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Bank of America Short Sale Forum Announcement

By Mike Linkenauger

Services for Real Estate Pros

March 16, 2012 03:39 AM

Bank of America recently announced a new short sale forum. This forum aims to educate and empower Realtors to better work short sales. Below are many of the different sessions currently scheduled. For more information on short sales with Bank of America, visit our Real Estate Agent online discussion forum and community - www.theshortsaleguide.com/group/bankofamerica

Reminder, you're invited to a
Short Sale Forum

Exclusively for our Equator Real Estate Agent Partners

The Bank of America short sale experts are coming to a neighborhood near you!

Mark your calendar for a free short sale educational session and take advantage of the opportunity to meet one-on-one with a short sale specialist to discuss your active short sales. Be the first to hear about Bank of America's short sale program updates. Learn what's changing in Equator and how to prepare for it. Get valuable tips for keeping your short sale moving along smoothly, seating is limited, so register to attend today!

Date: Thursday, March 15, 2012 Walk-ins Welcome!
Time: 1 - 3:30PM
Location: DoubleTree by Hilton Hotel Los Angeles - Commerce
Grand Tree Ballroom
5757 Telegraph Road
Commerce, CA 90040

Date: Friday, March 16, 2012
Time: 9 - 11:30AM or 1 - 3:30PM
Location: Hilton Long Beach & Executive Meeting Center
International Ballroom (2nd Floor)
701 West Ocean Blvd
Long Beach, CA 90831

Date: Tuesday, March 20, 2012
Time: 9 - 11:30AM or 1 - 3:30PM
Location: Embassy Suites Santa Ana - Orange County Airport North
Pacific Ballroom
1325 East Dyer Road
Santa Ana, CA 92705

Date: Wednesday, March 21, 2012
Time: 9 - 11:30AM or 1 - 3:30PM
Location: DoubleTree by Hilton Hotel Anaheim - Orange County
Grand Ballroom
100 The City Drive
Orange, CA 92868

Date: Thursday, March 22, 2012
Time: 9 - 11:30AM or 1 - 3:30PM
Location: Riverside Marriott
Grand Ballroom
3400 Market Street
Riverside, CA 92501

Date: Friday, March 23, 2012
Time: 9 - 11:30AM or 1 - 3:30PM
Location: Irvine Marriott
Grand Ballroom
18000 Von Karman Ave
Irvine, CA 92612

Date: Tuesday, March 27, 2012
Time: 9 - 11:30AM or 1 - 3:30PM
Location: Hilton Los Angeles North/Glendale
Glendale Grand Ballroom
100 West Glenoaks Blvd
Glendale, CA 91202

Date: Wednesday, March 28, 2012
Time: 9 - 11:30AM or 1 - 3:30PM
Location: DoubleTree by Hilton Hotel Los Angeles - Westside
Pacifica Ballroom
6161 West Centinela Ave
Culver City, CA 90230

Date: Thursday, March 29, 2012
Time: 9 - 11:30AM or 1 - 3:30PM
Location: Airtel Plaza Hotel
Concorde Ballroom
7277 Valjean Avenue
Van Nuys, CA 91406

Date: Friday, March 30, 2012
Time: 9 - 11:30AM or 1 - 3:30PM
Location: DoubleTree Suites by Hilton Hotel Santa Monica
Carousel Ballroom
1707 Fourth Street
Santa Monica, CA 90401

Parking: On-site or nearby parking available.

To register: Click here

Bank of America Distressed Property Update
Bank of America will discuss the distressed property market conditions and impacts to you and your clients.
Short Sale Overview
Get the latest updates on Bank of America's commitment to provide on-going support for distressed homeowners and real estate professionals in the California market.
Seller and Buyer Short Sale Outlook
Learn tips specific to both the buyer side and the seller side of your short sale transaction.
Top Five Agent Short Sale Errors
Learn what common errors real estate agents are making that will delay approval and how to avoid them.
Upcoming Equator Process Improvements
Be the first to be made aware of changes to the Equator platform and process improvements that are being implemented to improve the short sale decision timeline
More Tools to Support You
Receive access to on-line tools that were developed based on agent feedback that help reduce the time it takes to get a short sale approval.
Open Discussion
Join a candid, open discussion regarding the state of the market and the ensuing changes.
Short Sale Consultation Appointments
Bank of America's Short Sale Specialists will be available to review your short sale files in process. Register for an appointment as time slots are limited. Please bring your property addresses and loan numbers.

For a Bank of America Online Discussion Forum for Short Sales, Go here: www.theshortsaleguide.com/group/bankofamerica

Visit the Agent Resource Center at bankofamerica.com/realestateagent for educational guides, news and resources to help agents complete a short sale at Bank of America.

