Apparently BofA, our all-time-favorite-lender-not, is rolling out a new short sale program. It's called the coop program, and it calls for approval of a particular short sale before offers are received. I learned about this from a listing agent when I called to inquire about the status of my buyer's short sale offer.
In the short term, this will delay the sales of these kinds of distressed properties. In the long term, it will be good, however, as potential home buyers won't have to waste their time on properties that are not approved.
And not all short sales do get approved, or get approved at market price. I just had a (different) short sale deal die because the bank would not approve the appraised price and wanted more money. My buyers, and the seller too, have been waiting on the approval SINCE EARLY DECEMBER. The bank was Bank of Evil Empire Bank of America, naturally. I hope to blog more about this particular transaction in the future.
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A new short sale plan from BofA? Wha? Gah!
