Replies to This Discussion

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on March 21, 2012 at 10:35am

REDC is also known as "Auction.com" - they get the property to sell if your short sale "fails" - can anyone say conflict of interest ?

Permalink Reply by Ben Racela on March 21, 2012 at 10:45am

Has the seller signed the Deed-in-Lieu agreement?  If they have a lender will typically not cancel the agreement.  Also REDC is the Cooperative short sale partner for Bank of America.  The COOP is similiar to the HAFA short sale program.  But I would find out first if a Deed-in-Lieu has been signed by your seller.

Good Luck!

Permalink Reply by Danielle Powell on March 21, 2012 at 10:59am

I am currently working with REDC on a BOA COOP short sale. They have been very workable for a coop. Make sure you read anything they want the seller's to sign. 

Permalink Reply by Keji Ogunleye on March 21, 2012 at 10:53pm

Thanks to all. The seller did not sign anything with REDC. They are not even aware this is an option because they keep ignoring the mails and calls from REDC. I called they yesterday and they've cancelled the file according to them.. so we can get this into equator in about 3-5days.

Permalink Reply by Jean Beymer on March 23, 2012 at 8:41am

I had this same problem.  REDC was great to work with.

 

We were working with REDC in the listing period and hit a small road bump once we had an offer. 

After running around in a circle between BofA and REDC...it was determined that I needed to be in the equator system in order for REDC to move forward.  Once BofA supervisor "unlocked" the portal that allowed me to input the file I was immediately contacted by my REDC representative and we were able to close in a couple weeks.  It was great once we got started on the right path.  Seller was given $3000 relocation fee at closing.