In the beginning of this new year, big banks are adapting to what they call Cooperative Short Sales. These new processes are being put in place to expedite short sale files, respond to buyers more-quickly, and in turn preserve RE values. This charge is being led by Bank of America, and also participating is Chase, Wells Fargo, and Citi.
Cooperative Short Sales are essentially letting us Negotiators and Brokers initiate short sales and submit supporting docs (financials) before we even procure an offer. Similar to HAFA, this will lay the foundation for the transaction up front, and get much of the busy work out of the way. In comparison, we currently can’t do much on a short sale until an offer comes in. This takes a lot of time, risks losing the buyer, and overall compromises the deal if the buyer is not educated in short sales or becomes impatient.
Besides potentially making the clients I work for and my life as a Negotiator much easier, these ‘cooperative short sale’ programs will bring attraction back to short sale listings. Currently, many Buyers and Buying Agents consider short sale listings less attractive than buying a home out of bankruptcy (which is not fun!). This will in turn create move turnover, and should have a positive affect on home sales prices and value preservations in our neighborhoods and cities. All in all – great news!
This is a great change in the industry, and I hope indicative of more positive changes to come as this year unfolds!
First Horizon, FlagStar, GreenTree, Aurora, EMC, E-Trade, HomeEq, PNC, Saxon, and call Credit Unions, I hope you are taking notes…
– Jeff Grant, President, ShhortSale.com