Major Banks are attempting to repair their image and are therefore taking significant losses on the sale of many properties. They have taken another step and many now give money to the sellers to help with moving and relocation expenses. You can once again sell your house and get paid if you qualify.
Brief insight into the program includes:
Financial hardship and inability to afford the payments on the property are needed to qualify for a cooperative short sale.
The short sale must be an “arm’s length” transaction. An arm’s length transaction means that you cannot list the property with or sell it to anyone that you are related to or with whom you have a close personal or business relationship.
If you successfully complete a cooperative short sale, you will sell your house and will be required to vacate the property.
You are responsible for all maintenance and expenses on the property until it is sold.
THE BANK will use proceeds from the sale to pay off the balance of your loan, and will work together with your listing agent, Harry Bing, on your behalf to facilitate the sale process.
Once your short sale is completed THE BANK normally will report to the major credit reporting bureaus that your loan was completed as a short sale.
If the cooperative short sale is unsuccessful THE BANK may offer you the opportunity to participate in a deed-in-lieu of foreclosure program.
Benefits of a successful cooperative short sale
If the cooperative short sale is successful, THE BANK will pay you twenty five hundred dollars to twenty thousand dollars for moving, relocation, or rental expenses.
If the cooperative short sale is successful, THE BANK will not pursue the deficiency balance on your loan.
If the cooperative short sale is successful, THE BANK will not foreclose on your home.
You need a Free Consultation Session
You need to call Harry Bing and set up a FREE consultation to see if you qualify for a cooperative short sale with your bank. You will know upfront how much money they will give you at closing for getting rid of your headache. It’s like going to the doctor and he pays you.
Contact Harry Bing today at 321-436-5463