Replies to This Discussion

Permalink Reply by ElizabethWeintraub00697006LyonRE on December 7, 2011 at 3:10am

You signed an agreement with B of A to list the home at the agreed upon price so you can't really change it. You could suggest that agents call you for offer strategy. This is one of the problems of many inherent in a preapproved HAFA. Why don't you send a Tweet to B of A and ask to escalate for a new BPO? @bofa_help.

Elizabeth Weintraub

Broker-Associate #00697006

Lyon Real Estate

Permalink Reply by Susan Motta Knight, LLC on December 7, 2011 at 3:19am

Hi Coleen,

I have 4 of these "approved short sales" and I am not happy with them. 3 out of the 4 are overpriced, I had them for about 4 months now, have asked for price reductions no reply on that, but I just got an email from them that they require 3 open houses and a broker tour! I don't think so!! They are NOT going to tel me how to run my business. Unbeievable! The whole program sucks. Are you doing it throught DTS? They think they can just have us work for them do what they want for free. I think we are being used so they dont have to hire more coectors. My assignements require me to call them 3 times and visit the house, even if it is vacant 2 times. I am getting ready to quit. I have one that was priced right and it is under contract. It took a month to upload everything satisfactorly to Equator, now we have  response that they are countering with same price and terms, but cose a month later then buyer wants. Shoud I add this is a full price, cas as is offer "their approved price. However in the email the negotiator said this is still depends on wheather the investor approves it or not. So my question is : what kind of an approval is this?

I am so glad you started this...maybe others will share their opinions and experiences. Since we are getting to the end of the 4 month they gave us, I am thinking of the same thing, lowering the price and making it a regular short sale.

Again, thank you for posting. Enjoy your day, there is more to ife then short sales! :-)

Susan

Permalink Reply by Kevin - Greenville, SC on December 7, 2011 at 3:37am

The HAFA SSA says you must list the property at XXX$, but doesn't say the price must remain there.  Without a Buyer you have no sale and the property will end up as another Foreclosure.  Don't let the Bank dictate pricing for your local market.

Don't worry about not being able to advertise them as an 'Approved SS' as it matters not if you don't have a Buyer.

You are the expert in your Local Market.

Permalink Reply by Janie Booth on December 7, 2011 at 9:10am

Coleen, I can only tell you that I had a similar case in that there was NO interest at the approved price, despite all of our marketing efforts. I submitted detailed comps to the negotiator and assured him that if we could price the home correctly, then it would sell (I know my market). The negotiator just ignored me more than once. I then copied the asset manager on equator and mentioned that I had no response, then contacted BOA help on twitter... and since I also needed to get a postponement on the TS, I escalated up to a Senior VP.  I probably would not have escalated up so far for a price reduction, but since I needed both, I thought why not? Not sure which one worked, but the TS was waived off entirely for now, we received a price reduction even lower than what I had requested AND now I have two full price offers and am submitting the RASS today with the accepted offer. I can also tell you that if I had not received the price reduction, both the seller and I were prepared to range the price with the lower price more in line with market value. Tell your story to the bank! Show them that you care and that you are on top of it! So many agents do not WORK their short sales. If they ask you to hold open houses and a broker tour, then do so! Or go pitch at caravan and have an associate hold it open for an hour or so a couple of times. Isn't that part of our obligation as a Real Estate Professional? I don't like anyone telling me how to run my business either, but the banks want to make sure you are on it and working to get the home sold. Otherwise, when the 120 days are up and the home is not sold, I would not count on an extension. Best to you! Let us know how it goes! 

Permalink Reply by Coleen DeGroff on December 9, 2011 at 7:27am

Thank you all for your comments. Now I need your advice once again as I feel like I've just fallen down the rabbit hole. I was contacted by someone who saw this post (not sure I should yet share their name) and I was urged to send a note via Equator that I needed a price change and to contact me ASAP. Which I did on Wednesday. Today I message back through Equator with the subject line Marketing Plan Writeup by someone named M. Tucker. The body of the message is empty.

In addition, they emailed me the following message: *If possible, you should reply to this message through BAC_HAFA Short Sale Message Center so your reply is delivered correctly and tracked. To reply, log in to the BAC_HAFA Short Sale System and go to the Messages section.

Can anyone give me ANY idea of what the heck any of this means??

Permalink Reply by Coleen DeGroff on December 12, 2011 at 2:00pm

Happy news!! Sherri Sharpe from BOA Social Media saw my post out here last week, contacted me directly, and told me what I needed to do to move things along.

And guess what?  This AM I got word that BOA has REDUCED the sales price of the home to a level in line with other homes in the neighborhood! Thank you BOA Social Media team for following up on this!!! :)