Comment

Comment by Ismael Medina on February 25, 2014 at 3:45am

Has anybody encounter problems calling the short sale dept in the last few days?

Comment by Ismael Medina on February 24, 2014 at 6:45am

Working on an FHA Short Sale with a high offer.  Started the process but the SS has not been initiated by BOA after 20 days from initial contact.

Does anybody have an escalation Tel. No. I can try?  Now the regular telephone number is not even working. 800-669-6650.

Comment by ElizabethWeintraub00697006LyonRE on January 9, 2014 at 7:43am

Your client is ignorant and depending on you, most likely, to educate her. If she listens to you, she won't be tempted to mess around with a third-party negotiator in some other state that may or may not be licensed much less competent. If she doesn't, you don't need the headache.

Comment by Shel-lee Davis on January 9, 2014 at 5:05am

@Barbara - Beware using seller requested negotiators that you do not personally have a history with.  I got rooked into this with a seller last year.  Going on 12 months and these people only communicate with the bank when I threaten them.  Have lost 2 buyers in the process.

Plus, in my state the negotiator of the file has to be either a real estate agent or attorney, licensed to do business in my state.

Last, an uncooperative seller (especially one who is dictating to you how to run your business) is NEVER a good thing to have in your pipeline, and even worse when you are dealing with a short sale.

If I were you, I would run from the "opportunity".  It will end up costing you money, time, and the ability to work with someone who really deserves your attention and skills.

Comment by Helena Kaucheck on January 8, 2014 at 6:16pm

I am a realtor and licensed LO for 3rd party SS. I've worked with BofA a long time. They do not pay 3rd party fees. A buyers request for 3% closing cost (which I'm assuming that's how they will position this) is not guaranteed. If this is a Fannie/Freddie they will not pay for any 3rd party and have actually cut some costs including title fees. Lastly, there may be a SS Arms length that needs to be signed and those will outline no benefits back to the buyer or seller. Hope this helps.

Comment by Evelyn Santiago on January 8, 2014 at 5:17pm

3rd party negotiators - forget it!  It's hard enough to get attorney fees and regular closing fees paid- check you state real estate laws - they might not even be allowed.

I would talk to the seller and explain that if she wants the home sold that she needs to allow you to do your job and process the short sale yourself.  Hard enough getting short sales approved without adding additional fees.  In IL in my local market buyers rarely will pay additional fees, and lenders are very strict on what is on the HUD-1.  Too many red flags!  Good luck!

Comment by Barbara A. Reagan on January 8, 2014 at 5:12pm

I didn't think it sounded very kosher! This particular seller lives in another state & has a good friend who is a Realtor licensed in that state but not Virginia who is giving her advice on the side. I guess I need to talk to that company but if she insists that this company be used I may have to turn down this listing.

Comment by Thom Colby CA Brkr 888-391-5245 on January 8, 2014 at 5:07pm

@Barbara - scam, stay away.   That 3% credit back to the Negotiator will never happen and someone will be responsible for it.  Is the negotiator licensed in the state where the property is located?  Good luck!

Comment by Barbara A. Reagan on January 8, 2014 at 4:58pm

I am getting ready to list a BofA short sale in Virginia. The seller lives out of state & wants to use a company in her current state to handle the short sale negotiation. According to her ther buyer has to pay this company's fee of around 3% but at closing BofA will give a credit to the buyer so the buyer isn't really going to pay anything, which makes no sense to me. In addition there will have to be a separate settlement fee for the local attorney to do the sellers side of the closing, which may get reduced or eliminated by BofA. Has anyone seen or heard of this? Is this common? Are there risks I should be aware of? Will this arrangement cause problems for the buyers lender with these new mortgage rules that are coming on board in a couple of days? Thanks for any insight!

Comment by Thom Colby CA Brkr 888-391-5245 on January 7, 2014 at 6:05am

@Bill - Good luck !  About 2 years ago I had a similar situation on a condo in Newport Beach CA.  We were in the final days before closing and the water heater burst in the unit above our unit.  That owner was out of the country and since no one could enter it, hundreds of gallons of water flooded our unit for many hours before they shut the main water to the entire complex off.

Long story short, I sent multiple photos to the negotiator to get an insurance claim made (the buyer was willing to move forward but at a lower price.....)  Neither the negotiator nor the insurance division ever responded.  A few days later I got a Short Sale Decline Letter and it went to foreclosure a couple of weeks later. 

I sent a letter to BofA outlining the damage (full disclosure) and I uploaded all the photos of the flood damage to the MLS.  The property has gone to foreclosure a couple of times and has never sold.  Prior to each FC sale I've been contacted by many investors about the property and I simply tell them the honest truth.

Good luck!

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