shortsales: Bank of America's new Agent Short Sale Resource Site... a review. - 10/20/10 09:24 AM
About a week ago I stumbled across the new site, and wanted to share it with you.  Today, I got an "official" email announcement from Equator.
On it they have:
videos webcasts (both future and replays) education guides reference guides links to other sites (like equator and your local BofA loan officer) HAFA guidelines and more They also talk about the new "Bank of America Cooperative Short Sale Pilot" (although this kind of sounds like they admit their old process was un-cooperative! :)
Hey, any help they can give both experienced AND inexperienced agents crawl through their process a little … (1 comments)

shortsales: Fannie Mae launches a new consumer-education website on foreclosure options - 08/03/10 09:38 AM
Today Fannie Mae launched a new consumer education website on foreclosure options.
The way I found out about it was when I received a call from the Orlando CBS affiliate, Channel 6 News asking if they could interview me about the new site...
So while he was asking me questions about the ramifications of a foreclosure on your life (credit, jugdments, etc.) I pulled the site up quickly to take a peek!  It's actually a pretty good site!
A lot of the information they are sharing is similar to the info I put on MY info site, which is … (2 comments)

shortsales: Investor Property: 3 units in Orlando, Great Location, Short Sale, $59,900 - 03/21/10 12:56 PM
Investor Property: 3 units in Orlando, Great Location, Short Sale, $59,900 … (0 comments)

shortsales: BofA... an approval in 31 days! but on the other hand... what are they thinking? - 03/21/10 12:23 PM
BofA... an approval in 31 days! but on the other hand... what are they thinking?
As is a common topic here on AR, I've got some more Bank of America stories to share.
FIRST... I just got an approval through the Equator system in 31 days.  SERIOUSLY!!! Do you believe it? I'm so excited!  Yes, an approved short sale in Seminole County in 31 days!
But on the other hand...
One of my BofA short sales that we closed back in NOVEMBER of last year... guess what... they're still pursuing foreclosure AND my seller is still getting collection calls! (this was … (2 comments)

shortsales: Pool Home in Bentley Woods, Best Short Sale Opportunity in Oviedo! - 03/05/10 09:04 AM
Amazing Home in Bentley Woods in Oviedo... walk to the high school from your luxurious 4 bedroom pool home with wood floors, tray ceilings, columns... even an organic veggie garden! Man, will your friends be jealous! … (0 comments)

shortsales: What happens when you list a short sale too low? - 01/05/10 08:17 AM
What happens when you list a short sale too low?
Anyone that’s been in the field at all over the last year has seen it:  a home that is in a $120,000 neighborhood is all of a sudden listed as a short sale for $75,000.  I just saw that very situation first hand in a neighborhood that I own a rental property, in fact it’s the first home I ever bought and Tim & I lived there for 3 years before turning it into a rental, so over the years I’ve tracked the values in there VERY closely, it’s kind … (35 comments)

shortsales: Proof! Bank of America IS Streamlining Short Sales... I Have PROOF! - 10/26/09 10:05 AM
A few weeks ago I wrote about the NEW streamlined process on short sales at Bank of America (If you missed it, CLICK HERE)  I also got lots of comments from people that just don't believe it!
Well, today it was confirmed.  We had a buyer fall out on one of my approved shorts and when I contacted BofA for resubmission they sent me a note that said we had to follow the new procedure and they sent me a "brochure" as they called it.
Here's the link to see the new Bank of America Short Sale Brochure... it's so new … (5 comments)

shortsales: HOLY COW! Can It Be True? Bank of America Really has Streamlined Shortsales? Finally? - 10/07/09 11:04 AM
I just got off the phone doing my "status calls" on my short sales... and there might be hope!
First of all, "Michael" looked up my first loan number (the one we've been working on since December) and he said "can you hold on for a minute?"  then about 10 minutes later he came back and said "I had to double check because the notes didn't make sense... you've skipped phase 2 and we have investor (FannieMae) approval while you were still technically in phase 1! I've never seen that before!"
Now, I already knew we had "skipped" phase 2, but … (21 comments)

shortsales: Why I Think Short Sales Will Be Around For A Long, Long Time... - 09/15/09 10:46 AM
Why I Think Short Sales Will Be Around For A Long, Long Time...I get asked that question probably more than any other... "Andy, how long do you think this is going to last?"  And unfortunately, you won't like the answer.Florida Realtors sends out a daily email with news updates... I don't know if you read it or not, but I like to.  It keeps me up on the happenings.  In today's, they had a really good article about loan modifications and how the majority of the homeowners that get a loan mod end up re-defaulting. They also talked about how most … (4 comments)

shortsales: OMG, Bank of America to take over servicing of Taylor Beans 180,000 loan portfolio - 08/27/09 03:34 PM
OMG, Bank of America to take over servicing of Taylor Beans 180,000 loan portfolio
I think anyone that has dealt with BofA on ANY type of loan servicing situation in 2009 (short sale, loan mod, answering the phone...) knows that BofA does not need any more loans to deal with.
Why would the servicing portfolio of a company that has been taken over by the feds be turned over to THE company that is probably the #1 cause of all complaints in the country right now???
I just don't understand, can anyone help me understand this?
Here's the link to … (8 comments)

