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A Guide To Assist With Your Bank of America Short Sales

By Bryant Tutas

Real Estate Broker/Owner with Tutas Towne Realty, Inc and Garden Views Realty, LLC BK607690

July 09, 2010 10:43 AM

Hi folks. Here's a helpful guide put out by Bank of America. To find more useful information like this be sure to visit http://ShortSaleSuperStars.com We now have almost 3,000 Short Sale Professionals sharing information to make handling Short Sales easier for all. Pop over and check us out. It's FREE!!!

BofA Agent Education Guide

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

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Elizabeth Weintraub Sacramento Broker

Elizabeth Anne Weintraub, Broker - Sacramento, CA

Put 40 years of experience to work for you

I'm having the same luck with Bank of America as BB -- most turn around in 30 to 45 days in Equator. I haven't had any direct experience with a HAFA Bank of America short sale but because I've heard horrible things, I ask my sellers if it's worth $3,000 to them to spend 9 months in hell. When they say no, as they probably should, I suggest they demand the code for HAFA be removed from their file and pop them back into a regular Equator short sale. Which then gets immediately approved.

Although, I will say, on another note, I had a Chase HAFA approved in about 3 weeks. It took 1 week longer than it should have because the negotiator was on vacation. Hey, I know what to do with this file -- let's dump it on Mary's desk because she's on vacation! The only reason for the fast turnaround was because it was transferred from an already approved short sale at Chase over to its HAFA department when we switched buyers. Well, that and the negotiator said my transaction coordinator was very sweet to work with.

Jul 11, 2010 09:03 AM

Damon Gettier

Damon Gettier & Associates, REALTORS- Roanoke Va Short Sale Expert - Roanoke, VA

Broker/Owner ABRM, GRI, CDPE

Bryant, thanks for posting. I don't know how I was not subscribed to your blog but I am now. Thanks for always keeping us informed.

Jul 11, 2010 10:33 AM

Bruce Kunz

C21 Solid Gold Realty, Brick, NJ, 732-920-2100 - Howell, NJ

REALTOR®, Brick & Howell NJ Homes for Sale

Bryant, Thank you for pointing this out. It will be very helpful - as is every bit of someone's experiences!

Jul 11, 2010 12:43 PM

Gary Pike

Better Homes and Gardens Real Estate Metro Brokers - Powder Springs, GA

Appreciate this timely advice.

Jul 11, 2010 02:13 PM

Terkel Sørensen

Real Estate Places - Temecula, CA

Realtor, 951.805.0773 , Bank owned and Short Sales

Russel,

I have to side with BB on this one - the BofA short we lost last year, was approved by BofA, but a nasty Chase 2nd killed the deal, everything else I have done with BofA, seems to work out, and they work very hard to make it happen.

What agents have to realize, is that we are rarely dealing with BofA, but rather with the investor they are servicing the loans for, if they can't return a decision in a week, there is NOTHING BofA can do about it.

Equator has made our shorts SO much easier to deal with, no phone calls, no lost faxes... I love it. And we have lots of them coming here - if you don't want them, just send them over to me.

Jul 11, 2010 04:57 PM

Anonymous

Kenny Bryant

This is great advertising material for BoA on short sales. Unfortunaely they do not follow their own guidelines and they almost never meet these timelines. The reality is the negociators at BoA are handling in excess of 200 files each.

The equator system has made it easier for agents to track information sent to BoA, but it does very little to generate timely responses.

The mimimum time frame for a short sale response from BoA is 90 days. But don't be surprised if that time frame is doubled.

Jul 11, 2010 08:32 PM

#86

Anonymous

Valery Lawton

Thanks for sharing this wealth of information. I just Closed on my first Short Sale on June 29th. I began the process in February. The initial phone calls to BOA were a bit overwhelming since I work full-time and was trying to obtain information on my breaks and the phone wait time was longer than my breaks, however with perseverance, I was told to go to Equator.com (that too was quite foreign), but I maneuvered through it. It all becomes a little easier towards the end of the process I acutally found the whole process "fun", even in getting Extensions. Most times the BOA reps were really helpful and I always gave them good customer service ratings. I even called once and actually spoke with a Closing Agent, and you know she told me that "today must be your lucky day because I usually don't answer the phone" - wow! Anyway, I found the entire process a learning experience, and of course I did not have this information then, but we CLOSED. I worked with some awesome SELLERS/BUYERS and AGENTS. Would I do it again, why of course! Valery

Jul 11, 2010 11:53 PM

#87

Associate Broker Falmouth MA Cape Cod Heath Coker

https://teamcoker.robertpaul.com - Falmouth, MA

Heath Coker Berkshire Hathaway HS Robert Paul Prop

That is some very helpful information! Now to get the other banks to follow the plan!

