BOA declines Short Sale because of lack of marketing????

BOA is declining short sale file due to the fact that they could NOT find the address on active status on ZILLOW ?????? I have send the MLS and history showing a continious marketing on the MLS directly from our MLS system.  BOA "complaince department" says that those MLS are NOT acceptable they have to go to what the public site is showing. Is BOA for real?  Please help! I am loosing my cool here...

Thanks for all your help in advance,

Wanda Martinez

850-596-1205

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Permalink Reply by Nate Gerard on April 1, 2012 at 3:56am

Many have given suggestions for the current situation. I'd like to address the: "How to avoid this in the future side of things". Does your MLS allow for a status of "Acvtive with an accepted offer that has a contingency"? In Minnesota, we keep the property active until all contingencies are satisfied. Since Zillow and Trulia don't have this status, they keep the listing as active. It also doubles as a lead generator as well.

Also, like it or not Zillow and Trulia are here to stay and I devote a couple bucks each month to having my listings featured. My package allows up to 10 listings andthey have a package for more listings too. I decide which of my listings are featured and that way NO ONE at BOA can deny that they were properly marketed.

 

This is a great reminder to all of us to market our short sales just like traditional ones and not just to rely on price as the main motivator for a buyer.

 

Thanks so much for sharing!

Permalink Reply by Pat Orr on April 1, 2012 at 4:06am

Wow, what power Zillow holds! I wouldn't want this to escalate either - there's enough hoops to jump through on a short sale, but maybe BofA needs a media exposure for this to get their heads on straight!

Permalink Reply by Jennifer Luna SFR on April 1, 2012 at 4:25am

I know from past experience Zillow and Realtor.com has issues with listings that use map coordinates in the addresses. Also commercial buildings do not always show up on Zillow. You have to use Postlets.com and then it will pop up on Zillow.

Permalink Reply by Gary J Hirdler on April 1, 2012 at 4:41am

You may be a victim of "too much insider trading"  I have dealt with, and I have first hand knowledge wherein the listing agencies where engaged in insider trading. These are just a few examples -- The property was listed, but remaind on hold status that then went immediately to pending. My favorite was listing but never allowing a showing. Just could not find the time until they had it sold. During the bottom of the downturn (late 2009) I ran up against one listing agency that was buying their own listings through straw buyers. ALL TRUE!

Ask this question; How many ways can you think of to keep a sale exclusive?  Maybe the banks have finally wised up?

Permalink Reply by Las Vegas Short Sale Queen on April 1, 2012 at 4:46am

Hi Wanda,

I completely understand your frustration!! Of all the insane things BAC has done, I've not heard of this one yet. If you're processing the short sale through the Equator portal, I would recommend writing to the negotiator and CC'ing all the others, (VP, Asset Manager, Team Lead, etc.), to inform them that the bank has never requested homes be listed on Zillow before, and Zillow estimates the values to be less than what they actually are, which is NOT in the best interest of your client. The net is the bottom line for the bank, so you may want to let them know that the property IS ON the appropriate RE sites that help get the most money for the property, (Realtor.com, Trulia and so on). The banks need to be consistent. Hope this helps you!

 

Permalink Reply by Wanda martinez on April 2, 2012 at 6:00am

Thanks  Mary,

This is totally escalating beyond our limits.  BOA in general has never been there for its clients or realtors; for whatever reason most of them NOT all but these employees feel that is them and tthen us (in two different teams???) . 

 ZIllow has been very clear, transpired and a good sport.  They even send BOA an email establishing that NO lending institution is to use any of their information as a total clear information b/c it is againt their agreement to use this site :)

I tell you it has been totally unfair on their part againt  these buyer agent, buyer and seller.

Permalink Reply by Patricia Mealy on April 1, 2012 at 5:28am

Did you get to all the supervisors listed in equator? Call in ask to the negotiators supervisors. If they won't give you the phone number hang up and call again. According to the fair debt relief act they have to give you contact information of supervisors. One day I called they refused to give me information, hung up called back next person gave me the list of the people up to 3 levels up. Banks use AVM's to evaluate. Not Zillow. can you prove it is on Realtor.com? The most used public site?.Who is the back end investor? Call them direct tell them.   You need the director of the compliance department too maybe. You have heard of Dial and smile? Dial and talk like your smiling but keep growling inside. Dial and growl will just shut people down.

The down side of equator is it being all on line. When there is an issue the negotiator hides behind the email approach. You need the personal touch. Even a voice to voice can make people more receptive to your point of view.

I can already tell you will get this done. You have come here looking for assistance. Your persistance will pay off.

GOOD LUCK have a drink and toast yourself when this one is done! 

Permalink Reply by Wanda martinez on April 2, 2012 at 6:02am

I will Patricia and keep you inform in what happenes here.  When I have my toast either way we will do that as a great group thou :)  A group of Realtors tryingto help the industry and NOT keep it the way it is....

 

I finally got upper managment involved but I dont know????

will see,

WDA

Permalink Reply by Brad Andersohn on April 1, 2012 at 5:51am

Hi Wanda - Brad from Zillow here.
If there's anything I can do to help, let me know. :)

Permalink Reply by Wanda martinez on April 2, 2012 at 6:03am

Brad, You guys have help me tremendously and for that we really thank you.... It is BOA not you guys...

 

Thanks a million,

WDA

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on April 1, 2012 at 5:55am

This is going to be an interesting dilemna going forward.  Here in SoCal, there is a movement to NOT aggregate listings to several of these sites by many Brokers / Brokerages both large and small. 

 

Since when does a LENDER dictate how or where a property is marketed?  As a Broker, if I make the decision not to aggregate my listings to a certain aggregator for business reasons, that is none of the Lender's concern.

 

Lenders are edging their way into Real Estate - whether it be BofA and the Zillow issue or ING requiring the use of their Title and Escrow while not providing a HUD to the Buyer, Seller, Brokers or Agents until closing - they are getting into our business and in fact "may" be performing duties requiring a license.

Are they going to require that we enahnce our listings on websites they determine appropriate?  What's next? 

I think this is just the "tip of the iceberg"

 

Thom Colby

Broker

Newport Beach and Palm Desert CA

Permalink Reply by Wanda martinez on April 2, 2012 at 11:44am

You were a great help Thom since we talked last week I have been follow 3 deep to see what the issue is and it has changed so many times it is NOT even funny.... but all relates back to Zillow.  ZIllow on the other hand have send BOA a letter to stop using them b/c they are a third party web and its against the users agreement for any financial institution to use them at all.  They are here only for the PUBLIC.  Either way we are NOT giving up until BOA make up their minds....

Thanks again,

Wanda

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