A CT Bank of America Cooperative Short Sale Success

A CT Bank of America Cooperative Short Sale Success

I originally heard of BofA’s Cooperative Short Sale Program over a year ago. Promises of quick approvals and cash incentives went in one ear and out the other. It seems Bank of America has lots of plans that never materialize.

Over the last year I have had dealt with numerous Bank of America short sales, yet not one of their “cooperative short sales” so I assumed it was a fly by night idea that never really got off the ground.

Then I finally ran into one. My East Haddam, CT client had been attempting to short sale for several years unsuccessully when he called me. We put the property on market. As usual we found a buyer and went under contract rather quickly, but then the waiting began.

Usually Equator is a breeze but in this case the file sat…for months in fact…and no one was able to give us any answers. Eventually we were told the file had been outsourced to REDC Default Solutions, LLC. Apparently, this company must process cooperative short sales for BofA.

2.5 months after submitted a complete short sale package, REDC decided to take action. From there the file moved quickly. A short series of counters on Equator followed, the sale was quickly approved, and we closed a few weeks later with full debt forgiveness and Bank of America even insisting on giving the seller a $3,000 incentive for completing the short sale.