I just got an approval on a BAC/Freddie Mac short sale in 20 days from the time I initiated the offer on Equator. It was a new offer on a listing that I just took.
I wish they all went this smoothly :)
Hope I didn't just jinx myself
You need to be a member of Short Sale Superstars to add comments!
**********************************
like buttons
Replies
I like dealing with BAC traditional short sales they are doing a fantastic job. I can usually get those done in 15 to 35 days. However, it is the third party vendors they are using for their HAFA program that are awful. I sincerely think that they don't have a clue what they are doing. The worst of the vendors is AMS then UTLS is a very close second. They never call back their hold times are usually in upwards of 35-50 minutes. According to my phone that logs everyone of my calls -- AMS calls average 46 minutes until a live person answers. Both of their customer service departments lack knowledge. They have supervisors that don't know the HAFA program therefore chose not to call back. I don't know why BAC doesn't get rid of these companies and do the HAFA short sales themselves. Is anyone having the same problems with these companies?
Richard, I figured it out, we tried to time everything so that the seller would move out at the end of October, well now he has to move a month earlier. Oh well. My fastest short sale was 2 days but it was a different lender.
Richard said:
It is a master listing agreement with BAC. They usually have a few agents who work the REO in each area. I was actually recommended by someone in their short sale department as an REO agent.
They are alot of work and alot of time and ALOT of money upfront. I know agents who have hundreds of thousands of dollars paid out for repairs and maintenance, the agent has to pay up front and BAC reimburses. I have no more than 20K out at any time and that is nerveracking enough.
Smitty said:
Jeff,
You must be living right!! That sounds like a world record. Hard work and savvy pays off. Good for you.
Rich