They appraise the property prior to listing, “in order to determine the property’s fair market value”, and will work with the agent “to determine a list price so you can market the property effectively”.
Because BofA will obtain approvals in advance from insurers and investors, once a purchase offer is received, they will make a decision within 10 business days.
They also put a hold on the foreclosure process, and give $2,500 relocation assistance to the outgoing homeowner.
One of the biggest problems with short sales is getting the sellers to cooperate. While this sounds like a full-fledged pursuit of short-sales, will the homeowners be willing to give up the free rent?