Bank of America Cooperative Short Sale Program

The Bank Of America Cooperative Short Sale program is known as the CO-OP short sale. This program allows a homeowner to begin processing a short sale prior to an offer being received on their property. You will initiate the file into equator and the bank will order a value to be completed. Once the value is completed Bank Of America will give a price to list your property at. These short sales are many times processed by 3rd party vendors working on behalf of Bank of America such as Dignified Transition Solutions, Service Link, or Home Retention Solutions. Bank Of America’s Cooperative Short Sale program offers a relocation incentive to the homeowner varying from $2,500 – $30,000. The amount of money the homeowner will receive is based on many internal guidelines with Bank Of America. One important factor is the value of the property and how much money the investor will make from the proceeds of the sale. The incentive would be granted to the homeowner upon the short sale closing if they qualify.

Depending on the type of loan the homeowner originally purchased their property with they may not qualify for a CO-OP short sale; Such as FHA, VA, USDA and lot loans. It also depends on who the investor on the note is as well on if they participate in the Cooperative Short Sale Program. Many times homeowners will be solicited for the CO-OP strategy, but from our experience it is also possible to have homeowners placed into a CO-OP short sale who were not originally solicited for it.  The CO-OP program is a great program to participate in if Bank of America is servicing your loan.

For assistance in applying for this program please fill out the form below. For additional information on Bank Of America’s Coopeartive Short Sale Program you may click here.

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