Jul 12, 2010 02:28 AM

Christopher Pataki

RE/MAX Associates - Hockessin, DE

Hockessin Delaware Real Estate

Another wealth of knowledge from you Broker Bryant. Thanks again for probably the hundredth time..................chris

Jul 12, 2010 04:43 AM

John J. Delmonte

Coldwell Banker C&C Properties - Redding, CA

Good deal! Unfortunately we deal almost exclusively with B. of A. short sales here in Redding, CA. When I hear that my client is interested in a B of A short sale house I usually groan inwardly. But hopefully this info will make the difference.

Jul 12, 2010 06:11 AM

Anonymous

Desiree Whalen

Thanks for the information!

Jul 12, 2010 06:50 AM

#91

Anonymous

Vivian DeBlasi

Thanks for the BAC guidelines. I'm hoping it will help clarify my current dilemna. I have a customer that made an offer on a BAC short sale that was rejected. BAC said it will not consider any offer unless it is accompanied with a current appraisal, which the buyer will have to pay for. Buyer is reluctant because, of course, there are still no guarantees that BAC will accept an offer even if it is in line with the appraisal. Has anyone run into this?

Jul 12, 2010 08:15 AM

#92

MICHAEL DESARRO

Sauder Real Estate, Inc. - Corona, CA

Thank you so much for posting this. I am doing my first short sale on Equator. This answered all my questions. God Bless You!

Jul 12, 2010 09:12 AM

Bryant Tutas

Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL

Selling Florida one home at a time

Ok so I'm really amazed that posting a scribed document from BofA received so much interest and comments. It also generated 140+ new members to www.ShortSaleSuperStars.com!!!

A damn good use of a blog if I must say so myself.

THANKS to all!!

If you have any questions about a short sale you may be working on please pop over to www.ShortSaleSuperStars.com and ask it over there. Someone WILL be able to help.

Jul 12, 2010 10:16 AM

Sylvie Zolezzi

Decker Bullock Sotheby's International Realty - Greenbrae, CA

Thanks for sharing. I am joing ShortSaleSuperStars.com! :-)

Jul 13, 2010 05:47 AM

Mike Calhoun

iMarketLuxury - Seminole, FL

THANK you for the heads up on this!! Active Rain proves it's value every single day I log in .. thanks for the reminder I should be here more often!

Jul 13, 2010 07:19 AM

Vickie Nagy

Coldwell Banker Residential Real Estate - Palm Springs, CA

Vickie Jean the Palm Springs Condo Queen

It's simply amazing how far Bank of America has come in stream-lining the short sale process. Thanks for sharing.

Jul 15, 2010 05:23 AM

Carol Culkin

Diamond Partners Inc - Overland Park, KS

Overland Park Residential Real Estate

BB - Thank yoiu for the guide. U have printed this out to share with other agents in my office.

Jul 17, 2010 03:10 AM

Marcia Hawken

WILLIAM RAVEIS - Naples, FL

Naples Luxury Specialist

BB, BofA did a presentation for our office this spring. (We have five hundred agents at Downing-Frye) They did an excellent job of explaining the process and also to roll out Equator. I have not done short sales...but it is starting to affect the higher end properties in Naples, so I am trying to get up to speed on them. Thanks as always for your excellent post. Lots of great info.

Jul 24, 2010 08:06 AM

Lanre-"THE REAL ESTATE FARMER" Folayan

Samson Properties - Bowie, MD

I don't make promises.I deliver results.SOLD HOMES

BB thanks for the post. I saw this one when you first wrote it but didn't get a chance to bookmark it and make a comment on it. This is something that I really needed. Great post.

Nov 03, 2010 03:02 PM

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