If you could ask Bank of America one question, what would it be?

Good morning superstars, hope you are having a great week!

I want to pose a question to you.  Let's keep this high level and focus on a solution.  Lately there are alot of posts about Bank of America.  Alot of talk about issues with Bank of America short sales.

If you could ask them one question, in one sentence, what would it be?

Please nothing derogatory and nothing about a specific property.  A general question about their short sale process.

What I want to do is see what question comes up the most and then I will forward that question to someone at Bank of America who I know listens and who I know is a solutions based person to see what his thoughts are.

My question:
Why is there such a restrictive policy on switching to a new buyer after the first buyer falls out?

 

Anyone care to send me their question?

 

Views: 1416

▶ Reply to This

Replies to This Discussion

Permalink Reply by Jeff Payne on April 9, 2012 at 5:08am

David, I find it rare that BofA cuts the commission, can not remember that last one, I got 3 approved last week and none had commission cut.  One was both sides.

Permalink Reply by Roselena Dellamary on April 8, 2012 at 7:08am

Sellers receive a HAFA approval letter. Are instructed to put house on Market at $$$ and to forward offer which will be reviewed and an answer will be given within 10 days.  Why has it taken more than 60 days and still no answer??? Have several files in this situation! Offers were very good offers at $$$ requested by BofA. I'm in direct contact with negotiatior and /or escalation but every day its 'something else'. The something 'else' is not that we are missing paperwork. It's some internal task that BofA has to take care of.

 

Permalink Reply by Lynn Pineda on April 8, 2012 at 8:15am

So many questions Jeff, but I"d ask: Do you think there will ever be a day where the Short Sale routinely gains written approval of a Buyer's contract within less than 30 days and what would the criteria be in order to meet that goal?

Permalink Reply by Dean E Eshelman, CPA, CDPE, IRES on April 8, 2012 at 8:30am

Why do you have to be such ****** and can't recognize we have a problem to solve and really work together to solve it. Why don't you get that?

Permalink Reply by Cathy Baumbusch on April 9, 2012 at 12:12am

Why is the procedure to complete a BofA short sale different every time? Why is the procedure different if I am working through your vendor (LR) rather than directly with someone from BofA? (Ok, that was two questions.)

Permalink Reply by Wendy Smith on April 9, 2012 at 1:26am

My question would be relative to HAFA short sales, the SSA provides that if the property doesn't short sale within the specified period, the borrower agrees to a DIL - what compensation does the agent receive for all the hard work? Or asked in another way, is BoA one of those servicers that pay agents 1% to help facilitate the DIL?

 

I really need the answer to this question.  I think perhaps Stephanie Lowe would be able to answer this question - thoughts?

Permalink Reply by Keri Sweetland on April 9, 2012 at 3:22am

Beyond the above question...Why must we restart a file from scratch when they decline a file. I had one accidentally declined by LRC (usually this happens with an LRC file) and it took myself and a manager at BOA a full day to reopen and get the file back to where it was at. THANK GOODNESS I got a supervisor willing to handle this for me as we were ready to send for final approval on a non-delegated file (arrggghh!!!). Also, why do we even have to work with these outsourcers like AMO, AMS, LRC, etc...etc...etc...it does NOT improve the quality of service and limits our ability to escalate the files when an error arises.

Thank you!

Keri :)

Permalink Reply by Nazila O'Flanagan on April 9, 2012 at 5:06am

I so agree with the first question.  Since BofA already approved the first buyer,  why do we have to go thru the whole process again with a new buyer? I think it's such a waste of time for us Agents that work so hard, especialy with gas prices continuing to increase. We alll need to get paid faster.

Permalink Reply by Jeff Payne on April 9, 2012 at 5:12am

Good questions everyone.  I will see if I can get some answers.  BofA watches this site and they pay attention to what we are saying on here.

@Nazila  I think that last part of your answer could be part of the issue because it is not about us, it should be about the customer/borrower.  We can control our situation, the borrower can not always control thiers.  We can control whether or not we take the short sale listing.  Quite honestly the bank shouldn't care about your time, gas prices and your pay, those are all things you can control...

 

Permalink Reply by Denise Orrico on April 9, 2012 at 7:45am

One question to BofA...."Why is it that 2 out of 10 of our equator files get cancelled due to 'erroneous error'?" Total deletion of the entire file-

We contact the same gal for the same issue- At least she knows us by name!!! Sometimes we have to reload the entire file, other times it's just a "re-start" of the file...Just such a time wasting, wart on my ass-type issue...

I really didn't have any BofA unanswered questions but because this issue happened again this morning, I figured I would put it out there- Today we were going to upload a counter-offer and the file was closed-

 Anyone else have this happen to them? 

Thanks Jeff!    

Permalink Reply by Phil Levy on April 10, 2012 at 1:14pm

I just had a Third Party Authorization rejected because someone at BofA was confused by the spelling of my name.   This exact form was previously accepted by BofA on the same loan - only different buyer.

Permalink Reply by Phil Levy on April 10, 2012 at 1:11pm

Seems as if BofA has now outsourced at least part of its administration to India.  If true why would BofA add this complication to an already difficult and tenuous process?

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************