Short Sales & BOA Pays out another Round of Bonuses

By
Real Estate Sales Representative with Realty Professionals Heartland

l wrote and did not send the included email to BOA. I did express to BOA that I will not redo this short sale but I am willing to update the file I already sent them August 20th 2009. They now have a new procedure. If you have a different buyer than the one submitted to them they make you go to REOTRANS.com. I recieved a secure email telling me to do this yesterday. I am already a member from over a year ago. I explained to BOA today there is nothing there to do. I was informed' "that is because we have to provide you with a link." I was never given one.

Today my short sale was cancelled 61 days after submitting. before sharing the letter I will tell you that BOA is contradicting themselves. They were basing the canceling of my contract from an old offer from a previous listing agent who's listing expired and the buyers had walked prior to then. BOA says no one canceled that file so that was the one they were working. I said really? Does BOA ever read anything that Realtors send them. You have my letter of authorization, you contacted me for updated financials, contact for BPO and etc., if you were working the OLD file then why would you not contact the other agent that submitted the file?Do you see my name anywhere on that contract? I also said what happened to my first offer that did fall through because the buyer lost his job? They had no answers. I am not going to have a choice but to bow down and resend them everything they want for the benefit of my sellers and buyer.

I feel like picketing BOA and have all Realtors stand in Union and say we will not attempt any short sales with BOA until they get there act together. Google BOA and see that there are more than us than not, fed up with BOA. If it were not for the point of taking care of our clients then we would be able to do this. This is once again why many agents stay far away from short sales. I am glad to know many other lending institutes are not this way.

 

Fishing for the Few While Ignoring the Many

Letter I saved as a draft and I will sleep on it reread it in the morning and if I still feel this strong I will send it.

Please call me this is the third email and I have left 2 Voice mails for you. I never submitted a Phillip Shoemaker offer. I submitted this offer on 8/20/2009 at13:45 hours including the entire short sale package. I am not redoing this short sale. I submitted everything to you. If you were working a dead file from another listing agent prior to me then that is not my fault. If you were working Philip Shoemakers file then why did the negotiator contact me and not the old agent. It seems to me once again BOA has dropped the ball and waited 3 months to cancel the short sale and tell me to start over. I say to you enough is enough. I will not start over, I will walk! I have been doing a Short Sale with BOA for 8 MONTHS. with only one buyer. Gee I wonder why because of incompetence of a huge corporation who does not have it together. then I am informed by Tanisha the negotiator's supervisor CAN"T do anything it is up to the negotiator. Then I could not Seriously, I think that is backwards too. Then I was not provided a supervisors number only an email. 


BOA, you should be ashamed of yourselves. I am one of a few agent...AND I Mean only a few that is even willing to do short sales. I have been listing and closing short sales for 2.5 yrs. I will not ever take another BOA short sale ever if this is not taken care of. You have all the paperwork I submitted in August, why resubmit everything when you ALREADY HAVE IT> I am willing to update financials and bank statements but no way am I going to sit over a fax machine for 2 hours faxing ten pages at a time for over 500 or 600 plus pieces of paper. So let me know what you want to do because I have had enough. 

This home was listed and expired, how am I suppose to know about a deal that had nothing to do with me. Where was the offer I submitted on George Sulin back in June 2009? Seems to me since you canceled my short sale do to "Some other persons buyer walking and an expired listing", I listed it got you a contract and canceled that one and gave you the present one you seem to have no clue about. 

You canceled it off the assumption that Philip S. lost his job not George S. James B. Nutter and HSBC blow you guys away with customer service. In 24 hours of a SS package they have negotiators already assigned, appraisal the next day as well as negotiations with the second for a pay off.. How come months go by and of wasting peoples time and then you expect us to be compliant and redo our job.

I am tired of redoing my job because of someone else neglect.  But it is not like you care you all got your fat bonuses last week.

 

 

 

 

This is an email I received on Oct.18th 2009 from another Short sale that I have been working on with BOA since February 2009. This is a pro active buyer who has called BOA, Bankruptcy courts, you name it he has done it or has tried. He keeps getting hit with increased rates and the lender has to keep paying points because you can only be locked for 90 days. This already left a bad taste in my mouth for BOA.  Pay attention to waht he says about BOA paying out another round of bonuses

Jon,
 
it has been 48 hrs since BOA told Laurie 24-48 hrs.
 
Very typical of BOA...must start at the top cause the auto title dept is the same way " we will fax it in 24-48 hrs"....I end up calling every 48 hrs (or less if I need it quick)...then they tell me "it will be 24-48 hours" and I remind them that is what they told me 48 hrs ago....this game goes on till you find an employee that care and will do their job...not many there though. 
 
As you probably know BOA just paid out another round of bonuses this week. They really don't care if it cost the bank more money...they still get their money. 
 
I never have liked BOA...it seems like no one there really cares.

 
You might see if Laurie will call them again. If needed I will start calling them as well...if she will give us the number she got through on. I will start on the numbers I have again.

 

I have now a full blown migraine and must lay down. thank you for letting me vent in honesty. I would appreciate any comments and opinions as well.

 

Laurie

Comments (4)

Bill Ladewig
LoanOfficerSchool.com - Escondido, CA
Experience Is Your Advantage

Laurie, BoA sucks.  From many angles they are bad news and if we don't watch out they will be one of the four lending choices if they are successful in putting their main competition, small mortgage banks and mortgage brokers out of business.

Oct 21, 2009 11:20 AM
Jane Wallace
HomeSmart Cherry Creek - Denver, CO
CRS | SRES, Denver Real Estate

Laurie,

 Read This They Make More Money going to Foreclosure Than Doing a Short Sale

http://www.huffingtonpost.com/2009/05/08/short-sales-banks-blockin_n_199099.html

Oct 21, 2009 11:30 AM
Bill Gillhespy
16 Sunview Blvd - Fort Myers Beach, FL
Fort Myers Beach Realtor, Fort Myers Beach Agent - Homes & Condos

Evening Laurie,  Looks like Obama is going to ratchet many Wall St salaries way back.  perhaps it will get the attention of some of the idiots.

Oct 21, 2009 12:39 PM
Dan Tabit
Keller Williams Bellevue - Sammamish, WA

Laurie,

It took me 18 months, 3 reduced offers and endless hours on the phone to complete my last BOA short sale.  Mine had some extenuating circumstances, so I accepted it for what it was.  I would suggest your threat may have more impact if you promised to copy the media and your local, state and Federal Representatives. 

Best of luck,

Dan

Oct 21, 2009 01:47 PM