Click The Button Now To Hire A Short Sale Superstar To Support You.
Short Sales 1-800-669-6650
Short Sale Fax 1-866-808-5050
Home Retention Department 1-800-669-0102 call to open VA or FHA/HUD short sales
Letter of Authorization Fax 888-491-4947 or 805-520-5019
|
***Need Help? Try TWITTER HELP****:
****LOG INTO YOUR TWITTER ACCOUNT and TYPE: @BofA_Help Call YOUR NAME RE: PROPERTY ADDRESS, YOUR TEL NUMBER
http://social.bankofamerica.com/
For TWITTER Do not place LN# or borrower name in the message. Just a brief: 'Need help with a HAFA short sale" will suffice. Make sure to mention short sale. Also, each file should to be a separate tweet. If you have issues with 4 files then send 4 tweets. They will respond very quickly.
HELOC Short Sale Department: email for LOA and Short Sale Packages: [email protected]
EMAIL Moderator with new contact info or corrections to this group.
Started by Albert E. Manalo. Last reply by James Franko Oct 8, 2021. 11 Replies 0 Likes
Started by Chris Zubrycki. Last reply by Brett Goldsmith Jun 19, 2018. 4 Replies 0 Likes
Started by RVT REI LLC. Last reply by RVT REI LLC May 21, 2018. 2 Replies 0 Likes
Started by Izabella Lipetski. Last reply by Izabella Lipetski Mar 11, 2017. 2 Replies 1 Like
Started by Elva Branson-Lee. Last reply by Chris McGee Feb 10, 2017. 8 Replies 0 Likes
Started by Erinn Frisbie. Last reply by ElizabethWeintraub00697006LyonRE Jan 23, 2017. 4 Replies 0 Likes
Started by Tom Braunagel. Last reply by Tom Braunagel Dec 7, 2016. 3 Replies 0 Likes
Started by Tony Morales. Last reply by Tony Morales Sep 9, 2016. 6 Replies 0 Likes
Started by Robert Martin. Last reply by Robert Martin Jun 2, 2016. 2 Replies 0 Likes
Started by Lisa Jackson. Last reply by Julie Lyons May 2, 2016. 3 Replies 0 Likes
Comment
The REASON that things are smoother when we initiate sale with offer is because we are controlling the list price. If we can show listing history or comps and a BPO is done that supports our work, it should be a win win for everyone. If we initiate and a BPO is done and the property sits for whatever reason the bank thinks the value is one price but we have to keep dropping the price to get an offer an then there becomes a big gap, so NO SALE if we are too far apart.
IMO there has been NO benefit to starting a sale and getting a bpo done without an offer in hand.
So far, the consensus seems to be - don't bother...?
Wendy, I was wondering the same thing. Every time I initiated before I received an offer and uploaded docs, they closed it out and had to start the process all over again because it took longer to get an offer.
One of my BOFA sellers asked (with my suggestion) to be in the COOP program, after I initiated his listings in Equator (with no offer). They told him "yes". The bonus I see there is - no financials and his relo incentive. Unfortunately, they just service released his HELOC to Greentree, so COOP is probably out now... The BOFA HAFA "pre-contract" attempts I've had did not come to fruition....
I find that interesting... this is a quote from an e-mail recieved this AM... from Wells... working toward a pre-approved price for 3 weeks, through different channels Orig I was told to only submit listing and Est Hud....This loan has been assummed many times. Not sure if that makes a diff. Sorry, but that isn’t the case. I would need a purchase contract to proceed with this process, please let me know if that is something you can provide if not I will have to close out your loan.
Wendy I was about to post the same question-
I just came back from a Making Home Affordable session where BofA, Wells, GMAC, Citi & Chase, as well as Fannie & Freddie had reps present, where the morning was reserved for 'RE Professionals Education'. The only clear message I came away from this session with (and this was repeated by each of the servicers present) was that they would very much like all short sales to be submitted to them immediately on listing the property, that we not wait until an offer has been received. Of course, this was an MHA convention so that may be where this emphasis was coming from.
The benefits seem obvious (valuations done up front, price and terms expectations set up front, single point of contact assigned, etc.)...however, so far I've had better experience submitting the package with an offer.
It would be great to hear other agents experiences. Specifically, are there certain servicers that seem to be responding more expeditiously than others if the file is opened with them ahead of time?
I wonder the same Wendy... I just tried on one with Wells and was bounced around then basically told put it on at fair market value... Thanks for those 3 weeks of my life:D
Who has success initiating short sales in Equator BEFORE an offer? Have you found benefits, such as HAFA?
Thank you Christy, for your comments and
Kevin, They have a straight 2nd.
@Tom- your very welcome! I love this website its so great to share info and learn from others- lets keep in touch and I wish you all the best with DTS! Call me if you need any help or run into any snags-
© 2024 Created by Brett Goldsmith. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.
You need to be a member of Bank of America Short Sales to add comments!