shortsales: The latest in the Countrywide/BofA short sale fiasco... "you've been randomly selected..." - 08/27/09 05:44 AM
The latest in the Countrywide/BofA short sale fiasco... "you've been randomly selected..."
Yep, that's the words still ringing in my ears... We've been working on this file since DECEMBER 2nd!  The home has been vacated for almost a year... this is DEFINITELY a short sale deal... C'wide/BofA has already approved and closed the identical house in the same subdivision for the SAME SELLER months ago... and yet
"Your file has been randomly selected for a new Fannie Mae program where they will review the file for a possible modification.  They've sent a letter to the homeowner with some further info … (5 comments)

shortsales: Bank of America Short Sale in 7 days? Could it Be True? - 07/24/09 05:52 AM
I read a really interesting article today in the Washington Post.  It has some very interesting stats on short sales. 
Did you know that 60% of APPROVED short sales don't close? Did you know you can't "bribe" a lender to work on your file faster? would you believe Bank of America is supposedly rolling out a program next month to approve short sales in 7 days?!? I'll just sit here (on hold with Bank of America) and hold my breath.
Here's a link to the article, it's a good read!

shortsales: What's Loan Product Got To Do With ShortSales and Loan Mods? - 06/02/09 08:08 AM
What's Loan Product Got To Do With ShortSales and Loan Mods?Quite a bit, actually.  Loan product can refer to several things, FHA, VA, Fannie, Subprime, Adjustable Rate, Negative Am, credit line, etc.Each loan product has specific guidelines as to what can be done for shortsales and loan modificatons.  Make this a standard question that you ask your clients when you first meet (and then confirm the info... I recently had a client tell me his loan was VA, but when I called the VA office, they said it was not).  Once you know some details, it will better guide you in … (5 comments)

shortsales: Yet Another Countrywide Short Sale Fiasco...You'll Laugh, You'll Cry! - 05/20/09 09:28 AM
I know, I really shouldn't let it get to me, but this one just takes the cake! I'm running out of room for notes for all the times I've called them on this one... These are NOT all of the notes, but it will give you a rough idea... my favorites are the ones in the last 2 weeks.
Now, before you read on, please realize how I take notes... I write the info down in my log with a date, person's name, and details of their comments, THEN I repeat back to them my notes like this: "so if I … (11 comments)

shortsales: Secret Internal Title Company Memo About Short Sales...Leaked to You! - 04/21/09 01:15 PM
One of my friends at a title company forwarded this to me this week.  It's an internal memo from their title underwriter about (more!) pitfalls of shortsales and what title companies are being warned about in short sales.  Just wanted you to know!  
RE: Short Sales Dear Associates:     Approvals and/or instructions given by a lender for a "short sale" may include unacceptable instructions that make the transaction uninsurable. The following are examples of unacceptable conditions: 
 °  "There are to be no transfers of property within 30 days of the closing of this transaction.  Escrow instructions must contain a clause … (7 comments)

shortsales: What's the *#&@%$ Problem with BPO's? - 04/14/09 03:07 AM
What's the *#&@%$ Problem with BPO's?
Seriously? Sometimes I wonder if the people doing BPO's even know how to work the MLS!!! (well, a lot of them don't, but we'll talk about that in a second!)
Let's start by going over why the BPO is so critical in your short sale deal, and I don't care whether you represent the Buyer or the Seller, this is good info to know. The 2 agents in these deals really should work together to get these short sale deals closed because we all know it is the best option for our market, our … (16 comments)

shortsales: Question about leaving owner in the house after foreclosure...Bad Idea? - 04/03/09 11:45 PM
I got this question emailed to me yesterday from one of my readers and I thought it would be a good one to share!
Question? Andy: I was recently at a short sale seminar, I believe the one you had and one of the attorney's mentioned: "never let the seller stay in the property after the closing"... Do you recall or know what I am referrencing? Something to do with the "seller retains an interest"? Any light you could shed ... would be appreciated! Thanks!           Bev Cibulsky Exit Realty Associates 
Sure Bev! The new foreclosure rescue law that went into effect … (9 comments)

shortsales: Please Flag this under: Hilarity... Countrywide Loss Mit uses ZILLOW - 03/16/09 10:48 AM
I was on the phone with a mitigator at Countrywide, discussing 2 of the listings I have that they are the lender on.  I was trying to be sly and find out what the BPO had come in at (they wouldn't tell me, so I was trying to ask different hi/low questions to get a hint.) and get a guage on how acceptable the offers I had submitted were.
I was just about to give up when he said: "We use Zillow to value homes, how is your offer compared to Zillow?"
I couldn't control myself, Bad Andy had taken over … (154 comments)

shortsales: Fannie Mae and Countrywide are beta testing...wait for it...PRE-APPROVED SHORT SALE PRICES! - 02/03/09 01:35 PM
Wow, only 2 years after I first suggested it, Fannie Mae is testing a program where the do the BPO up front and TELL the agent what price they will approve!
What a concept!
Why didn't I think of that? Oh wait, I DID!
I've had a lot of questions about this from both agents and title companies, so I figured I'd share what I've found out so far:
-The Beta Test is being conducted in Orlando Florida and Phoenix Arizona ONLY
-It only involves Countrywide at this time
-You will be contacted if one of your listings has been selected … (14 comments)

shortsales: Short Sale Townhouse in Sanford, 3/2, Like New, 2-Car Garage, Tile Floors, Gated Community - 01/28/09 01:14 AM

Andrea "Andy" Tolbert, Broker, Safety Expert, Instructor (HD Realty) Rainmaker large

Andrea "Andy" Tolbert

Broker, Safety Expert, Instructor

Sanford, FL

More about me…

HD Realty

Address: 1499 W SR 434, Longwood, FL, 32750

Office: 407-842-7700

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