bank of america short sales: If You Don't Believe Me, Take it from Bank of America
- 02/11/13 06:47 AM
If You Don't Believe Me, Take it from Bank of America
No matter how many times I tell folks to ignore the remarks, "Bank has already approved the Short Sale," in the remarks of a Short Sale listing, there is still some contingent of folks in our industry who fall for this every time. There is no such thing as a "Pre-approved Short Sale." There are bank suggested listing prices, or acceptable nets to the bank, but this does mean that a Short Sale is approved. Part of the approval process is actually laying eyes on the purchase contract. Approving the … (49 comments)
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bank of america short sales: Why I Continue to HATE Bank of America
- 12/26/12 08:16 AM
Why I Continue to HATE Bank of America
My Mom used to say that hate is a strong word. As I kid when I used it, she said I shouldn't. Well, I can't think of another word to describe my feelings for Bank of America other than completely contemptuous.
The majority of Short Sales I deal with in Northern Virginia, for whatever reason, seem to be with Wells Fargo. I LOVE Wells Fargo. They are direct in their communications and deliver on their time lines. When they tell you a policy, they don't go back on it. Bank of America … (12 comments)
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bank of america short sales: Bank of America Steps Up the Short Sale Negotiation Process
- 03/28/12 04:17 AM
Bank of America Steps Up the Short Sale Negotiation Process
About a week ago, Bank of America sent out a new third party authorization form to Short Sale Agents. They will no longer accept any other third party authorization form. So what's so special about Bank of America's new third party authorization form? Well for starters, you have to be a licensed real estate agent or attorney in good standing with your licensing board to be authorized to speak with Bank of America regarding Short Sales.
It's about time! I've been preaching this one since 2007. In the Commonwealth of Virginia, … (6 comments)
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bank of america short sales: Bank of America Cooperative Short Sales Aren't So Cooperative
- 01/08/12 11:09 AM
Bank of America Cooperative Short Sales Aren't So Cooperative
This isn't a news flash to any Short Sale Agent who's been dealing with Bank of America Cooperative Short Sale, but Bank of America Cooperative Short Sales are anything BUT cooperative.
The concept behind the Bank of America Cooperative Short Sale is a solid one. Bank of America reaches out to distressed home owners who are behind in their payments and suggests a Short Sale if loan modification has failed. The home owner gets relocation money from Bank of America, Bank of America doesn't have to spend the legal fees foreclosing on … (45 comments)
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bank of america short sales: Short Sale Karma: Bank of America Screws Bank of America
- 11/10/11 01:33 PM
Short Sale Karma: Bank of America Screws Bank of America
It was bound to happen. Bank of America, having swallowed the infected and diseased Countrywide Home Loans, had been giving the finger to distressed home owners for years. Difficult Short Sale transactions that made picking up a fork and sticking it in your eye seem somehow preferrable to one more phone call with the Bank of America Short Sale Team. And just when you are assured that Bank of America Short Sales are easier, the negotiators more competent and pleasant, the process smooth as silk....well...another Bank of America department comes into the equation.
Yes, … (7 comments)
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bank of america short sales: Is Loan Modification a Scam by the Banking Industry?
- 10/04/11 05:47 AM
Is Loan Modification a Scam by the Banking Industry?
How many people actually hear of success stories in the world of loan modification? I'm a Northern Virginia Short Sale Agent, and as such, I meet people every day that have been denied when they apply for loan modification. In fact, I've only met one family that had their loan successfully modified. When they did sell their home, they found out that they owed the interest they hadn't been paying in an increased principal pay off.
While it may be white noise, the words you hear when calling your bank to apply … (10 comments)
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bank of america short sales: Bank of America is Eating Their Words, Specifically the Ones Regarding Their Rights to Deficiency Judgments in Northern Virginia Short Sales
- 08/16/11 11:37 AM
Bank of America is Eating Their Words, Specifically the Ones Regarding Their Rights to Deficiency Judgments in Northern Virginia Short Sales
More than two years ago, I listed a Bank of America Short Sale in Manassas. It was a home that I had to sell three timeso over....but even that third time it didn't work. The first two Buyers were not patient enough to wait for Short Sale Approval from the massive mess that was Bank of America in mid 2008-early 2009.
When we finally got a Buyer that was patient, and had the approval letter in hand, my Sellers consulted with … (5 comments)
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bank of america short sales: What is Most Likely to Go Wrong in a Northern Virginia Short Sale?
- 07/26/11 11:43 AM
What is Most Likely to Go Wrong in a Northern Virginia Short Sale?
If you are contemplating selling your Northern Virginia home in a Short Sale, you'd probably like to know what can go wrong. Well, if you are experiencing a legitimate financial hardship, have hired an experienced Northern Virginia Short Sale Agent and priced your home to market value; the answer is not much. Short Sale Banks are getting easier and easier to work with.
The biggest leap of faith a Northern Virginia Short Sale Seller will take is trusting that the Buyer with whom they go under contract is actually … (7 comments)
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bank of america short sales: In the World Of Northern Virginia Short Sales, Things Are Not Always As They Appear
- 05/10/11 01:13 PM
In the World Of Northern Virginia Short Sales, Things Are Not Always As They Appear
As I sit at my desk crunching on dehydrated and salted vegetable chips, I'm wondering if I am getting the same benefit as I would eating a fresh vegetable. They look like carrot, radish and squash slices with a few string beans thrown in, but they are vegetable shaped air. Yet, somehow I feel like I'm making a healthier choice by snacking on them. I'm sure it's a tad bit healthier than potato chips.
