Replies to This Discussion

Permalink Reply by Kyle Souza on August 4, 2010 at 1:12pm

BAC paid a 3rd lien? That is pretty challenging.

Permalink Reply by joe beauchamp on August 4, 2010 at 6:40pm

I have started "grooming" closing officers and negotiators. The good ones can be called upon to get you very useful info. I now frequently know what the real net is. When I see a good story about working with BofA (or is that ...against..?), I instantly want to analyze it - learn. But the first thing I wonder is what is the net. If you are giving them $40K above BPO, yeah, they'll be happy to let you take an extra 5 months.. (I really didn't think of this entanglement until this question - usually not pertinent - but BofA is paid to manage accounts. The longer they sit, the more they get paid by the investor. So, I suppose, if the number is nicely above net, why not push that sucker out and get that many more months of money from the investor for having this account sit?)

What I caution people about is to not be lulled into thinking that a logical, reasonable approach to BofA will yield logical reasonable results. So, yes, charge ahead, but don't wonder if you are a jerk when something totally non-sensical happens - it is unlikely to be you - you can help cause problems, but very very very frequently it is the pseudo-random "people" in the back room that do very strange things. And when you ask, it is always the investor who did it... Yeah, right... Fannie Mae wakes up enough on each deal to actually do something? Sure...

[I do work hard to rapidly give the negotiator all up to date docs - that does appear to help from the start...]

Permalink Reply by Dawn Barrier eXp Realty Vegas on August 5, 2010 at 3:19am

Congrats! Working short sales presents many challenges but overcoming them to a successfull close is great!