Questions / Comments:
If you have any questions or comments related to Bank of America's short sale process please contact our Customer Care line at 1-866-880-1232 or visit bankofamerica.com/realestateagent

Privacy and Security
Keeping your financial information secure is one of our most important responsibilities. For an explanation of how we manage customer information, please read our Privacy Policy. You can also learn how Bank of America keeps your personal information secture and how you can help protect yourself.

Bank of America Short Sale
8th Floor, 101 S. Tryon St.
Charlotte, NC 28255-0001

Bank of America, N.A. Member FDIC.

Equal Housing Lender
© 2012 Bank of America Corporation. All rights reserved.

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Brian Sharkey

SharkeyRE LLC - Singer Island, FL

SharkeyRE

Great! Please bring back the cliff notes to FL. I hope you get some good info from this. Keep in touch I'm sure we have a referral around here to send to you. Sharkey

Mar 16, 2012 05:21 AM

Mike Linkenauger

Jacksonville, FL

Short Sale Specialist Network

Can't say I have the slightest clue what you are talking about Brian... Did you actually READ what this was all about? Do you know who I am and what I do? I am in Florida, and this topic is about many bank of america short sale forums that are going on around the country.

Mar 16, 2012 05:30 AM

Satar Naghshineh

Satar - Amiri Property and Financial Services Corp. - Irvine, CA

Mike, I get calls from them daily about wanting me to attend or calls telling me to call them if I have issues with Equator. Before it was hard to get a call from them, now it is too much!

I'm involved in a BofA short sale that is bypassing equator. The buyers are investors and they wanted to handle the negotiations. So far, what I have seen, is amazing. I wonder if someone is greasing these "Bank of America's Short Sale Specialists".

Mar 16, 2012 02:22 PM

Stella Barbour

NoVa Brokers LLC - Vienna, VA

Principal Broker, Serving Virginia and Maryland

I will check to see if they are doing anything out here in Northern VA. sounds interesting.

Mar 16, 2012 10:54 PM

Satar Naghshineh

Satar - Amiri Property and Financial Services Corp. - Irvine, CA

Mike, I decided to attend the one in Irvine. I will let you know if I learn anything of interests. However, i am sure you already have the latest info!

Mar 22, 2012 05:33 AM

Anonymous

Mike Linkenauger

Definitely let us know how things go Satar. I know they are doing many workshops now for REO agents to try to train them on short sales as well.

Mar 22, 2012 11:55 PM

Satar Naghshineh

Satar - Amiri Property and Financial Services Corp. - Irvine, CA

First off, let me state that I do not get impressed by any short sale seminars or events. Most of them are over glorified circle jerks. However, this one was awesome. It was hosted by a former short sale specialist and escalator out of their Texas office. Basically she taught us what goes behind the scenes from their perspective to short sales and lender guidelines. Looks like all my assumptions as to their asinine process and requirements were true. Every agent who does short sales with BofA should attend this!

I will write a blog about my experience, but the meeting went over their HAFA, FHA and Cooperative short sale process. They barely touched on the traditional short sale model.

The emphasis went over the 3 letters they issue and the 9 steps needed to get those letters and complete a short sale.

Some highlights:

1. By attending this seminar, you get a login info for their escalation website. I'm sure we all have our favorite escalator that we talk to when we run into issues.

2. They don't refer to 3rd party negotiator fees as acceptable closing cost. She gave indication that they might crack down on this from the buyer side as well.

3. Seller can contribute their HAFA or Co-op incentive towards closing cost, such as title or escrow, but cannot be used to pay off 2nd liens, 3rd Party negotiator costs or agent commissions. Seller must put their willingness to contribute in writing.

4. grace period for a backup buyer has been reduced from 8 days to 5 days. Counters will be restricted to 3 days.

5. Must use their Release of Authorization from now on.

6. All tasks in Equator must be completed by the 14th before the switch over or they will close out the file.

7. FHA short sales must exhaust all other options, such as a forbearance agreement or loan modification, before a short sale can be approved. I guess most of us who do a lot of short sales already knew that but the majority of the agents attending were shocked.

8. Coming up, it will be easier to re-evaluate the property value if the BPO comes up too high. They will send you the BPO form, and you will need to take pictures and provide info.

Thanks for reminding me to attend.

Mar 23, 2012 12:46 PM

Chuck Wartman Property Manager RE/MAX

RE/MAX Properties, Inc. 719-231-5525 - Colorado Springs, CO

Colorado Springs Realtor (719) 231-5525 RE/MAX

Satar,

thanks for the notes!

www.ColoradoSpringsShortSaleSpecialist.com

Feb 09, 2013 12:13 PM