Replies to This Discussion

Permalink Reply by Michael Rigley on November 20, 2011 at 5:26am

The courses and designations are geared more toward the REO side than the short sale side. The advantage to being near the top in REO is when an asset manager who does not have an agent in that area is looking for one. The same goes for the extra zip codes. The only real advantge is again for REO. Most asset managers have their favorite agents and assign them properties regardless of what the designation or zip codes are. I would save your money

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Permalink Reply by Natalie Arndt on November 20, 2011 at 5:50am

Thank you Michael.

Have a very Happy Thanksgiving.

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Permalink Reply by Mike Horton on November 20, 2011 at 12:54pm

Go to BOA realtor support site and take their equator training for free. Look for help on equator. Don't waste your money.

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Permalink Reply by Natalie Arndt on November 21, 2011 at 3:36am

Thanks Mike.

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Permalink Reply by Napua Lucas on November 20, 2011 at 3:54pm

I did not take any classes either.  I would be more impressed though if some of the BofA reps and negotiators took those classes!  Some of them don't even read their emails!!

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Permalink Reply by Isabelle Javier on November 20, 2011 at 7:02pm

HA HA HA HA . Love it! How true.

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Permalink Reply by Natalie Arndt on November 21, 2011 at 3:37am

They added 3000 negotiators and two years ago they only had 200 so let's hope BOA is doing better now.

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Permalink Reply by Jeff Payne on November 21, 2011 at 4:20am

What is it that you would want to learn from Equator?  We have an Equator Representative that is a member here.

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Permalink Reply by Natalie Arndt on November 21, 2011 at 4:59am

Jeff,

Information that I received from BOA real estate quide on Equator seems self explanatory but I would still prefer to get some videos to understand little better Equator.

For example, I placed all of my sellers information in Equator and we were immediately placed in possible HAFFA route. My clients decline HAFFA route and than we were immediately placed in BOA coop program that has been outsourced to REDC. In Equator it was specified that file was transffered.

My clients called REDC and asked for them to decline file. I called BOA today to make sure that file was declined.They said they had no evidence that my client talked to REDC.Now my clients will be calling BOA and having a 3 way conversation with BOA and REDC in order for BOA to document that conversation took a place.I wish I knew that if I did not have an offer I should not have even started a file considering that the file automatically goes into possible HAFFA program and than into BOA coop.

If I had that knowledge with equator upfront I would have not uploaded information and I would have waited to start process once we have an offer.

The reason why my clients are reluctant to take either HAFFA route or BOA coop route is that many of my colleagues have issue in our area of BPO setting too high of listing price and as you know HAFFA and BOA coop give us 120 days to market the property. In my listing's neighborhood there are many short sales and foreclosures very competatively priced and sitting on the market for a year or so.

We live in a state with judicial foreclosure and things are not moving fast here as far foreclosures taking place so my clients best option is a regular short sale route.

Please give me some feedback on what has your experienced been lately with HAFFA BOA, BOA Coop and regular short sale with BOA. Our loan is conventional and we only have one mortgage.

Also found out that our PMI is RMIC and that is a good news because BOA has authority to overide RMIC.

YEAH!

Natalie 

 

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Permalink Reply by Donald Johnson on November 23, 2011 at 4:26am

That's because they're too busy now watching their stock fall back into the penny stock category. BoA is in deep trouble and when the European meltdown hits home they will cease to be Bank Of America, rather "Bankrupted Our American" homeowners (guess they're kind of like a BOA Constrictor - lol). Regulators are all over them, despite Dover's optimism, the facts speak loud, they're not lending on property, only credit cards and car loans, both of which are extremely high risk practices and to top off their toxic pile from ML & CW, so how are they making money? Not paying investors (stockholders) for years now, while taking "Bonus Pay" for a job well done??? WHAT??? By selling off $100 billion in bad loans (discounting paper down to 10-30 cents on the $ at current prices - which is much further than what they could have settled the note in a short sale or auction). BoA will cease to exist, too big to fail? So was - what was that name again ... oh yeah ... Lehman Brothers!!!

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Permalink Reply by Natalie Arndt on November 28, 2011 at 8:00am

I refer to Bank of America as Bend over America.

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Permalink Reply by Cindy Nordstrom on November 21, 2011 at 4:42am

I never took an Equator class. I have so many people I can use for resources and the bank does help. It's a pretty user friendly program and if you are even mildy computer literate you can make your way through it. I wouldn't mind taking a class just for tips but am not willing to pay for it.

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