Replies to This Discussion

Permalink Reply by joe beauchamp on July 19, 2010 at 7:25pm

Yeah, and I'll bet you are impressed that Obama's financial reform explicitly skips Fannie Mae . So, have you actually charged at the windmill? I do - different ones, but only Fannie directly once and that was a trip not worth repeating unless you enjoy seeing the worst of how tax payer money is treated...(Oh, are YOU still on my phone? Don't you know my donut is calling me?)

And riddle me another one, in equator you have avp, svp, vp, fvp. OK, FVP is fannie mae VP. I keep trying to figure her out - initially I hoped/expected it to be someone watching out for fannie mae at BofA. And, I've actually seen her do something. But, I have to believe it is more of a looking out for BofA to avoid fannie mae problems while sucking as much money out of them. Not that I can say I've seen her in action doing this, but I'd had some bad things happen that I find difficult to believe that fannie mae went way out of its way to kill an excellent short sale to just prolong a file being at BofA for over a year more, probably the property destroyed and sold for 1/2 of what they would have gotten - if it hadn't burned down by then. - So, do ya know? FVP does... what?

Ben Benita said:

Aahh, my friend Joe, starting to see the short sale light...

The ONLY problem with contacting Fannie or Freddie, they could care less (on some notes, they actually make more money foreclsoing b/c of how the bail out funds are structured).....

Also, Fannie and Freddie just so happen to have a VERY rich Uncle, his name is "SAM" that is footing the bill.....

Wait, correction OUR TAX DOLLARS are footing the bill for these losses

Permalink Reply by Nina Jihee Yoo, CDPE on July 21, 2010 at 4:06am

Good job Missy.

Permalink Reply by Debe Maxwell on July 22, 2010 at 12:02pm

Missy, That is great news! The sales price is scary though! Glad they were able to do a short sale and get it done so quickly on your first trip to Equator! I prefer Equator UNTIL we get to the very end (when we've all agreed and we're awaiting the HUMAN to approve the final HUD-1); then it gets hairy! We have nearly lost two right at the very end because no one would claim the file when it came time for the final HUD-1 approval. Could be that they were just on summer vacation--don't know but, it nearly gave me a stress ulcer!! The entire file was complete and we had signed the Closing documents and then NOTHING from them! I had to call in my 'favors' on two in two weeks--it was NOT a fun two weeks--AND I'm nearly out of favors!!!

Anyway, congrats!

Permalink Reply by Missy Caulk on July 22, 2010 at 12:48pm

Yea they tried to change the commission today to 5 after they accepted 6 all the way through. We resubmitted at 6%.

Debe Maxwell said:

Missy, That is great news! The sales price is scary though! Glad they were able to do a short sale and get it done so quickly on your first trip to Equator! I prefer Equator UNTIL we get to the very end (when we've all agreed and we're awaiting the HUMAN to approve the final HUD-1); then it gets hairy! We have nearly lost two right at the very end because no one would claim the file when it came time for the final HUD-1 approval. Could be that they were just on summer vacation--don't know but, it nearly gave me a stress ulcer!! The entire file was complete and we had signed the Closing documents and then NOTHING from them! I had to call in my 'favors' on two in two weeks--it was NOT a fun two weeks--AND I'm nearly out of favors!!!

Anyway, congrats!

Permalink Reply by Bryant Tutas on July 23, 2010 at 12:18am

Well done Missy. Remember equator always defaults back to 5%. I guess they are hoping some agents over look this :)

Missy Caulk said:

Yea they tried to change the commission today to 5 after they accepted 6 all the way through. We resubmitted at 6%.

Debe Maxwell said:

Missy, That is great news! The sales price is scary though! Glad they were able to do a short sale and get it done so quickly on your first trip to Equator! I prefer Equator UNTIL we get to the very end (when we've all agreed and we're awaiting the HUMAN to approve the final HUD-1); then it gets hairy! We have nearly lost two right at the very end because no one would claim the file when it came time for the final HUD-1 approval. Could be that they were just on summer vacation--don't know but, it nearly gave me a stress ulcer!! The entire file was complete and we had signed the Closing documents and then NOTHING from them! I had to call in my 'favors' on two in two weeks--it was NOT a fun two weeks--AND I'm nearly out of favors!!!

Anyway, congrats!

Permalink Reply by Stephanie Lim on July 24, 2010 at 3:24am

That's awesome! Congratulations!

Permalink Reply by Tracy Gibson on July 26, 2010 at 1:09am

Great Missy, it is always awesome to succeed and help your homeowners.

Can you throw some of that BofA luck over my way? Oh, right, mine are HAFA no luck or love there.

Permalink Reply by Lori Joiner on July 31, 2010 at 3:31pm

This is wonderful news Missy, congrats! I have done a few BofA short sales in the past and am noticing a trend of quicker responses, knowledgeable negotitors (well atleast the last one I worked with) and the buyers getting decent deals. Way to go and keep up the good work and you are correct........ you get everything just as they ask, your file is given immediate attention. Crystal Tesh, the negotiator at BofA, helped me understand the process. I asked her to give me the run down on saving time and getting these loans done quicker. She stated to not wait for the negotiator or closing agent to ask for the documents. If you have a signed hardship letter from the seller, 2 most recent pay stubs, 2 most recent bank statements, last two years of taxes, the mls listing and the purchase agreement, then most likely things will start to happen. If the purchase price changes, make sure to upload an amendment to the contract right away. I also upload a 1126 Form just incase because sometimes the MI company or the Investor will require such documentation. Here are a few tips to help you send an offer their way the first time.
1. Prepare your seller that they may ask for a cash contribution and or a prom note.
2. Before even getting a HUD made up by the title company, let the title company know that BofA will not pay doc prep fees, recording fees, wire fees, processing fees, admin fees, escrow fees. They will pay some attorney fees or Settlement fees, but not both. Make sure the title company looks at the taxes. They will pay prorated taxes and delinquent taxes, but you have to show proof of delinquent taxes. They do not pay any sewer or water fees.
3. If they agree to pay any HOA fees, they will request you to upload proof, so ask your seller to get a statement.
4. If the property is an LLC or business, prepare the buyer to pay full market value. I fought this tooth and nail, but they did not budge.
5. After the offers are accepted, they will ask you to upload an updated HUD to match their "Offer Worksheet".
Just an FYI, if the liens have MI, the negotiator may have to get more documents.