Northern Virginia Short Sales can be deceiving creatures too. You can be a home owner … (9 comments)
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bank of america short sales: My 31 Days of December Challenge--Day #21
- 12/21/10 08:59 AM
December 21st feels like I'm in a boxing ring. If you've ever thought that dealing with a Bank of America Short Sale, was frustrating, try dealing with a Bank of America lender who is telling you that the Buyers on your Bank of America Short Sale can't close on time (December 30th) because, and I quote, "The majority of the underwriting staff is on vacation."
Sending the majority of the Northern Virginia underwriting staff on vacation because of a USE IT OR LOSE IT rule (meaning unused leave is lost if not taken during the calendar year) is definitely the type … (13 comments)
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bank of america short sales: Does Your Bank of America Short Sale Approval Depend on Your Negotiator's Mood?
- 11/16/10 08:43 AM
Does your Bank of America Short Sale Approval depend on your negotiator's mood? The latest indication from my experience says YES.
Just two weeks ago, I had a counter offer from Bank of America on a Northern Virginia Short Sale. The only thing they changed was the settlement date. They wanted to settle sooner. They asked for no money from the seller and had left the commissions requested alone.
When those buyers backed out, we submitted our backup contract with the same sales price and net to the bank. This time we have a different negotiator. Was thrilled that it only took two … (18 comments)
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bank of america short sales: Final Short Sale HUD Approvals: The Difference Between Wells Fargo and Bank of America
- 06/24/10 10:13 AM
Final Short Sale HUD Approvals: The Difference Between Wells Fargo and Bank of America
I'm a Northern Virginia Short Sale Listing Agent. That means I tangle with banks like Bank of America, Citi Mortgage, GMAC, Chevy Chase, Chase Mortgage, Wells Fargo, Wachovia and World Savings Bank to gain Short Sale Approval. (Though I'd hardly call it tangling when I work with Wells Fargo, Wachovia or World Savings Bank on a Short Sale.)
Last Tuesday, a Bank of America Short Sale went to closing. Prior to closing, I submitted a HUD for final approval three business days before closing. Submit it one day … (5 comments)
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bank of america short sales: The Simpler the Better: Wachovia Short Sales Compared to Bank of America Short Sales
- 06/17/10 05:22 PM
One of the things I really enjoy about my husband is his willingness to grocery shop with me. A trip to the store is a happy, mellow family event. Browsing the aisles of Whole Foods and seeing brands I am not familiar with, and the relatively short list of ingredients in their packaged foods, is a breath of fresh air. Simplicity has become a very welcome thing in my life, especially today.
You see, I started my day with some Bank of America continuing drama. The closer for a recent Bank of America Short Sale didn't realize that, after giving her five days to approve a … (18 comments)
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bank of america short sales: The Web Portal Equator for Short Sales
- 06/15/10 10:06 AM
Bank of America and Wells Fargo have streamlined their Short Sale review process by making it electronic. About one year ago, Short Sale agents started hearing the term Equator. It was a web portal through which Short Sale Listing Agents, Short Sale Sellers, Negotiators and Asset Managers would be able to communicate quickly and effectively.
The use of Equator has taken the multitude of documentation that used to be faxed, and given Short Sale Agents a place to upload them electronically. It is more secure and documents are received without ever losing one single page (a common issue when faxing paperwork to banks … (9 comments)
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bank of america short sales: From Short Sale Approval One Day, to Sold on the Courthouse Steps the Next: The Life of a Short Sale Listing Agent
- 02/16/10 08:54 AM
Yesterday was a good day. May have been a holiday for most, but this Gainesville, VA Short Sale Listing Agent, it was work, work, work. I started my day with approval on a Wells Fargo Short Sale. Ended the day by getting a new listing. Surprise, surprise...my new listing (which will hit the market tomorrow) is not a short sale. I can already feel the feeding frenzy of the Gainesville, VA buyers.
Today was not a day of high notes. It was a day that commemorated a landmark event that I have avoided up to now as a Short Sale Listing … (17 comments)
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bank of america short sales: Warrenton, VA Short Sale Opportunity with Acreage and No HOA for $227,000!
- 01/31/10 04:59 AM
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bank of america short sales: What Does a Sick Cat Have in Common with a Bank of America Short Sale?
- 11/16/09 01:57 AM
Ah, Sunday. A day for me. A day to do whatever I wanted. No Bank of America short sales to deal with on MY day. I had nowhere to be. No one to meet. My time was my own, and I made good use of it. I did laundry, cooked, and worked on my 2010 busines plan. I even had my trash and recycle out at the curb at a reasonable hour. I wasn't scrambling to get it together at Midnight after startling awake on my couch.
What I was not expecting, was to have a cat with diarrhea at 10pm. Diarrhea … (13 comments)
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bank of america short sales: Bank of America Short Sales and Their Endless Runarounds and Contradictions
- 10/23/09 02:50 AM
Bank of America short sales and their endless runarounds and contradictions have left a bad taste in my mouth for this banking and lending institution. Two years ago, my largest short sale problem was Countrywide. Countrywide would take many months to review files and just when you were getting ready to dig your own grave, the approval would come through. That wasn't the end. Just because Countrywide approved your short sale, didn't mean squat. I had an approved file closed for not sending in a form that Countrywide never asked us for. That was dealing with Countrywide.
Well, when a seemingly good bank … (146 comments)
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If You Don't Believe Me, Take it from Bank of America
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