If Bank of America wasn’t already one of the favorite lenders among short sale realtors and distressed property owners, they are about to become one. They recently rolled out a revamped short sale program in order to expedite the process and make it simpler for their distressed homeowners to get the short sale closed.

Perhaps the biggest change they made with their short sale program was that they are now only going to work with short sale realtors that have a license in the same state in which the home is listed. This may be beneficial to underwater homeowners because there have been times where national real estate companies have tried to take advantage of distressed homeowners by charging them unnecessary fees to provide the same services that a short sale realtor in the San Diego area would provide for free. Many San Diego real estate agents feel that individuals that are not licensed short sale realtors should not have the capability to work on and negotiate short sale transactions; there is a certain skill and finesse that is involved when working a short sale and not everyone has it.

Last year Bank of America introduced their Cooperative Short Sale program which also aimed to streamline the short sale process for it’s homeowners. The Cooperative Short Sale program offered cash incentives to homeowners upon successful completion of a short sale, quicker assignment of the short sale file to a Bank of America representative, fully waived deficiencies and re-evaluation of the listing price every few weeks.

There are, of course, eligibility requirements for the Cooperative Short Sale program but Bank of America also offers the Relocation Assistance Program. For further information and program requirements, contact a San Diego short sale realtor today.