! This program appears to have the elements of the Government’s (Treasury Department) HAFA Short Sale program in that BofA will agree to determine an upfront marketing price. Kimberly seems to be promising quick 10 day responses under this program! When you couple this with BofA’s use of the online Equator system, this could be as big as the iPhone! But will it be tied to AT&T ???
Kimberly stated that Realtors can now seek a proactive price on a Short Sale even when it is been on the market not getting offers. This is a substantial streamline and a HAFA type of procedure. Anyway, this looks extremely promising as Kimberly stated that BofA will work with Realtors on the list price and then work with Realtors on needed price reductions!
When she was asked about getting and approved Short Sale without being delinquent, Kimberly stated absolutely this is possible. The key of course is the validation of a hardship.
Kimberly also stated that BofA closed over 93,000 Short Sales in 2010. She stated that the per cent of approvals has been rapidly increasing as are closings!
I currently have a Short Sale in a Distressed Market that is not yet getting serious offers even after price reductions. First thing tomorrow I am going to try out this BofA Cooperative Short Sale program on this property as it has a 1st and 2nd loan serviced by BofA. I also received a call today from a homeowner who is very stressed out and ask if I would Short Sale her home. This also has a 1st & 2nd serviced by BofA! She is current on her payments but very tight and cutting back financially about everything she can. She may qualify as a medical hardship with potential financial, so stay tuned while I put this new BofA program to the test! 
