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"Are short Sales Getting Easier? "

By Pacita Dimacali

Real Estate Agent with Alain Pinel BRE 01367196

June 22, 2011 08:24 AM

Are Short Sales Getting Easier? This is the title of Steve Harney's popular KCM Blog.

That is most definitely a headline-grabber for me....

What's somewhat encouraging is that "BOA completes more short sales than REOs for the last 18 months". this says that BOA completed more than 95,000 short sales in 2010, more than double the prior year.

This article also quotes "Both Sunlin at BofA and Rand at Citi said their banks are considering recommending agents to the homeowner."

WHAT?

How about agents recommending that the banks do a better job hiring people as specialists and negotiators?

Like this optical illusion -- what do you see?

Is Bank of America getting any better with their short sales process?

I am struggling through Bank of America short sales.

One of which is going on one year after 4 buyers have walked away because BOA took so long to respond. The fifth buyer is about to walk because the negotiator said they "closed the file in error" and would I please initiate the file again. Interpret that to mean start all over, upload as a new short sale, wait for the set-up specialist to review, wait for them to tell me it qualifies for HAFA which the seller has told them over and over agan he doesn't want. He just wants them to get off their duff and work on the file post haste!

What's never mentioned in any of these articles is how long it takes the file to make it from initial upload to the negotiator.

When those set up specialists mess up in reading the file (one such specialist rejected my file because she said the buyer's proof of funds doesn't show the buyer's name. I had to reply, with explicit instructions to look in the top left of the form where the buyer's name is (granted, it was small print). I re-loaded the file, with the buyer's name circled with an arrow pointing to it. Surely, she can't miss that.

How about when the negotiator doesn't know how to read the HUD statement?

Or when the negotiator rejects a file for reasons of "Other" without any explanation?

Or when we call the Customer Service Line, go through a long menu, and wait for a long time for a human being to answer....

Or the BPO valuation completely out of whack because that BPO agent had absolutely no concept of the local market?

Getting easier? I WISH!

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Terri Poehler

Realtor - Coral Springs, FL

Coral Springs Real Estate Agent

Oh Boy, I've heard there are many things that come into play. Some say got easier, others say no way.

Jun 22, 2011 08:32 AM

Pacita Dimacali

Alain Pinel - Oakland, CA

Alameda/Contra Costa Counties CA

The only thing that is helping me move forward with Bank of America is me tweeting on their BOA Twitter account. Then I get a call. But these helpful BOA folks can only do so much. All they seem able to do is shake the tree....

Jun 22, 2011 08:40 AM

Dick Greenberg

New Paradigm Partners LLC - Fort Collins, CO

Northern Colorado Residential Real Estate

Hi Pacita - My indicator for this is the relative level of anguished screaming, item-hurling and foot-stomping emanating from the offices and cubicles of the short-sale specialists here in the office. Actually sounds about the same.

Jun 22, 2011 08:45 AM

Pacita Dimacali

Alain Pinel - Oakland, CA

Alameda/Contra Costa Counties CA

Dick

Yet, we do it....why?

Because we truly want to help our clients avoid ruining their credit with foreclosures. At least they have a shorter period of recovery in a short sale. For that, they are thankful. And so are we.

The beat goes on....to the foot stomping, and more.

Jun 22, 2011 08:47 AM

Peggy Hughes/pha logistix, inc.

pha logistix inc - San Francisco, CA

SF NYC LA

Hi Pacita... love the good/evil graphic! I'm not an agent, but I believe that whenever you deal with a bureaucracy, you will also have frustration - employees are paid to NOT think!!!

Jun 22, 2011 09:09 AM

Pacita Dimacali

Alain Pinel - Oakland, CA

Alameda/Contra Costa Counties CA

Peggy --- my dad alwasy tells me if that if one doesn't enjoy what he's doing, he'll never do a good job. I certainly hope that all these folks who still have a job in this economy will be thankful and do their jobs well. We'll all be the better for it.

Jun 22, 2011 09:51 AM

Karl Falk

Summit Mitigation Services - Monument, CO

Summit Mitigation Services

Peggy,I love any post that has "BoA" in it as its usually funny but true! BoA is and always has been a pill to work with. If you are getting the run-a-round and either have a file with equator or traditionally, one trick that works is to keep good notes on the negotiators you have interacted with in the past, and contact them directly (the ones that have been helpful, obviously). Chances are they only stay around for 3 months then quit but we have had success is having one negotiator hunt down the current one and "assist".

