Comment

Comment by Ben Benita on June 25, 2010 at 11:34am

Debbie - you are mistaken, it can and does work if the new Buyer will agree to the first offer submittted, all numbers the same, just need a new name on the acceptance letter.....if you are dealing with a low level negotiator, you are correct, they will tell you it cannot be done, and, you will jump through all the hoops they instruct you to......HOWEVER, if your file has been properly escalated to the higher ups at B of A and to the Investor, it works all day.

Always remember - B of A gets paid to service the note, the longer they can drag out the short sale process, the more money they make.....again, keep the Investor on the loan in the loop and again, you will not have to waste time re-uploading non-sense onto Equator.....e-mails to the ivnestor like:

"I do not know why B of A keeps charging the investor unnecessary servicing fees....."

work like a charm

Also, Anna, and everyone, you need not ALWAYS do EVERYTHING through Equator....we have a few short sales with B of A that are not on Equator, have not been and will not be.....it is a hassle, but, MUCH easier to deal with on tricky short sales (minimal comps, properties that need a large number of repairs), easiest way to AVOID Equator:

"My seller does not have access to a computer"

Guys, I can not express this enough with regards to ANY short sale, DO NOT BELIEVE EVERYTHING YOU ARE TOLD BY YOUR LOW LEVEL NEGOTIATORS....they read from scripts and are told to say certain things to you:
"We NEVER allow full commission"
or
"We NEVER pay this or pay that"

Again, properly negotiated, you will get your way with the tail phrase:

"Ok.......we will do it just this once or make an exception for you just this once"

End of teh day, if the Ivnestor will save money doing a short sale, they will approve most anything you ask them, problem is, getting THEM involved in the process.

With the short sale, you can listen to what "they" tell you, or, you can stand your ground, negotiate, get YOUR way, get YOUR full commission, and, most importantly of all:
HELP YOUR CLIENT GET THROUGH THE MSOT DIFFICULT FINANCIAL TIME OF THEIR LIVES!!!!!

Keep battling guys....

Comment by Anna on June 25, 2010 at 6:36am

Ben on buyer name "typo" do you still end up resubmitting file on equator and then request escalation or have you had luck to get typo corrected on existing approval? Thanks so much!

Comment by Debbie Franklyn on June 25, 2010 at 6:22am

Ben, great idea, but it cannot work. The name can be changed, but what about the personal info - address, etc. Buyer preapproval letter.....That is not just a typo issue. How do YOU get it to work?

Comment by Brigitte Powell on June 25, 2010 at 1:32am

Katerina, OMG!!!! LOL!!! So now tell us the rest of the story.....what happened then? Bank sues City?

Comment by Brigitte Powell on June 25, 2010 at 1:30am

Amy : contact negotiator and she/he will prompt you to re-enter all info :-) All the best

Comment by Katerina Gasset on June 24, 2010 at 8:35pm

Debbie- LOL, sorry it is just too funny, when you asked that question I recalled one our the agents I coach who just was given a BPO order from a lender and gave her the REO listing, signed the listing, etc, then told her to do the BPO. When she got to the house, guess what, no house, the city had leveled the house, a nice house too, valued over 500K! Totally leveled the house, no house on lot now and the BANK DID NOT KNOW!!!!!!!!!!!

Comment by Debbie Franklyn on June 24, 2010 at 5:25pm

Is it possible that a first lender will not know if the taxes have been paid? The nego at Indymac told me to call customer service!

Comment by Ben Benita on June 24, 2010 at 3:56pm

With a new Buyer - try escalating your file and telling a higher up that your assistant put the wrong name in on the contract (assuming the new Buyer is offering the same amount)....

this works VERY often for us if the file has been escalated....a simple "typo" that can be quickly corrected

Comment by Cynthia Deacon Daniels on June 24, 2010 at 2:55pm

Karyl so there is hope...
Yaaaa!!

Comment by Karyl Moore on June 24, 2010 at 2:46pm

About 6 weeks ago I had to substitute a new Buyer and did my end quickly, as you did. They did not make the Seller re-input all his financials (hooray) but it has taken until now to get approval. I was told via a phone call today that I would have the approval letter tomorrow. My fingers are crossed!

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