BREAKING NEWS. BANK OF AMERICA has not even gone public with this yet so you may be one of the first to hear ... Bank of America is already starting a new short sale program called HPO Short Sale. This is a cooperative short sale program that is TOTALLY different than anything they have ever done before. Here is what the program will look like.
1. A personal advocate will be assigned to the Realtor and Home Seller. That means one-one contact with the bank advocate via phone and email.
2. Virtually no documents are required from the seller. WHAT? You heard me right. Typically, a laundry list of documents are required such as 2 months of bank statements, pay stubs; 2 years of taxes; hardship letter, etc. NOW, NONE of that is required.
3. REALTOR must submit a new listing agreement in which the asking price matches the sales price on the purchase agreement.
4. Seller signs an agreement with Bank of America that states they want to complete a HPO short sale. This letter is likely similar to if not a Short Sale Approval Letter and WILL NOT HAVE A DEFICIENCY JUDGEMENT! AGAIN, NO DEFICIENCY! (That is what other banks like Citi Mortgage already have in their short sale approval letters.)
5. Once the agreement is signed and the acceptance is on file, the bank immediately orders a BPO/Appraisal but this WILL NOT impact the sale in any way! They just need the appraisal for their file!!!! This is huge because very often the BPO comes in higher than the offer price and the deal falls apart.
This is huge news! This is wonderful for our economy, our real estate market and this WILL prevent many more homes from foreclosure in the future.
I am certain that I will share my excitement with thousands of other REALTORS when they learn this news. Bank of America has a reputation of having very long turnaround times and this will streamline their process to be very short. INCREDIBLE. Follow my tweets @MIRealtor and watch my YOU TUBE channel PAPAGNIGROUP for more information and updates as it becomes available. CALL ME NOW for more information 248-620-1000 or to start your own short sale.
***NOTE: This information has not gone public yet. Watch for stories in the news! I know REALTORS that are experiencing the new HPO Short Sale now. This was initiated from the presidents office at Bank of America. *** More to come!
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