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Attorneys doing Short Sales???

Posted by Judith Sailors on April 27, 2011 at 9:17am in Short Sale Discussions
An agent told me that he has an Attorney that is directly connected with BOA. He supposedly gets him short sale approve in less then 15 days. Has anyone heard of attorneys working directly with the banks and getting quicker results? Not sure if I believe him...but would love to have a connection like that if it's possible. He wouldn't give me a name or number...of course.

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Replies

  • Michael Schneider April 28, 2011 at 3:20am
    Maybe, if the is BofA's outside counsel is a court foreclosure mediation process (eg, as in CT), submitting a short sale proposal.
  • Vanessa Calhoun April 27, 2011 at 2:19pm
    I agree with Steve....BofA services for over 1200 investors. Not sure how he's able to pull this off.
  • Steve Early April 27, 2011 at 1:51pm

    Hi Judith:

     

    My dad once told me ... "If it sounds too good to be true ..."    This advice has served me well.

    From a practical standpoint, Bank of America is a loan servicer for the overwhelming majority of the loans they handle as short sales. He would not only have to have one helluva contact with Bank of America, but he would also have to have contacts with multiple investors for whom B of A is the loan servicer. Some investors take 10-14 business days to make a decision. So he is telling you that his attorney can get Bank of America to review and recommend the short sale to an investor in 24-48 hours and they will get then get it to the investor and have them decide in an 8-12 business day window.

    I'm not buying it.

    Steve

     

  • Smitty April 27, 2011 at 1:49pm
    I agree with Jeff.  If it sounds to good to be true, it usually is.  They should be able to prove it if they're legit.
  • Jeff Payne April 27, 2011 at 9:34am
    I have not heard of it but wouldnt it be easy for the attorney to prove it?  Just ask for proof but I highly doubt that is the case.....
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