Bank of America Coop Short Sale with REDC

Does anybody know how to escalate a B of A Short Sale Coop w/ REDC as asset manager for investor.

We have a cash buyer/ agent who wrote an offer for $245K without the 3% commission to them. Appraisal  and counter came back at $280K which did not support current market value of $245K.  Asset manager said that the investor wants to net $235K, that matches the accompanying HUD1 with the counter to the counter. We are afraid that this buyer is not going to wait that long for investor to make a decision and is going to walk.This has been going on for 2 weeks now. The investor is getting the net, but have not approved the short sale yet.

 By the way, the B of A cooperative agreement says that if we can't sell per investor guideline, it will go to deed in lieu instead of

foreclosure. FC date is 9/1/11. Help please?

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Replies to This Discussion

Permalink Reply by Jeff Payne on July 7, 2011 at 6:59am
Try the BAC Twitter account, I beleive there is a link in the BAC group
Permalink Reply by Laura Rivera on July 8, 2011 at 1:47am

Hi Jeff,

We tried it, they could not find the file, it disappeared from Equator. We are working to get the same negotiator and asset manager to the file back.

Permalink Reply by Valerie Crowell on October 16, 2011 at 2:18am

Hi Laura, I know the REDC short sales aren't on Equator, they take them off and make you call them.  Completely asinine process.  How did yours turn out?  I've been fighting with them for months.  Supposedly they have ordered the BPO but my owner hasn't heard a word from any agent who is doing a BPO.  For three weeks now.  Did you ever get anywhere with them?

Permalink Reply by Laura Rivera on October 16, 2011 at 3:47am

Hi Valerie,

Who is your lender? Ours was B of A 1st & 2nd and both were on equator, but you follow up w/ REDC not the BofA short sale support IF you need to call. There was a VERY long wait, on a process that we thought would be just 120 days. 1st negotiator quit or was no longer working there, it got assigned to a very helpful but overworked negotiator, got bad BPOs, on the day the investor finally agreed to the lower price and 2 weeks before FC date, the buyer walked, had to put the property on the market quickly to a cash buyer, luckily we got one, of course it was lower, so commissions had to be adjusted and seller forego on the $2500 SS cooperative incentive, got a  postponement of FC date, got extension just to close the transaction and we did close it, no deficiency on the first and second loans and this was a rental property.It started March 15th and closed September 14th.

Permalink Reply by Valerie Crowell on October 16, 2011 at 4:07am

Blee.  Did you negotiate it yourself or use a service?  

Procedurally, I call them every day unless they give me a solid answer about something and I'm still not getting anywhere.  That worked great with Chase and Wells Fargo.  I closed the WFB short sale in 38 days soup to nuts, but this one is making me tear my hair out.

Permalink Reply by Laura Rivera on October 16, 2011 at 6:30am

This was tough with REDC, but it can be done, just be persistent, keep bugging them and don't let it get to you. No outside service used.

Permalink Reply by Valerie Crowell on October 16, 2011 at 6:56am

Good to know.  I'll stay on them.  Thanks!

 

Permalink Reply by Laura Rivera on October 17, 2011 at 4:47am

Let me know your success story. I know you can do it. Closing short sales nowadays takes in the 3 P's , persistence, patience, perseverance- I know all of these short sale superstars have the 3 P's. In addition to Skill & Experience, I call it  SEPPP for short.

Good luck Valerie!

 

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