BANK OF AMERICA WEBINAR- 10 TIPS TO A SUCCESFUL SHORT SALE

Bank of America has assumed a leading role in processing Short Sales. It is well known in the real estate industry that BofA was the first bank to start tracking Short Sales on-line in the Equator platform, making the transaction more transparent and shortening the time it takes to process.

This morning, BofA held their third webinar related to Short Sales. The title of today's webinar was 10 Tips to a Successful Short Sale. Here's are the ten tips offered by the webinar:

1. Agent Short Sale Education & Training

2. Setting Realistic Expectations for Both Buyers & Sellers

3. Get Outside Liens Released As Quckly As Possible (2nd liens, HOA etc.)

4. Work to Sell Property @ Fair Market Value.

5. Fully Execute Purcahse Contract Before Submission.

6. Negotiate Escrow Fees in Advance & Submit Complete HUD.

7. Check all Documents Prior to Submission to Equator. Illegible documents will be rejected.

8. Complete Tasks in Equator in a Timely Manner. Counter not answered on time will be automatically rejected.

9. Agree on Counter Offers Before Accepting.

10. Identify Potential/Common Causes for Delay

Here's hoping other banks follow BofA's example!!!

Here's a link to the entire recorded webinar: http://video.webexlivestream.com/events/webx001/35673/eFrame.jsp?mei=35673&cf=webx001&;

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Comments

Jan Baron, RDCPro, CSP, BPOR August 21, 2010 at 2:37pm

Rudy, thanks for the blog. I have been listening to them also. The fees discussed were exactly what I experienced during my last short sale. Most BOA investors will not pay notary, re-conveyance fees, processing fees, document prep, courier, recording fee, and of course SS negotiator fee.
Billie Dalessio August 21, 2010 at 4:24am

Sorry, I can't drink the kool-aid. Have had too many fall apart at the 11th hour through last minute negotiations on price, commission etc. and the buyer walks.
Marcy Moyer August 19, 2010 at 5:35pm

I went to a B of A short sale seminar last month and it was extremely valuable. The most important think I took home is that if B of A is the delegated negotiator, that is, they get to make the decisions the process should be pretty smooth. If they are only the servicer, or have hedge fund investors, the investor has to give the final ok, making B of A non delegated. In this case the process can be quite lengthy and the chances for sucess are not has high. They were also very clear that they were in no mood to have a fire sale on these properties. They want pretty close to market value.

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