Bank of America is planning a new streamlined short sale program that is now in beta testing. If you've heard about the hoops and delays that many banks put sellers through in order to approve a sale for less than is owed on the mortgage, you'll be encouraged to hear this!
Below is an article by the Harris Real Estate University:
Bank of America is testing and will soon have a national roll-out of a new program that will revolutionize the short sale process.
This new program is called HPO Short Sale. (We know the ‘H-P’ stands for High Performance but, as of this post we still don’t know what the ‘O’ represents.)
This program is NOT a rumor...its real. I have posted actual paperwork including an HPO Acceptance Letter on our blog. Read it now.
Why do you care about this new program?
Here are the details:
(Remember, this program is being quietly introduced, using only a hand-selected group of top short sale agents across the country. HREU will publish any additional information about this new program the second we get it…stay tuned to this site!)
* 6% commissions
* Every short sale seller and agent will be assigned a personal advocate who will shepherd the short sale through, using the new, simple process. Think of this as your own ‘short sale personal representative’.
* No pre-qualifying, no hardship required. Being upside down in the house IS the hardship.
* No documentation.
* No bank statements.
* No tax returns.
* No financial worksheets.
* No deficiency judgement.
* No financial contribution from the seller of any kind will be requested.
* Only requirements? -A listing contract -A purchase contract -An appraisal, though we’ve been told the appraisal will not have an adverse bearing on the final acceptance.
* 2 WEEK approvals.
Let me be clear, this new Bank of America HPO Short Sale program is what Harris Real Estate University has been an advocating for nearly 5 years.
HREU is the original Realtor short sale training source. When you are ready to go beyond the basic short sale designation and training…when you are ready to build a true short sale business…watch this FREE Accredited Short Sale Designation (ASD) and download the FREE Short Sale Guide Book.
Needless to say, we are very excited about what this new HPO Program will mean to our industry.
Agents, REBLOG this story. Every agent in the nation needs to know about this new BoA program!
Brian Schulman offers expert real estate representation for buyers and sellers of homes in Lancaster County, PA. To learn more, visit http://www.FindLancasterHomes.com/
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