Worst case if you are up against the wall and the negotiator is not being responsive AND they wont escalate or elevate the file (either with a letter extension or sale date postponement etc), dont hesitate and call the office of the president. You will get a response within a day. Only use it if you absolutely have to but it works.

Jun 22, 2011 09:14 PM

Pacita Dimacali

Alain Pinel - Oakland, CA

Alameda/Contra Costa Counties CA

Karl -- just got off the phone with BOA...and I am trembling with frustration and rage. I asked to speak with a human being who can handle the short sale process through each step instead of going through Equator. They said it can't be done.

BOA still ranks as one of the worst. At least, the people assigned to my file are!

Jun 23, 2011 06:29 AM

Karl Falk

Summit Mitigation Services - Monument, CO

Summit Mitigation Services

Atleast there is comfort in the fact that its normal!...in a sick way. How can I help, with advice...Im not pitching. I have a team of negotiators that know BoA inside and out and if you can give me a general overview I might be able to give you a nugget or two.

Jun 23, 2011 12:54 PM

Pacita Dimacali

Alain Pinel - Oakland, CA

Alameda/Contra Costa Counties CA

Karl -- I took to tweeting about this problem and have a BOA person helping me. It's truly the luck of the draw. The people working my files are so ineffective. One can''t read a HUD statement. One was making a correction and ended up closing my file which had t be reinitiated. It's become a tragic comedy of errors.

The Twitter guy is working on getting this resolved.

Gave BOA feedback on their recent survey: All "1" on a scale of 1-10 with 10 being the most satisfactry.

Jun 23, 2011 06:07 PM

Stephen Proski

Real Estate Kailua Kona, Hawaii - Kailua-Kona, HI

Real Estate Kailua Kona Hawaii

The banks have been dealing with short sale for more than 5 years now and still have not been able to streamline the process and make it easier to process. Using automated programs like Equator has helped somewhat, but the people the banks hire to process the short sales don't have a clue.

Jun 24, 2011 04:27 AM

Pacita Dimacali

Alain Pinel - Oakland, CA

Alameda/Contra Costa Counties CA

Stephen -- I am not convinced Equator helped. For example, I had a negotiator who told me the only thing holding up a file is that they have a HAFA notation on it, and will the seller please call Customer Service to let them know he doesn't want it. Seller did. Notified the negotiator by email and by phone. But the file was erroneously closed instead. And she said it has to be reinitiated on Equator. Which means start from the very beginning. No one can seem to override that mistake because that's how the program works.

Jun 24, 2011 06:25 AM

Kimberley Kelly, SFR, HAFA, GREEN

HK Lane, Christie's International Affiliate, 760-285-3578 - La Quinta, CA

I do Real Estate like I played polo-to WIN!

I've found B of A to have imporved GREATLY over the past 5 years of Short Sales. You think they're bad NOW?? They're screaming through those files compared to then..even 2 years ago! It ranges from superior handling..like one I have in Indian Wells, CA. that I listed 40 days ago, submitted one offer, (at my BPO #), got a counter last week that was only $5,000 apart. Two loans, but here's the gem..no MI! Whew!

Have another B of A file that's been an ongoing fight..Two loans, primary res., but the 2nd had MI and the MI was sold to a collection Agency. Wait, it gets better! The Negotiator told me she had "no contact information..good luck!" She then proceeded to tell me that they NEVER came down below the amount quoted. That amount was $15,000 for a $63,000 PML note.

I tracked them down..detective that I am. My Seller helped me on his end and surprise! I got him to agree to $6,000 total which the 1st lienholder will pay. All that crap about no contact info.

Yep, I do those surveys too and I give them low marks. But do you think anyone reads them?? Isn't life great? I love my short sale world. Keeps me in touch with corporate workings and failings..much more up to date than any old newspaper.

Jun 25, 2011 07:58 AM

Pacita Dimacali

Alain Pinel - Oakland, CA

Alameda/Contra Costa Counties CA

Kimberly --- One would think that with the huge bank of jobless but intelligent people to draw from and hire for sensitive work involving short sales that the banks can work a little faster and more efficiently. They were bad then, but they're not much better today.

Love your tenacity.

Through BOA's Twitter account, I now have a name to call/email, and he has cleared a path for my short sale. Even he couldn't believe nor understand why this one file has been opened and reopened so many times.

Heaven help us~

Jun 25, 2011 06:17 PM

Karl Falk

Summit Mitigation Services - Monument, CO

Summit Mitigation Services

Pacita, one other option that works is to hang up, call back and hope you get another person...as almost always you will get a different answer. So just keep doing that until you get the answer you want...:)

Jun 25, 2011 10:22 PM

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