Posted on Dec 21, 2011 in Roseville and Sacramento Short Sale FAQs

Hi, I’m Mark Peek with Keller Williams Real Estate, Roseville and Sacramento’s premiere short sale specialists. I want to talk to you today about Bank of America. A lot of people think that doing a short sale with Bank of America is an uphill battle. I will tell you that I’ve closed several short sales with Bank of America and a lot of people don’t know there are actually three different ways to close a short sale with Bank of America.

There is a traditional short sale, a cooperative short sale and a HAFA short sale. The cooperative short sale and the HAFA short sale are actually offering incentives to vacate and complete a short sale with them. Typically they are offering $3,000 of relocation assistance. However, what they aren’t telling you with these programs is they only give you 4 months to market this property at their value. If that value doesn’t work, they force you to do something called a deed in lieu of foreclosure. A deed in lieu of foreclosure is essentially the same on your record as having a foreclosure. It’s a voluntary foreclosure.

So, if you have a short sale with Bank of America, before you decide to move forward with that, you definitely need to give me a call. There is definitely a better way to go about completing a short sale with Bank of America that won’t give the bank as much power and will allow you to close the short sale successfully.

Again, Mark Peek with Keller Williams Real Estate, Roseville and Sacramento’s premiere short sale specialists. Contact me today so I can answer any questions you may have. Thank you.

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