Replies to This Discussion

Permalink Reply by Smitty on August 3, 2011 at 8:10am

SWEET!!!!!  BOA has a bad reputation, but lately they are much better for me personally.  --->  (((Back Patting )))  CONGRATS

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Permalink Reply by Jeff Payne on August 3, 2011 at 8:13am

Smitty, I have a BAC REO account also, usually 10 to 15 at any time in the pipeline and I can honestly say that I would rather work a BAC short sale than an REO.  Less work with the short sale and usually more money

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Permalink Reply by Richard on August 3, 2011 at 8:16am

Jeff,

 

You must be living right!!  That sounds like a world record. Hard work and savvy pays off.  Good for you.

 

Rich

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Permalink Reply by Smitty on August 3, 2011 at 8:20am

I have not listed REO's.  What is the BAC REO account?

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Permalink Reply by Jeff Payne on August 3, 2011 at 8:24am

It is a master listing agreement with BAC.  They usually have a few agents who work the REO in each area.  I was actually recommended by someone in their short sale department as an REO agent.

They are alot of work and alot of time and ALOT of money upfront.  I know agents who have hundreds of thousands of dollars paid out for repairs and maintenance, the agent has to pay up front and BAC reimburses. I have no more than 20K out at any time and that is nerveracking enough. 

Smitty said:

I have not listed REO's.  What is the BAC REO account?

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Permalink Reply by Jeff Payne on August 3, 2011 at 8:26am

Richard, I figured it out, we tried to time everything so that the seller would move out at the end of October, well now he has to move a month earlier.  Oh well.  My fastest short sale was 2 days but it was a different lender.
Richard said:

Jeff,

 

You must be living right!!  That sounds like a world record. Hard work and savvy pays off.  Good for you.

 

Rich

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Permalink Reply by Jesse Hammond on August 3, 2011 at 11:09am

I like dealing with BAC traditional short sales they are doing a fantastic job. I can usually get those done in 15 to 35 days. However, it is the third party vendors they are using for their HAFA program that are awful. I sincerely think that they don't have a clue what they are doing. The worst of the vendors is AMS then UTLS is a very close second. They never call back their hold times are usually in upwards of 35-50 minutes. According to my phone that logs everyone of my calls -- AMS calls average 46 minutes until a live person answers. Both of their customer service departments lack knowledge. They have supervisors that don't know the HAFA program therefore chose not to call back. I don't know why BAC doesn't get rid of these companies and do the HAFA short sales themselves. Is anyone having the same problems with these companies? 

 

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