So Much For Keeping Banks Out Of Real Estate!
Hi folks. Many of you may know that the Short Sale lenders are start to get very proactive with getting short sales approved and closed.
Some of the lenders are even paying the borrowers to do a short sale.
All of this is good except for the part where they are also staring to completely control the real estate transaction.
I really like streamlined short sales but I’m not sure I like this little diddy I received form Bank of America:
- “Borrower is in a streamline Cooperative Short Sale program. We require 3 open houses and a broker tour. List price is determined by the bank’s pricing tool.”
Open houses? Broker caravan? Really?
How can Bank of America have any clue of what works in MY market? The answer is they don’t.
Fortunately for me I sold this property in less than a week at full “approved” listing price. Now lets just wait and see how long it really takes to receive the written approval on my approved streamlined short sale. Want to start a pool?
Comment
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Comment by Tara Samney on December 20, 2011 at 5:50pm
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I'm fairly certain holding an open house at one of my listings would be hazardous to my safety. Nice.
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Comment by Jeff Payne on December 20, 2011 at 10:16am
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I am sure they dont check on it. Tell them you did it. Maybe you can say that there was a open house after the vagrants opened it.
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Comment by Bryant Tutas on December 20, 2011 at 9:42am
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Jeff. I won't be holding any open houses in delapidated vacant properties :) I can already see them coming back with a price that is way out of line and then expecting the agent to spend money on open houses! Maybe I say I did and just don't. I doubt BofA will coming to the open house. Even better I'll have a virtual open house.
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The banks pricing tool? Tool is a good term for the person that tries to price the home without hiring an appraiser or agent to do a BPO :)
The open house and broker tour thing is not a big deal I guess, just hold the 5 minute open houses and be the broker that does the tour?
This is just another way for Bank of America to appear like they are being proactive.
If they want to streamline the process, why don't the skip all of the nonsense and require that the seller establish a hardship, order an appraisal and if the value is within a certain %, approve the deal. All they shoud be worried about is line 504 of the HUD-1 and just to satisify their "fraud" hunger they can get an arms length transaction doc signed by the buyer and the seller.
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