Replies to This Discussion

Permalink Reply by Tessa Wilborne on October 13, 2009 at 9:31am

I'm just experiencing a month old file having to be uploaded into the REOTRANS system which in my mind makes me think they are starting the entire process all over again.........Hopefully the buyer will hang in there.

Permalink Reply by MeLisa Minter on October 13, 2009 at 9:37am

Well I guess I'd better get started uploading one of my previously submitted ones to REOtrans. What a bummer!

Permalink Reply by Gary Simone on October 13, 2009 at 10:53am

Am closing one of these little devils tomorrow. Right from the start B of A told me it will take 8 weeks to assign this because it was a FNMA loan. It took 13 weeks to get a demand letter from them. Never told me why, just that was the way it was with FNMA. Of course by the time they said yes, the buyer walked and we started the merry go round all over again. From start to finish 5 full months. Seems that there are not 2 people in B of A that know what is going on. One person tells you one thing, the next person refutes that and so on and so forth. Even their own Vice President of Short Sales says they are not doing a good job. Now there is a real understatement.

Permalink Reply by Jeff Payne on October 13, 2009 at 10:56am

I just got another story from them, all of their FNMA files are getting reassigned and they are now doing away with phase 1 and phase 2 on FNMA loans, still don't know what that means but something has to change.
At some point, they need to be able to approve these based on the BPO amount and not need FNMA approval if the sales price is within a certain % of the BPO. In the case on one of mine, I found out the BPO is 130,000 and our offer is 130,500. Should be a no brainer and since BofA has no brains, it should be easy

Permalink Reply by Guy Lofts CRS on October 20, 2009 at 8:11am

I am on 9 months with BOA. one of my buyers walked and bought something else. Now BofA has such a bad name, no realtors want to touch them.

Permalink Reply by Bryant Tutas on October 20, 2009 at 11:35am

I'm still working 2 that I submitted back in April!! One I'm on my 5th buyer and they are getting antsy. I'll keep taking them but I quit stressing over them a long time ago.

Permalink Reply by Albert E. Manalo on October 21, 2009 at 5:29pm

Same here I've requested to push off auction date 6 times already. My file has been assigned to a negotiator for the 3rd time and no feedback.

Permalink Reply by Joyce Polega on October 21, 2009 at 6:31pm

Hello
I am new to short sales, I have a BofA short sale and just got assigned to an analysis. Is that the same as a negotiator. The buyers are probably going to walk. Do you continue taking offers for back up after you submit an offer? Any assistance is greatly appreciated.

Permalink Reply by Jeff Payne on October 22, 2009 at 2:45am

Joyce,
It depends on what type of a loan it is. FNMA loans no longer have "phases" but no one can tell me how BofA is handling them specifically.
Normally with BofA, be ready for 5 or 6 months...... Your file was most likely assigned to Phase 1 which really is the information verification phase, be sure to call regularly because they won't go out of their way to tell you if the file is active or dead. Phase 2 is the evaluation phase, the BPO is completed and the file is evaluated before going to the investors for Phase 3 approval. Each phase can and will take 6 weeks each if there are no problems and if you stay on top of them.
Best of luck, you came to the right place for answers.

Permalink Reply by Jeff Payne on October 22, 2009 at 2:46am

I forgot... I would suggest that you do NOT send more than one offer in, BofA struggles with one offer as it is.

Joyce Polega said:

Hello
I am new to short sales, I have a BofA short sale and just got assigned to an analysis. Is that the same as a negotiator. The buyers are probably going to walk. Do you continue taking offers for back up after you submit an offer? Any assistance is greatly appreciated.

Permalink Reply by Joyce Polega on October 22, 2009 at 3:46am

Thanks Jeff. So if these buyers back out today, should I let the bank know and submit a new buyer immediately or continue on with getting an approval and then spring the new buyer on them. It seems like I would want to start the process over as soon as possible from reading these blogs and forums.

Permalink Reply by Susan Neal on October 24, 2009 at 2:28pm

I have a short sale isting where the 1st and 2nd are both Countrywide/B of A. Everyone (buyers and agents) who sees the home loves it until they find out it is with B of A - then they groan and don't want to touch it. If they don't fix their process, they won't be able to sell any of their short sales pretty soon.

• ‹ Previous
• 1
• 2
• Next ›
• Page