I cannot seem to find the email Crystal sent me with all the details, but if I do, I will certainly copy and paste here.

Permalink Reply by Missy Caulk on July 31, 2010 at 3:53pm

Thanks Lori, now the investor is asking for me. I have a good negotiator, asked why it was approved and now they want more .Will work on some of the fees being removed on Monday to hit the investor's amount they are requiring.


Lori Joiner said:

This is wonderful news Missy, congrats! I have done a few BofA short sales in the past and am noticing a trend of quicker responses, knowledgeable negotitors (well atleast the last one I worked with) and the buyers getting decent deals. Way to go and keep up the good work and you are correct........ you get everything just as they ask, your file is given immediate attention. Crystal Tesh, the negotiator at BofA, helped me understand the process. I asked her to give me the run down on saving time and getting these loans done quicker. She stated to not wait for the negotiator or closing agent to ask for the documents. If you have a signed hardship letter from the seller, 2 most recent pay stubs, 2 most recent bank statements, last two years of taxes, the mls listing and the purchase agreement, then most likely things will start to happen. If the purchase price changes, make sure to upload an amendment to the contract right away. I also upload a 1126 Form just incase because sometimes the MI company or the Investor will require such documentation. Here are a few tips to help you send an offer their way the first time.
1. Prepare your seller that they may ask for a cash contribution and or a prom note.
2. Before even getting a HUD made up by the title company, let the title company know that BofA will not pay doc prep fees, recording fees, wire fees, processing fees, admin fees, escrow fees. They will pay some attorney fees or Settlement fees, but not both. Make sure the title company looks at the taxes. They will pay prorated taxes and delinquent taxes, but you have to show proof of delinquent taxes. They do not pay any sewer or water fees.
3. If they agree to pay any HOA fees, they will request you to upload proof, so ask your seller to get a statement.
4. If the property is an LLC or business, prepare the buyer to pay full market value. I fought this tooth and nail, but they did not budge.
5. After the offers are accepted, they will ask you to upload an updated HUD to match their "Offer Worksheet".
Just an FYI, if the liens have MI, the negotiator may have to get more documents.

I cannot seem to find the email Crystal sent me with all the details, but if I do, I will certainly copy and paste here.

Permalink Reply by Missy Caulk on July 31, 2010 at 3:55pm

Asking for more, not me....lol...tired

Missy Caulk said:

Thanks Lori, now the investor is asking for me. I have a good negotiator, asked why it was approved and now they want more .Will work on some of the fees being removed on Monday to hit the investor's amount they are requiring.


Lori Joiner said:

This is wonderful news Missy, congrats! I have done a few BofA short sales in the past and am noticing a trend of quicker responses, knowledgeable negotitors (well atleast the last one I worked with) and the buyers getting decent deals. Way to go and keep up the good work and you are correct........ you get everything just as they ask, your file is given immediate attention. Crystal Tesh, the negotiator at BofA, helped me understand the process. I asked her to give me the run down on saving time and getting these loans done quicker. She stated to not wait for the negotiator or closing agent to ask for the documents. If you have a signed hardship letter from the seller, 2 most recent pay stubs, 2 most recent bank statements, last two years of taxes, the mls listing and the purchase agreement, then most likely things will start to happen. If the purchase price changes, make sure to upload an amendment to the contract right away. I also upload a 1126 Form just incase because sometimes the MI company or the Investor will require such documentation. Here are a few tips to help you send an offer their way the first time.
1. Prepare your seller that they may ask for a cash contribution and or a prom note.
2. Before even getting a HUD made up by the title company, let the title company know that BofA will not pay doc prep fees, recording fees, wire fees, processing fees, admin fees, escrow fees. They will pay some attorney fees or Settlement fees, but not both. Make sure the title company looks at the taxes. They will pay prorated taxes and delinquent taxes, but you have to show proof of delinquent taxes. They do not pay any sewer or water fees.
3. If they agree to pay any HOA fees, they will request you to upload proof, so ask your seller to get a statement.
4. If the property is an LLC or business, prepare the buyer to pay full market value. I fought this tooth and nail, but they did not budge.
5. After the offers are accepted, they will ask you to upload an updated HUD to match their "Offer Worksheet".
Just an FYI, if the liens have MI, the negotiator may have to get more documents.

I cannot seem to find the email Crystal sent me with all the details, but if I do, I will certainly copy and paste here.

Permalink Reply by Bryant Tutas on August 1, 2010 at 12:25am

Missy. The approval through Equator, unless it's the actual demand letter, is just a preliminary approval subject to investor and MI (if any) approval. It is a "guestimate" of what BofA feels the investor will accept. Until you have a full blown written approval you are still negotiating.

Permalink Reply by Missy Caulk on August 1, 2010 at 1:36am

Thanks since it was my first time using Equator I didn't know. As they accepted first go round and we are still tweaking it. Ugh...not too far off and I am sure it will come together. Just frustrating, first the commission change, then a few fees they won't pay.

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