COOP Short Sale Valuation Certification Letter

Once the COOP negotiator acknowledges receipt of the “Acknowledgement of Interest” invitation as well as all the requested financial documentation from B of A, an appraisal gets ordered and once completed the negotiator will submit it to the investor for pre-approval:

• Upon investor approval of the appraisal (this step could take anything between 7 to 30 days), the negotiator will forward a report and Valuation Certification Letter for the PRE-APPROVED SHORT SALE.
• At this stage the listing agent is allowed to change the status of the short sale to Pre-Approved Short Sale then only does the negotiator invite the listing agent to enter the transaction into Equator.
• Once the newly pre-approved short sale has been uploaded in EQUATOR: listing agent has 120 days to market the property, and close escrow. Upon receipt of an acceptable offer, the listing agent has to notify the COOP negotiator, who will open a task in EQUATOR allowing the listing agent to upload the offer for underwriting and approval.
• Provided the submitted offer is a strong offer and in compliance with the Valuation Certification Letter. The negotiator is supposed to be able to obtain final approval from the investor within 10 business days.

**** Please keep in mind that since this is a pilot program nobody can predict the actual outcome and timelines, but at least there are timelines and deadlines set for all parties to follow!

Bank Of America's COOP Short Sale Valuation Certification Letter

Property Address: 9XX6 MCXXX AVENUE

WATSONVILLE, CA 9XXX6

Loan Number: 1XX4

Dear HILXX SANXX and VIRXX SANXX

Regarding: Valuation Letter

I am following up on our conversation on 6/30/2011. The full walk through interior appraisal we discussed has been received, and we are now ready to set the suggested list price on the property.

List price for your property:

The suggested list price for your property is $303,850. Please work with your real estate agent to list your property immediately if you have not already done so. If the property is already listed, we strongly recommend that you take the suggested price into consideration to determine if an adjustment needs to be made to the current listed price. Listing your property at the suggested price helps ensure that offers that are submitted for your property have the best possible chance to be approved.

For more information on the most effective way to sell your property through a short sale, please review the enclosed “Tips for Selling Your Property in a Short Sale”.

Under the guidelines of the Cooperative Short Sale Program, you are required to list the property for a period of 120 days. This 120 calendar day marketing period begins 7/xx/2011. Jennifer, a Marketing Specialist, will assist you and your realtor during the marketing period. If you have any questions, please contact Jennifer SXX at 1-8XX-4XX-4XXX.

The next steps for your real estate agent are to:

1. List the property at the above price, or if already listed, update the list price if necessary.

2. Call Jennifer every few weeks during the marketing period. While the property is on the market, your agent will work with Jennifer to determine whether the listing price needs to be adjusted due to any changes in the market environment.

3. Send us the official offer or contact us at the phone number below, once an offer is received.

I am still available to help you throughout the short sale process.

If you have any questions, please call me at 1-8XX-4XX-4XXX Monday through Friday 8:15am to 10:00pm Eastern.

Sincerely,

Home Affordable Foreclosure Alternatives (Co-Op) Team

Tips for Selling Your Property in a Short Sale

To help you successfully complete a short sale:

1. Work with a licensed Real Estate Agent

2. Consider choosing an agent with experience in Short Sales

3. Work closely with your agent—keep them informed about any changes to the property

4. With your agent, decide on the list price, taking into consideration the suggested list price provided by Bank of America that is fair after considering the market in your area and the sale prices of comparable homes near yours

5. Keep your home and property clean, free of clutter and debris, and ready for a showing at all times

6. Ask your real estate agent for advice on how to maintain the home and/or property to show it to its best advantage

7. Contact your Short Sale Marketing Specialist every few weeks that the property is on the market to adjust the list price if necessary

8. When an offer is received, send us the official offer or contact us at 1-8XX-4XX-4XXX

9. Remember that a Short Sale can take longer than a traditional sale, and that your patience and cooperation are appreciated