Co-Op Short Sale Assignments
Replies to This Discussion
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Permalink Reply by Bryant Tutas on
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Thomas. I have never heard of them an they only show up one time in a Google search and that's for your post. That's a HUGE red flag to me.
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Permalink Reply by Thomas Zdanowicz on
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Bryant, I am pretty optimistic about this. It seems like a pretty good idea and they say they beta test it out in Arizona and it worked well. We'll see, I'll be sure to report on the success.
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Permalink Reply by Kelly on
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RED FLAG to me too.
Bryant Tutas said:Thomas. I have never heard of them an they only show up one time in a Google search and that's for your post. That's a HUGE red flag to me.
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Permalink Reply by Gabe Sanders on
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I would call Bank of America and verify. Red Flag is waving at me also.
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Permalink Reply by Dawn Harmon on
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I have heard this concept is gearing up at BofA and Citi..........but have not heard of that company......
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Permalink Reply by Maria L Ramos/Broker on
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Never got one and I do lot of BOFA short sales.
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Guys, the reason I am very optimistic with it and I should have included it ahead of time is that RE/MAX has a Short Sale Initiatives Program and they are working with Citi and Fannie Mae on something similar. Bank of America is also part of the initiative.
I think other Brokerages are working with them as well, I know a Weichert agent here in NJ who was also contacted by DTS.
This initiative was reported to us RE/MAX Agents about 5 months ago and they told all us agents who do short sales to keep you profiles updated with your activity. I believe Fannie and Citi are still beta testing. As for the scope, the following message has been posted on our RE/MAX Intranet site for some time now:
Bank of America Alternative Right Party Contact
Scope:
The Alternative Right Party Contact (ARPC) program is a joint effort through which RE/MAX, Bank of America and Dignified Transition Solutions (DTS) reach out to preselected distressed homeowners and guide them through a Short Sale.The initiative began in May 2011 as a pilot program in Arizona and Nevada. It has since expanded to include nearly 10,000 properties in all 50 states. If its initial success continues, more than 60,000 properties could be assigned to RE/MAX Associates in the first year.
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Permalink Reply by Jeff Payne on
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Thomas, Keller Williams is part of this incentive program, I know first hand as I was a contributor to the Citi Mortgage short sale mastery tour and have been involved with Bank of America also.
I have ZERO optimism in this program as it is a pilot program that will never go mainstream. You really should do plenty of research on this company, there is not much out there about them. Don't get your hopes up.
Quick question for Thomas, do you close many short sales or are you looking for something to help you break into short sales?
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Permalink Reply by Robert Todd Schroth on -
How do we research it and get signed up for it...
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I don't know, I checked the Bank of America Short Sale Resource Center and there is no mention of it for individual agents. Depending on what brokerage you work for, I would ask upper management if they are working with B of A on it.
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Permalink Reply by Kathy Dyer Realtor Rosevillle Ca on
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I want to add something that happened to me about these 3rd party companies Bank of American uses. A word of caution!!!!
AMS was assigned to me on a HAFA short sale. It was denied due to MI not approving which we did not we had. Then we call B of A back and tell them we want to go for a Co-op. We had to go back to AMS and tell them that we were closing the file for Hafa as they did not do that when they should have . We told them we were going after Co-op.
We call back B of A to start that program and we had to wait many weeks to get out of HAFA. Every time we initialed the SS, they automatically put you back in Hafa. He homeowner has to call to get out of HAFA. It took us 3 times to get out of HAFA. We were already frustrated.
Then without me knowing, AMS sends new paperwork to my client and solicits them for Co-op and starts the file without B of A knowing. The paperwork is signed to start the program.
In the meantime more paperwork comes from B of A in an email. How many times do they lose our documents, so I send it to my clients and they sign it. B of A has me fax all the documentation to them for the short sale. This all happened when the Co-op program was brand new so everyone was telling me different things.
Now I get an email task in EQUATOR to set up the short sale and now I have to upload all the paperwork. I told them I already sent all the docs to B of A. They said that they are the ones to work with now and that B of A does not handle the Co-op program on Equator. AMS sets me up in EQUATOR and we are on our way. I follow up with all the tasks with equator.
After 2 months, I get an email from B of A telling me what price to market the property at so I do that and receive an offer. B of A tells me to fax the offer into them so I do. I call AMS to follow up with the file and ask them why I have ” valuation” as a task still on the file. They are confused and I tell them that I already have an offer and B of A told me to fax it in. I tell them who sent me the email and AMS says that that person is not on their system and have no idea what I am talking about.
I made a BIG STINK and ended up taking way up with senior management. She is very honest with me and tells me that AMS solicited the home owner since they already had them on the file with HAFA. She said that we could do the short sale with B of A, and yes they do Co-ops themselves, but they would have to start the whole program all over. We had to go with AMS since the clients signed with them.
I don’t trust AMS any more.
Who do we trust???
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Permalink Reply by Ray Snook on
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Kathy
EXACTLY the same thing happened with a listing I had earlier this year. 3 times the seller called to decline HAFA. I even have emails from a supervisor at BofA who was trying to get it sorted out, but eventually she stopped taking my calls and didnt reply to emails.
Eventually I could not save it from foreclosure - after so much time was wasted by the nonsense with AMS and HAFA and BofA and Equator, I received a call after 5 months of back and forth stating that if the buyer did not pay 16,000 over the market value (and higher than their offer) that it would go to auction. They gave me 10 days to close it if the buyer accepted that. I could not possibly get it closed in that time even if the buyer was prepared to pay over market, and it went to foreclosure. They had no intention of doing the short sale in my opinion.
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