Get Cash for That Sacramento Cooperative Short Sale

Not every person is cut out to be a Sacramento real estate agent. That’s a fact, Jack. In fact, some are unqualified to be in sales in the first place, and let’s not overlook the fact that some people think salesperson is a dirty word. Like, there is something wrong with sales or that if you don’t have the natural ability to sell then you can’t acquire that ability or wouldn’t want to. But when it comes to selling your home in Sacramento, a seller will increase his or her chances of maximizing profit potential and obtaining a fast sale by hiring a professional real estate agent.

In our Sacramento real estate market, often that means hiring a Sacramento real estate agent who knows how to sell short sales. You might think that any real estate agent can sell a short sale but that’s faulty thinking. Without jumping into a million reasons why that’s wrong, let’s just look at one reason. Like this seller in the Pocket. She had a good job and made a good income, and did not really have a hardship.

After looking at her situation, we devised a strategy. Because this Sacramento short sale agent knows her stuff. We put her home on the market in early September as a Sacramento short sale. A pre-approved Bank of America Cooperative Short Sale. It closed escrow yesterday. From the day the For Sale sign went into the yard to the day the buyer was handed the keys, it took 43 days. Start to finish. That’s faster than some homes sell and close that are not short sales.

The seller did not fork over her tax returns. She did not give Bank of America her bank statements nor payroll stubs. There was no hardship letter required. She had to make one phone call to say NO to HAFA and YES to the Cooperative Short Sale.

Bank of America paid two cash incentives on this short sale. The cash payment to the seller at closing was more than $12,800. No strings. Just: Here, take this cash. In fact, escrow wired the money to my seller’s bank account because she was on a plane when her home closed escrow. The seller received a cooperative incentive on top of an HIN Incentive. Yeah, I know what you’re thinking — it’s taxable. Yup. But yowza! It almost seems criminal and hard to believe that a seller can get paid to do a short sale yet it’s happening all over Sacramento, especially to my clients.

The bank did not approach the seller in this situation. This is an important component. Her Sacramento short sale agent figured out that the seller qualified and talked to the bank on the seller’s behalf. Bank of America wanted the seller to do a HAFA. But HAFA would have given her only $3,000, involved financial disclosures and made her life a total nightmare. Instead, the Cooperative Short Sale was fast, easy, no hassle and the seller put almost $13,000 into the bank at closing.

So, you tell me which was better for this seller, OK? HAFA or Cooperative short sale? I believe the Cooperative short sale wins hands down every single time. If you have a mortgage with Bank of America and want out, call Elizabeth Weintraub at 916 233 6759. It doesn’t cost you a dime out of pocket. In fact, it can pay.