Replies to This Discussion

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on March 10, 2011 at 8:54am

Interesting....  REDC is also known as www.auction.com - are they now negotiating short sales?  Wouldn't that be a conflict - their primary business is to auction off REOs.

Permalink Reply by Jed Shuler on March 10, 2011 at 9:22am

Yeah I know. Seriously.  I was waiting on hold and their hold music is a lady promoting www.auction.com.  That's reassuring.  Their negotiator and asset managers probably get a commission or bonus if they can get it delayed to that point.  I guess we'll see? Sounds like B of A is putting their "best" vendors on the government mandated HAFA program (hope you can sense the sarcasm).  

Thom Colby said:

Interesting....  REDC is also known as www.auction.com - are they now negotiating short sales?  Wouldn't that be a conflict - their primary business is to auction off REOs.

Permalink Reply by Wendy Smith on March 10, 2011 at 12:38pm

oh good Lord, not another 3rd party for HAFA!  I just had UTLS tell me that pro-rated real estate taxes were not an approved closing cost.  Huh?

Permalink Reply by William C. Black on March 14, 2011 at 9:35am

Conflict of interest at its finest....

Since its founding in 1990, Auction.com has become one of the world's leaders in maximized asset disposition strategies and asset management. Specializing in selling residential, commercial, luxury homes, multi-family and hospitality properties, land, as well as performing and non-performing notes and loan pools, Auction.com has sold more than $7 Billion of real estate assets for our clients, including over $3.4 Billion and 32,800 homes in 2008 alone-an industry record! Working directly with builders, developers and lenders, Auction.com conducts auctions throughout the United States and abroad, which range from live ballroom mega-auctions to local on-site auctions, as well as online only auctions through the use of our proprietary and best in class online auction platform. Auction.com has conducted over 730 auctions for our clients since 2007, including over 320 auctions in 200 cities.

Permalink Reply by Sara Mehrpouyan Los Angeles CDPE on March 14, 2011 at 6:01pm

I have a Bank of America/Fannie Mae co-op short sale with REDC. They already did the BPO without an offer. I have spoken with the negotiator (at REDC). I haven't gone passed the point of waiting to get a decent offer from a buyer. The negotiator will not tell me what the BPO value was. He says we have to be within a few thousand of it. I asked him what would happen if it takes some time to obtain an offer which could be lower than the BPO. He said that fannie mae keeps the BPO value for the whole 120 days property is listed. If the offer is not within the "range" then fannie would want to see an appraisal (not their own).

Permalink Reply by Angie Branco on March 16, 2011 at 9:52am

I'm not sure if our clients HAFA loan was in the REDC department. LRC was the company doing the HAFA review. But it did take them about 30 days just to get the HAFA approval. Then the lender changes in Equator from "Bank of America" to "BAC_HAFA." This is a good thing. It took an additional 3 weeks to get the approval in writing. Coincidently the buyers backed out when we presented the approval and BofA shut my file down in Equator. I spoke to a manager in the short sale dept. and they assured me if I get my new offer in before the appraisal expires that we should have another approval in 1 - 2 weeks. I just uploaded today, hopefully it happens.

Permalink Reply by Patricia Oldfild on March 22, 2011 at 11:27am

I'm a homeowner facing a short sale with REDC and was told if my paperwork wasn't in their office today, that I will be denied and will then have to go thru BOA. I'm trying my best to keep my house but am having no luck landing employment since being laid off 06/2009. How long after REDC gets the paperwork from me does it take for them to approve it? The last thing I want is to lose my home so I'm trying to hold them back in hopes that one of the many interviews I've been on lately will result in a job. Any suggestions?

Permalink Reply by Heather Robins on April 26, 2011 at 8:13am

So how is it going??  I've had one in REDC for 6 wks, we have a sale next week and I've wondered if the delay is because of that..... Does anyone have an escalation for them?

Permalink Reply by Jed Shuler on April 27, 2011 at 11:57am

We have had our file submitted to BofA underwriting for HAFA program acceptance for 7 weeks (42 days, 36 business days).  REDC "assures" us there is nothing they can do to further escalate it.  I call B of A's traditional short sale dept and they tell me I need to speak with REDC about it.  I have sent an email to [email protected] to escalate it that way also. They needed a 3rd Party Authorization and have told me they have begun their "investigation" into this file.  We'll see if that helps anything.  As far as I know its lost in the depths of BofAs files.  If everything is submitted electronically, why can't they give us a number the day its submitted for HAFA approval and then provide us some idea of what # files are receiving decisions on each day?  Meanwhile, we have a buyer that is threatening to walk.

Yikes.  Hopefully we hear back soon. 

Permalink Reply by Sarah Davis on September 19, 2011 at 8:08am

Thanks for the insight Jed.

 

I have a file with REDC right now - it's been about 2 months. We have been trying to go HAFA. Last week the borrower got a letter stating that he is denied for HAFA because REDC didn't have everything in on time. I called REDC immediately and spoke with a rep who verified that everything was in on time and that nothing was missing or late.

 

Now, even though she notated the file, they will not re-open the HAFA review and my borrower is out of a potential $3k just because they lost the paperwork the 1st time...

:(