Bank of America 'Secret' Short Sale Program | BoA HPO Short Sale Program Details
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This is a great post from Tim and and Julie Harris at Harris university. They always have a ton of information to share. I attended a training for Bank of America last week and I don’t think that BOA while they are planning on rolling out the HPO program its not going to be the glamorous wonder that we would all hope for. the training was excellent and if any of you have the opportunity to attend in your market I highly recommend it. Training was conducted by Allen Seelenbinder, V.P. Portfolio Retention Manager of the Western U.S. Here is a few interesting facts: Bank of America beefed up their Short Sale department over the past 6 months from 100 employees to 1,400. And now instead of over 300 Short Sale files their "negotiators" are averaging 100 or fewer files.
BofA is also one of the banks using Equator.com - a third party processing system where home owners or their authorized agents can begin a Short Sale file. The big win here is that you can avoid faxing in hundreds of pages to get a short sale started. I believe he said in one month last year they received 10,000 faxed sheets of paper. Now 85% of their files are on Equator and he claims files and information no longer get lost (oh but for those pesky data entry problems I'm sure).
Finally, while he wouldn't say how long a Short Sale approval took before Equator and the employee ramp up, he says their goal is 90 days and they are currently averaging 101 days. Alan had a very practical advise and facts about BOA short sales. 1) Not all short sales are worth taking -Sellers need to be qualified (FINANCIAL hardship based) -Sellers should be interviewed and made aware of the need for there possible monetary contribution to close or the potential of a promissory note 2) Bank of America is only able to waive deficiency notices (or remove verbiage from the short sale letters on a small percentage of loans services by Bank Of America (approx 10%) -the remainder of these loans are owned (in most cases) by one of multiple investors -the investors are not always reasonable and many times BOA cannot get them to agree to a short sale despite its obvious benefits to them. 3) If borrower/ seller is filing bankruptcy... (EXPECT THE Short sale to TAKE EVEN LONGER) If you are currently doing Bank Of America short sales or REO then contact your local mortgage office branch manager and let them know that you are interested in the training. If you are not sure who to contact please feel free to post a comment to me and I will forward on to my contacts at BOA. Sarah Becker Sellstate Gold Inc
Breaking News….
Bank of America is testing and will soon have a national roll-out of a new program that will revolutionize the short sale process.
This new program is called HPO Short Sale. (We know the ‘H-P’ stands for High Performance but, as of this post we still don’t know what the ‘O’ represents.)
This program is NOT a rumor...its real. I have posted actual paperwork including an HPO Acceptance Letter on our blog. Read it now.
Watch the New Harris Real Estate University, Bank of America HPO Short Sale Videos NOW.
Why do you care about this new program?
Here are the details:
(Remember, this program is being quietly introduced, using only a hand-selected group of top short sale agents across the country. HREU will publish any additional information about this new program the second we get it…stay tuned to this site!)
* 6% commissions
* Every short sale seller and agent will be assigned a personal advocate who will shepherd the short sale through, using the new, simple process. Think of this as your own ‘short sale personal representative’.
* No pre-qualifying, no hardship required. Being upside down in the house IS the hardship.
* No documentation.
* No bank statements.
* No tax returns.
* No financial worksheets.
* No deficiency judgement.
* No financial contribution from the seller of any kind will be requested.
* Only requirements? -A listing contract -A purchase contract -An appraisal, though we’ve been told the appraisal will not have an adverse bearing on the final acceptance.
* 2 WEEK approvals.
Listen NOW to the Emergency Harris Real Estate University and Bank of American HPO Short Sale Teleconference…..all the details about this new program are uncovered. <———CLICK HERE TO LISTEN NOW!
Let me be clear, this new Bank of America HPO Short Sale program is what Harris Real Estate University has been an advocating for nearly 5 years.
HREU is the original Realtor short sale training source. When you are ready to go beyond the basic short sale designation and training…when you are ready to build a true short sale business…watch this FREE Accredited Short Sale Designation (ASD) and download the FREE Short Sale Guide Book.
Needless to say, we are very excited about what this new HPO Program will mean to our industry.
Watch the Just Released HPO Bank of America Short Sale Videos. <---------Click Here To Watch NOW.
Agents, REBLOG this story. Every agent in the nation needs to know about this new BoA program!
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