Bank of America has rolled out their ‘Cooperative Short Sale’ process, where they pre-approve the homeowner first, and then suggest a list price to the listing agent:

http://realestateagent.bankofamerica.com/content/documents/Cooperative.pdf

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?