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Bank of America's Cooperative Short Sale Program

The Goal

To speed up the short sale process.

The Program

The short sale process can know start even before a purchase agreement has been entered into.  BOA say it will then order the BPO.  Theoretically, you could get the BPO results before you have found a buyer.

BOA claims that once the purchase agreement is presented to them, approval could come within 10 days.

Expectations

Very few programs or changes, whether by the government or lenders, has lived up to the promises. That being said, anything that does cut down the time frame to get a short sale response would be welcome.

The are some potential problems that come to mind.  First, if there is a second mortgage on the property, the short sale process will only go as fast as the second lender will move.  Second, the changes do not address the issue of what type of short sale approval you receive.  In other words, just agreeing to price is not the end of the process, there must be an agreement as to the liability for the amount of the deficiency.  Third, the changes don't address BOA's habit of losing documents or requesting updated paperwork.