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Short Sales B Of A (Countrywide)

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Real Estate Agent with Allison James Estates & Homes 01079287

I started a SS last January 7th, 2009. The offer was submitted at that time, in April when I was assigned a negotiator the original buyer left, I had in my hand a Back up Offer and was told it would I have to start all over. This is July still no contact other that e-mails, last week I submitted current financials for the seller and waited the 7-10 business days and after contacting B of A this AM was told they stopped the SS in order to offer the seller a loan mod. I have stated on behalf of the seller THREE TIMES the seller has moved out and is not interested in re-in-statement or a loan mod. Mind you I call B of A twice a week and have since January.

 

My only assumption is B of A is not interested in doing SS PERIOD! In the mean time I have over 100 hours on the phone with buyers, seller, buyers agent and B of A. The mojority of listings in my area are SS with only 15% being REO and maybe 4% standard sales.

 

I will show SS to my buyers but educate them on the length of time a Short Sale can take and at times it is worth the wait. Maybe they should call the LOOOOng Sales? I will fight for my cliemts that have found themselves in Short Sale Pregatory and update them with the daily changing rules. The biggest one is now the promissory note for the differance in the Short Sale or the 1009 that comes the following year. Talk to your tax person they can better tell you which is better for your situation.

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Realtor simple guideline to guesstimate a Homes values! Comparing apples with oranges? How to set values for embellishments? Do you think the old adage of Value equals Location, Location, Location, is true? Views, Pools, special interest additions can add desirability, and then Granite Counters, Travertine flooring, condition, square footage and any embellishments, upgrades, updates you can add to a property is worth 60-70% of the cost. This value will also be depreciated over time. Example would you consider if a twenty year old solid oak cabinette's
value even in good condition is equal in value to cabinets in the newer current color, or are they? Objective would be desirability.

Location is the basis for value. Like Homes within a one mile radius share values, and can be evaluated by sales per square foot within the last 3+ months. Pulses

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Katerina Gasset
The Gasset Group & Get It Done For Me Virtual Services - Provo, UT
Amplify Your Real Estate & Life Dreams!

Tere- Bank of America has a public policy. The public policy states time frames in which they must complete a short sales file or close the file. So if they sub a buyer that adds on time to the process. This is why they have to start all over again with a back up offer. They close the file, then they reopen the file. But the time frame is shortened because the BPO is in at this point.

Bank of America needs to change their public policy and start working in sync with agents. They need to understand that we can get more done by working together instead of as enemies. Nestor and I have even offered to Ken Lewis' office that we will come to BofA and train their short sale processors and set up a workable system to get their shorts done.

Overall we love doing short sales. Are they a pain? Of course, but what a great niche with super low competition plus what happy clients we have and referrals too. Katerina

Jul 14, 2009 03:04 AM
Harry F. D'Elia III
WEDO Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

One has to decide their niche in the market. If short sales are not for you, then move on. That is my opinion. Thanks

Jul 14, 2009 03:10 AM
Roy Kelley
Retired - Gaithersburg, MD

Every short sale transaction seems to bring frustration to the buyers and their agents. It is not surprising that many agents avoid the short sale listings. It is much easier to sell REO properties.

Jul 14, 2009 03:17 AM
Joel Bennett
Long & Foster Real Estate Inc. - Columbia, MD
The Joel Bennett Group

I've had a sinilar experience with National City (Now PNC).  They stopped the short sale process with offering a loan modiifcation to every person they thought qualified.  Unfortunately to my seller the modification payment offered was actually higher.  I have since gotten the SS going again but over a month was loss with this offering

Jul 14, 2009 04:08 AM
Tere Rice
Allison James Estates & Homes - Temecula, CA
First Time Home Buyers, VA Buyers, Horse Ranches,

Thank you all for your comments. I actually "love" doing Short Sales and have been committed to helping Home Owners in this situation for over a year and a half. I have an abundance of patience with the Banks/Investors, my whine was more to the fact the rules are a changin' AGAIN and a heads up to others in this world of Short Sale negotiation.

 

Best to you all!

Jul 14, 2009 04:38 AM
Julie A. Black
KAUAI DREAMS REALTY Kauai Real Property Specialist - Kapaa, HI
CLHMS, CRS, GRI, Realtor, Broker

Hi Tere: Any update on your BofA SS. I'm search out blogs on this subject (SS BoA) to give me any insight to a new SS listing I might get.

Sep 25, 2009 08:18 AM
Tere Rice
Allison James Estates & Homes - Temecula, CA
First Time Home Buyers, VA Buyers, Horse Ranches,

Aloha Julie,

 

  Yes I submitted the offer at the requested price Aug 3,2009 after several e-mails and phone calls I was put in touch with a negotiator Aug 28 and had verbal approval Sept 3 and then written Sept 10 at which time I oped escrow, bad news they want it closed by October 2, 2009.m TD sale date Oct. 5, 2009. Not much wiggle room since the buyer is VA I asked for a week extension with no penalties and was told nothing could be granted until the week of closing date!!! So it can happen with persistence!!

Sep 26, 2009 04:14 AM
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