Replies to This Discussion

Permalink Reply by Wendy Rulnick on October 13, 2009 at 11:25am

Jeff, I agree, another way for the system to slow down. A human intervention step needed. Why would they previously ask for all,then not? What docs DID they require? Thanks!

Permalink Reply by Jeff Payne on October 13, 2009 at 11:30am

Listing agreement
authorization letter
purchase contract
HUD-1

Permalink Reply by Wendy Rulnick on October 13, 2009 at 11:40am

Very interesting. No hardship letter.....

Jeff Payne said:

Listing agreement
authorization letter
purchase contract
HUD-1

Permalink Reply by stacy Vogel on October 13, 2009 at 3:08pm

Jeff,

I am hopeful that this will help speed up the proceess. I am still so confused on what and where to send documents. I have 6 B of A Listings right now, 2 with offers every time I call, I get different information and a different fax number. Some are original B of A 1st Loans and Some Countrywide. What documents should we send in to get the file added to reotrans or should we call in and ask for them to open file on reotrans? How did it work out for you? Thanks for sharing.

Permalink Reply by James ferebee jr on October 16, 2009 at 3:29pm

Jeff when you have more than one BofA short do you need different setups for all the accounts?

Permalink Reply by Lynn Pineda on October 17, 2009 at 12:10pm

Jeff, this is going to be very interesting in how this plays out. Please post back here on how it goes.

Permalink Reply by Dawn Barrier eXp Realty Vegas on October 28, 2009 at 9:04am

Jeff, Any updates?

I submitted a recent BOA package and still had to fax it all in and then they will see if it gets to be sent to reotrans....guess they are still in trial on some or picking and choosing or possible the negotiator decides..crazy..
I will tell you though, the package was rec'd and noted much faster than previously.

Permalink Reply by Elaine Edwards on October 29, 2009 at 2:31am

Jeff,

I submitted to REOTrans as well, seems they have computer glitches, the requirement was that my sellers call to setup the account (the REOTrans rep said they would have to answer a few questions as well about their hardship) I already had the authorization to represent the seller yet the seller still had to call! I was supposed to receive the infamous link to upload all the financials to date nothing, one of the sellers actually had a BofA negogitator answer the phone not an REO representative and the seller gave the info to REOTrans thinking they were calling to get started and assign me as their agent, instead he was connected to a BofA Rep thur the REOTrans phone, and right then and there the seller was declined without any documentation, I immediately phoned BofA they apologized and had me send the documents immediately to them, this in turn helped expedite the process. Best to submit everything via fax directly to BofA until REOTrans works out the kinks..... Also I felt my client received another blow to his already stressed life, he was put on hold for 30 minutes to boot only to get the run around, want to help my clients not help them get harrassed don't like the idea of sellers having to call REO to start the process at BofA requests too many kinks in the BETA system.... To date BofA has in their system the declined notes, no bpos, no inspections, no financials go figure
Good thing here is it seems like BofA is making an attempt to expedite these short sale requests????

Hope this helps.

Elaine:)

Permalink Reply by Elaine Edwards on October 29, 2009 at 2:33am

Yes agree even though I had a failed attempt with REOTrans as well as frustrating it did help expedite the process vs faxing and waiting 3 days for BofA to upload the authorization form.

Dawn Barrier said:

Jeff, Any updates?

I submitted a recent BOA package and still had to fax it all in and then they will see if it gets to be sent to reotrans....guess they are still in trial on some or picking and choosing or possible the negotiator decides..crazy..
I will tell you though, the package was rec'd and noted much faster than previously.

Permalink Reply by Anna Mackey SDHS on October 29, 2009 at 10:01am

I think REO trans is a gateway into how BOA will try to assign our short sales to REO agents... be on the lookout for that. We need to be prepared and ready to stand up to this BS.

Permalink Reply by Elaine Edwards on October 29, 2009 at 5:39pm

Good Monies for REOTrans - smart company. ??? is will BofA start refering all those clients who call in for a loan modification but do not qualify to REOtrans for a short sale option will REOTrans assign and pick agents for short sales now??? BofA did tell me to have my seller call in via phone and assign me as their agent. I've been signed up with REOTrans for REOlistings for how long now an agent here in town recommended the site to me, to date not one listing, I was paying to extend the coverage area then I stopped paying did not make a difference either.. Interesting to see how this all pans out!!!! There talking about it all over Twitter!!! Are they hoping clients will contact them without agents hummmm, Food for thought!!! Maybe we should all negogitate with the banks to be their Short Sale Representatives....and get referrals, would be nice to have a page on this site for lenders to sign up and comment...

Anna Mackey said:

I think REO trans is a gateway into how BOA will try to assign our short sales to REO agents... be on the lookout for that. We need to be prepared and ready to stand up to this BS.

Permalink Reply by Darlene Krause on December 11, 2009 at 3:48am

Do you have to be a realtor to be able to submit with the REO Trans?

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