Co-Op Short Sale Assignments
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Permalink Reply by Erik Reilly on
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I recieved an invitation to take part in this as well (I am with RE/MAX as well). I took the 10 question "test", passed and we will see what comes of it. I will post the results as they come in.
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Permalink Reply by Jim Marshall on
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I just got a call from them. They said they were a preferred affiliate with Bank of America and that my client, whose home I have listed in teh MLS, wanted to use a BofA "quick route to Short Sale approval program" When I said maybe, then the girl transfered me to a guy named Ken Nakanishi. He said that he worked with DTS and that Bank of America had pre-selected my client for their "HAFA Like" program and started asking me a bunch of questions like he was working for BofA. When I asked him how they selected my client for the program he kind of blew by that question and kept on going.
I told him that I needed to talk to my client and would get back to him. He then said I guess your client doesn't want to use this program. I said I didn't know ant that I needed time to check into it first.
The program is one offered by Bank of America and it is good for some people. The problem is they set the price, they give only a 120 day marketing time, then the program calls for a deed-in-lieu of foreclosure and the homeowner also may be subject to other things that are good for the bank and not so good for the borrower.
It pays to look at all the ways you can do a short pay and see which method is best for you or your client. Check out some info posted on other sites on the internet. Short Sale Genius has a good table resource guide and youtube video that is very informative. I recommend people to talk to a real estate attorney and have them assist also in the short sale process before signing anything or making any final decisions.
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Permalink Reply by William F Griffin Jr on
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I am working on a Co-Op short sale with DTS. BAC qualified them for the co-op short sale and sent them the paperwork which they brought to me. DTS ordered the appraisal and set the list price which was ok for this property. Been dealing with them via equator and I have the negotiators email.
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Permalink Reply by Marcy Moyer on
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I just got the email today. Doing my investigation.
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Permalink Reply by Thomas Zdanowicz on
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I finally got my leads, working through them now. A few are trying to do Modifications and the others are not answering calls or door knocks. We'll see how it works out.
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Permalink Reply by Kimberley Kelly on
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My Broker called me several weeks ago, and said that B of A had selected us to do the Co-op program and would be supplying leads of pre-approved Short Sale candidates. I of course said, "Great! Let me know when you get those leads!" Ha-ha..nothing yet.
I was already "pre-selected by B of A myself for these co-op leads"..nothing materialized. After reading the stream below, I'd say Red Flags all over the danged place!
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Permalink Reply by Julia Fishel on
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Hi Thomas,
My husband and I just both started working with the DTS for BofA program. It's too soon to tell, but am very curious to see how this pans out. Just took out first listing and should have the BPO (i.e. the sales price) in a few days so we can list it on the MLS. Hope it's spot on and really not sure what to make of the fact that we only have 120 days to sell at their set price. We're thinking there must be some flexibility in there somewhere ... ??
So we just had the one lead which we listed but then we just were flooded with 25 requests on Friday and they are almost all VERY low-end properties with approximate values of $60K or a lot less and maybe 2 at $100K. While I'd love to save the world, with all of their door knocking/call requirements within the first few days, we're still on the fence about if this makes good business sense for us.
A short sale is massive work as you know and the benefits of lisitng a bunch of low end properties we know won't outweigh the cost - unless the process truly is streamlined? Or, unless, one has to "earn" their way up the totem pole within DTS do you think to get potential listings where one could actually earn a living? Or if it's good to just have this experience with DTS on one's resume? Curious as to your hunches or knowledge about that?
How it's working out for you since your last post?
Thanks much.
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No listings just yet. I do have some sour homeowners of course but that is to be expected. I'm trying to most importantly be empathetic with them and try to have them see me as an alley rather than being associated with the bank. Maybe "Good Cop, Bad Cop", thinking that is the best approach. Anyone else have success with a certain approach?
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Thanks Thomas. So far this program is like beating my head into the wall but I'm keeping optimistic. What we're finding is that the homeowners are already aware that short sales are an option any whatever carrot DTS throws at them isn't enough to convince them it might be worth exploring. So far, most seem to want to ride the 'free rent' wave till the end. But we're not giving up!
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Same here Julia, "free rent wave" is what I am encountering but I am forging ahead too!
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I am having the most luck with the borrowers who are closest to foreclosure.
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Permalink Reply by Tara Nagelhout on
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Hi Julia
I just sent you a friend request. I tried to message you, but we have to be friends first. Would you please message me? I would love to get contact information to reach out to DTS. There is nothing on Google.
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