Replies to This Discussion

Permalink Reply by Juan Reyes on March 28, 2010 at 4:32pm

100% Agree with you on that. I always ask sellers to bring me their information so I can have a copy. In case the lender needs something I can get it to them right away rather than having to wait for the seller to bring it in, or relying on them to send it to the lender. I am a bit of a control freak.

With BOA I collect all documentation as well and just tell the owner that once they receive the email from BOA, to forward it to me so I can upload the docs.

I think BOA has too many hoops to jump thru. They need to simplify it even more. Why does a file have to go thru 3 different negotiators, I find myself explaining things over and over again to the new negotiators.

Permalink Reply by John Edelman on March 28, 2010 at 4:49pm

Juan,

Thanks for your reply. I agree - B of A has over complicated things. Maybe (and I say this with rose colored glasses) - if we get enough agreement - we can request them to change this. It is silly the way it is now.

Permalink Reply by CJ Wright on March 29, 2010 at 2:33am

While on the surface I agree with what you are trying to accomplish, I have two customers now who we both feel more comfortable allowing the seller to manage this function for themselves.

In two separate cases, the customer was at one time a Realtor and didn't feel comfortable handing over all their personal history to what was once a competitor (I often have Realtors [past & present] come to me to list their properties). We diveded the work instead. I take the sales side, educate them on how I need them to handle their side of the financials, then follow with them to ensure it gets done in a timely manner. I also have a Real Estate Attorney I am handling a short sale for. We are using the same approach.

I also have several customers who just give me everything and we sign in together, they fill in the financial blanks, and I upload the .pdfs on their behalf.

I think at the end of the day, the seller and agent need to come to a meeting of the minds on how/if to proceed, then stick with it, with the agent driving the tasks with follow-up.

While those of us who manage short sales know that we never really look at the stuff our seller's give us (as if we really had time!) but trying to make the person sitting across the desk from you understand that, is another matter....

BOA needs to keep the option open, and agents must continue taking control, driving the process as it works best for everyone.


Just my thoughts... thanx, cj

Permalink Reply by Lisa Broadwater on March 29, 2010 at 8:27am

I just got off the phone with BOA's Equator dept., and have an update on this issue. I had to initiate a SS on one Equator file a second time several weeks ago, and at that time, a rep said he would move the seller docs to the new SS file. Once the offer was under review with the bank and I checked in, I was told they were waiting on the seller docs (I had yet to hear from the negotiator, after numerous attempts to reach him by email).

When I told the rep the financials had been input by one of their reps, I was told the docs weren't there. When I insisted they were, she checked again, and verified they were there but weren't in the right file, so she said she'd move them again. When I checked the status today (again with an Equator rep, since my negotiator STILL won't return my emails), I was told once again that they're waiting on seller info.

SO HERE'S THE LATEST: The reason my seller's info still isn't in the file, she said: BOA now considers it fraud for ANYONE other than the seller to input their financial info (even their own reps), and that if my seller doesn't call & get a new user/password & complete their tasks before their deadline, the file will be closed. She recommends that if the seller doesn't have access to scanners/computers, they complete the tasks with you at your computer. I was also told you have to wait 20 business days from the first time the negotiator is contacted by you before requesting escalation. Can anyone verify this?