What Available Short Sale Programs Exist | Gainesville
There have been rumors circulating that some of the larger real estate brokerages team up with banks. As a result, these partners are provided with the contact information of clients – who are 30/60/90 days late on their payments— by the servicing lenders. Consequently, agents contact these prospects and make themselves known as short sale experts that are partnered with the borrowers’ lender. A program called “Short Sale Alternative Right Party Contact Program” has been officially provided for agents who accomplish a 10 Question Test and handle a Distressed Property Certification (e.g. 5Star, CDPE, SFR).
To be a short sale expert, you merely have to take an 8-hour lesson on short sales and pass a 10-question test.
Some Gainesville homes for sale high-points:
1. The Cooperative Short Sale Program can be taken by borrowers accordingly. The program is custom-built to benefit Bofa instead of the borrowers. BofA informs the agent what they can sell the home for. If, after 4 months it doesn’t sell at that price, a deed-in-lieu is enforced, and the home recurs back to BofA.
2. A Customer Relocation Assistance worth about $2,500, to help with moving and rental expenses.
3. Borrowers are required to sign the Cooperative Short Sale Acknowledgement of Interest, Listing Agreement (with list price to be marked TBD), and Customer Agent Option Awareness disclosure forms, which is unlikely to protect the borrower.
4. An “Escalation Tool”, that provides agents a “useful way to connect to a short sale professional’s team that can aid in resolving issues that prevent a short sale from proceeding”.
Gainesville homes for sale pinpoints disclaimers:
1. The relocation Assistance payout amounts are currently being reviewed and change is likely to occur. The question is, “Do they really go up?”
2. This information is not intended or authoriized for consumer distribution.
For real estate professional use only. This program seems appropriate for buyers if they prefer the program details not to be disclosed. Nationwide, agents have publicized the program on the internet. To view a copy click here. Articles questioning this program are piling up on the blogosphere. A particular brokerage has special access on the consumer’s personal information. A special escalation tool to speed up the short sale process with Bofa is being provided to this brokerage. As a result, clients could possibly be provided with $2,500 for relocation assistance. Some major problems about this program may arise with borrowers who are facing a short sale. One major red flag on this program is its claim that, “An agent’s past performance may affect future allocations”. It simply implies that as their partner agent, they shouldn’t follow the rules because they will not obtain anymore leads.
Lenders simply do not provide new programs that will aid the borrowers. It’s unlikely for the partner agent of Bofa to act for your best interest. These programs are more likely to benefit them.
Be cautious when a lender refers a so-called expert Gainesville short sale agent. Always make your assessment whether this Gainesville short sale agent is truly concern about your best interest.
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Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.
Please seek legal advice. This information is for informational purposes only.
Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals.