Tony and Suzanne Marriott's Phoenix Arizona Real Estate Blog

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Short Sales the new Norm as Bank of America tests a new Short Sale Program.

Matt Vernon has led B of A into making great progress with their handling of Short Sales.  This is one more example of why B of A is no longer the "poster child" for Short Sales....

In case you haven't heard ~ Short Sales are the new norm.  The number of short sales in the US has tripled since 2008.   Freddie Mac reported that short sales were up 600% over two years ago and in Freddie Mac's financial statement for the second quarter of 2010  it was reported that there have been 22,117 short sales in the first half of 2010, up nearly 180% from 7,914 in the first half of 2009.

In the second quarter of this year (2010), Bank of America completed more than 25,000 short sales, almost three times the amount completed in the second quarter in 2009.

On that note, Bank of America is testing a new program, according to REO Insider, that will target 2000 pre-screened homeowners who have either fallen out of the HAMP/HAFA programs or who have failed to qualify.

In the test program

  • No new documents will be required of the home seller because they've already submitted their documents for the HAMP/HAFA qualification process.
  • Deficiencies, or the difference between what the home sells for and how much is left on the mortgage will be waived.
  • A short sale specialist will be assigned by Bank of America to work with the real estate agent and the homeowner to market the property for 120 days.
  • Bank of America will provide a 6% commission to the real estate agent.
  • Once sold, the former homeowner will receive a $3,000 relocation fee.
  • If the home doesn’t sell, Bank of America will accept a deed-in-lieu of foreclosure in order to satisfy the mortgage.

The letters have already gone out to the selected home owners and they must select an agent within 120 days.  Home owners in the highly distressed states of Arizona, California, Florida & Nevada are being targeted.

Time will tell if this program will work.  Stay tuned!

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Visit www.AmySellsAZ.com for more information including free MLS search.
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About the Authors - Updated 2018

If you are considering a Traditional or Short Sale of your home in Phoenix, Scottsdale or any location in Maricopa County Arizona, you owe it to yourself to talk with the BVO Luxury Group @ Keller Williams Arizona Realty to determine whether Tony and Suzanne Marriott are the best real estate Brokers in the Phoenix and Scottsdale metropolitan area to help you with the Successful Sale of your home.

Tony and Suzanne have personally Listed, Sold and Closed more than a hundred Short Sales with the highest list to close rate in the Phoenix Metro Area!

Tony Marriott - Chief Operating Officer - BVO Luxury Group @ Keller Williams Arizona Realty

Suzanne Marriott - Chief Learning Officer - BVO Luxury Group @ Keller Williams Arizona Realty

Associate Brokers, REALTORS
BVO Luxury Group
Keller Williams Arizona Realty
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