Ask a San Jose Short Sale Agent like myself what the biggest potential headache in trying to get a short sale completed is, and I will bet the single most repeated response is the impatient buyer walking out in the middle of a transaction. There is nothing as troublesome as working for weeks and months to convince a lender that the perfect buyer will close escrow and stop the foreclosure process, only to have that heroic buyer say they are moving on to another property or they are just tired of the waiting and want to take a break. We listing agents … (3 comments)
Here is an interesting article about how the BBB (Better Business Bureau) rated the major loan servicing companies which handle loan modification and short sales. It’s was an interesting read for me because I was having a lot of difficulties recently with Chase, they have been ruthless and unreasonable in their demands, especially when they are in junior positions. It used to be that Bank of America was the bank that everyone doing short sales bad mouthed; but my feeling was Chase was getting up there. I was far from surprised to discover that Chase had received an “F” from … (1 comments)
bank of america: Bank of America's new stance on short sales.
- 06/09/10 12:10 PM
The announcement of HAFA in April was supposed to change the way we do our business for those of us who do a lot of short sales. Not because it was supposed to revolutionize the way short sales were done, but because it was going to be the Federal Government stepping in and trying to standardize the process of how to complete a short sale. In the lawless world of short sales, that was like a cool breeze on a hot sticky day: very much welcomed. Many naysayers poo poo’ed the program, saying it was never going to fly and that lenders … (2 comments)
bank of america: Bank of America and its new view of Short Sales
- 04/08/10 07:28 AM
I was fortunate enough this morning to sit in and listen on a webinar set up by Bank of America. It was their effort to explain how they would better handle short sales from here on out. The webinar was hosted by Matt Vernon, executive in charge of REO and Short Sales, for Bank of America with over 10,000 Realtors listening in who specialize in short sales. He was the man in charge. It was interesting to hear that they are focusing on dramatically improving their short sale process because they want to re-establish their relationship with Realtors to strengthen their … (10 comments)
bank of america: Equator and Bank of America
- 04/06/10 04:20 PM
Anyone doing Short Sales knows that Bank of America is often touted as being the most difficult to get short sales approved, simply because it takes so long to get a deal closed with them. Their reputation as being difficult has reached legendary status. Since the beginning of the year, Bank of America has shifted the way they do their short sales by requesting short sales be submitted through the Equator system. There was much hope that Equator would speed up the approval process. Initially, it was very difficult because there are no instructions on how to utilize Equator, so … (3 comments)
“He is not a BPO agent, he is a professional appraiser” was what the Bank of America negotiator told me; the subtext obviously being that the latter is better at getting valuation than the former.
Well, regardless of whether he was a professional appraiser or a Realtor, the value was off by more than $70,000 by my valuation. I was shocked: $7,000 off maybe, but over $70,000? I’m no fool, I wasn’t going to challenge this as the appraiser was telling the lender that the house was worth far less than the offer I had in … (0 comments)
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