Can not Get a Responce and the B of A V.P on Tape....

I have recently had some problems with B of A up including upper management. They tell us that they are working in good faith to close short sales and then want more than market value. WE CAN NOT SELL FOR MORE THAN MARKET... I have many such cases of this. I have several problematic files that they have ignored and I can not bring attention to even after being escalated.

The standard of stay on the phone till you get a favorable answer has failed. Even e mails to the UPPER MANAGEMENT who I have gained access to through trade group contacts have gone silent. Fannie Mae and Freddie Mac are getting soaked for these losses. That is of course us as Fannie and Freddie are broke and owe us about 200 billion dollars.

So here is what I did... I sent them a Youtube Message.. If anyone here knows Mr. Monyihan have him give me a call I would love to talk to him. I think if he took the time or even has the background to understand the mortgage business things could change. Maybe Freddie Mac or Fannie Mae will pull their ability to do loans, if they can not get things together.

I had one recently with a great negotiator. She was as frustrated as I was with the value she was given since it was obviously too high. (So she told me the trick - I can't promise it will work for you, but it worked for me and we got a $94,000 reduction and approval). On Equator, you need to counter their last offer with a price at least 20% lower then their last counter from BofA. This enables the negotiator to trigger a value dispute which puts the BPO and or appraisal into question. You also need to be able to provide at least 3 sales comps that affirm the price you want (even if it's higher then your new, much lower offer). It took about 30 days in my case before we heard back, and when they came back the value was still high, but another counter back to the original price offered by the buyers and we got it.

It's a stupid process, but understanding how it works should help you get the correct sale price. Best of luck to you.

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Comments

Frank Alvarez April 23, 2011 at 4:37am

I had one recently with a great negotiator. She was as frustrated as I was with the value she was given since it was obviously too high. (So she told me the trick - I can't promise it will work for you, but it worked for me and we got a $94,000 reduction and approval). On Equator, you need to counter their last offer with a price at least 20% lower then their last counter from BofA. This enables the negotiator to trigger a value dispute which puts the BPO and or appraisal into question. You also need to be able to provide at least 3 sales comps that affirm the price you want (even if it's higher then your new, much lower offer). It took about 30 days in my case before we heard back, and when they came back the value was still high, but another counter back to the original price offered by the buyers and we got it.

It's a stupid process, but understanding how it works should help you get the correct sale price. Best of luck to you.
Brett Ehart April 23, 2011 at 4:36am

When I tried to watch your video, it says "This video is private."

I recently had a B of A short sale listing. I submitted an offer of $175, they said it was worth $235k. I offered to pay for an appraisal, they declined. I talked to the BPO agent, he said his value was in line with my offer. The buyer increased his offer to $185k, they rejected again.

The property went to a Trustee's Sale, where B of A sold it for $158k.
Jinny Heisler April 23, 2011 at 4:32am

George, the link doesn't work it said "private" ?
Lori Young April 23, 2011 at 4:24am

I made a complaint with the foreclosure attorney on a short sale deal where the servicer is not processing per loss mitigation guides. I asked the foreclosure attorney to forward an email to his Fannie Mae contact so we can have a frank discussion about servicers screwing Fannie Mae and Freddie Mac on these short sale files. I got a return call from Fannie Mae Headquarters from a guy that wants to hear what Realtors know about poor servicing.

DID YOU KNOW THE SERVICER GETS A % OF UNPAID PRINCIPAL BALANCE??? Too many bonuses for a service not to let a short sale go through. How many time do you see a short sale net get squashed only to see the investor pulling in a REO net thousands less? Something has got to give with Bank of America. If I was Fannie Mae and Freddie Mac I would pull all servicing from them and open my own servicing company.
Donna Lavin - CDPE, SFR April 22, 2011 at 5:47pm

I am sorry you are having the problems with B of A, but I feel better knowing I am not the only one. I am so frustrated with them I want to scream. I have to go to Equator and they are forever making me load and reload documents. Then the negotiator will not answer my e-mails. I have to constantly call in and ask why they are rejecting my last offer. It states other. Wouldn't it be nice to know the reason? I have been trying to get this listing closed for so long. I lost the first buyer because they did the same thing always requesting to resubmit the documents and never responding to your e-mails. You can't even get the assigned negotiator on the phone to ask questions. When I call in they tell me to go to the agent resource. I ask what good is that when your people do not communicate with you. I need answers not how to use Equator. I have not had luck with Equator and I despise using it. What is going on with BOA? They know they have a bad rap and they continue to give poor performance.
George Kenner April 21, 2011 at 6:57am

Looks like my embedding skills on this blog are limited.   Here is a link to my blog where it is posted

www.shortsalenurse.wordpress.com   also her is a direct link to Youtube http://youtu.be/8esGSOos2lo

This is the link to the B of A Vice President that spoke at the Seminar... with these words all REO Agents could be very excited, it appears they see the value of going after the unemployed and or distressed property owner is not getting any weaker than it has been.

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