Anyone have any experience to report on working with REDC Group on a B of A short sale? The negotiator on ours is Ronnie Harris.

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i just got one.  But I see you started this group a while back, so I guess they have been doing this for a while??/ It makes me nervious to have REDC doing the SS - since their big thing is auction.  The negotiator I am working with is Kenny Simmons. And so far they have misplaced the letter of authorization that has been on file FOREVER already. 
Mine worked out OK altho it didn't go any faster at all - the REDC guy said he'd have it done in a couple of weeks but it was at least a couple of months.  I was nervous all the way thru that he was going to turn it over to an auction. He was helpful at getting things going again when B of A bogged down. Just keep an eye on it (as always).  Good luck!

Did REDC cut your commission?  I have completed many, many short sales.  I just submitted a GMAC short sale package directly to GMAC.  I was shortly thereafter contact by a 3rd-party negotiator from REDC.  There is only a 1st Mortgage and it is not a FNMA/Freddie Mac loan.  After contact with the negotiator from REDC, Equator showed my commission was cut to 5% and the 3rd party negotiator was to receive $2500.  I have not had a bank reduce my commission to 5% on a short sale in two years.  I guess they don't understand that Realtors have a long memory and when this market turns around, GMAC's name will be probably not be on our minds when giving out potential lender names!  Has anyone dealt with REDC?  I too was able to get Wells Fargo to raise my commission two years ago back to 6% when they tried to cut it to 5%, but have not submitted a short sale to GMAC.  Most of my short sales are BOA and Wells Fargo which are great to work with.

Pamela: We did get a 6% commission - but to make a long story short, we ended up back with a regular B of A negotiator because it turned out they had two files open on us and the B of A file was farther along so they closed the REDC file.  That may have made the difference.  I never saw anything about $2500 to a third party negotiator.  Good luck!

Pamela Lester said:

REDC is terrible! We have worked with Rodney Pauley and he does not process the file. We have been working on a short sale for 2 years now which is going to auctin on the 20th. Everytime I call, he can't remember what he was supposed to be doing so when I remind him, he states "oh yeah, I did that".  They are representing GMAC on this so I have called to complain to them and they give my complaint to Rodney. I call REDC to complain and they give my complaint to Rodney. When I express my frustration, he laughs and says, I apologize. THAT'S IT! I am reporting my issues to Comptroller of Currency and I will post it all over the internet as well. I have emails from him asking me to use his email outside of the Equator system and telling me what I need to do to make this deal happen.  We have done everything (the cost is out of control) and then he says we are denied.  I honestly think that most people just give up on them and let the auction take it course, but I am not a quitter and I will make this ss happen.  Good luck with them!

Did you contact Bank of America to express your concerns with REDC?

I have just encountered a situation where we lost a short sale buyer and received a hard decline from BofA.  Normally, when I receive an offer, I just reinitiate in the Equator system  However, even though only three weeks had elapsed from the hard decline, I was unable to reinitiate the short sale through Equator and after numerous calls discovered that it had been assigned to REDC.  With many conference calls to BofA & REDC, we finally were able to get REDC to release the short sale back to BofA so that I could start it back through Equator.  I have been told by other agents, that BofA is trying to send various files to REDC so that it can proceed with the foreclosure.  I feel that BofA has a duty to notify the seller and the listing agent when they close a file and assign it to an outsourced company.  I believe that the REDC has a direct relationship with BofA and it is not beneficial to homeowners who actively working with short sale listing agents. 

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