Bank of UnAmerica......Post your thoughts/stories/comments here.

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Real Estate Agent with Re/Max Westside Properties BRE: 01131013

We all have our stories of woe regarding Bank of UnAmerica, formerly known as Bank of America.

I suggest we start a blog outlining all of our complaints and then forward the blog to Dave Sunlin, Executive Vice President of Foreclosures & Real Estate Management. If you remember Mr. Sunlin was the one quoted in the Washington Post back on July 11, 2009, stating that BofA was in the process of implementing a new short sale system. The system was to debut in 30 days, from the article date, and would shorten the length of the short sale process to 7 days. I posted a blog the other day depicting what BofA did to a client of mine by cashing a check that they supposedly never received 18 months ago. The Seller replaced the check via a over the phone payment. Now somehow the check miraculously appears and it gets cashed. The Sellers checking account is with BofA. Read my other post to get all the details. Something has to be done on a grander scale to stop this institution from all their wrong doings.

BTW: I have made several attempts to reach Mr. Sunlin at his office in Plano, Texas. All of my calls have gone unreturned.

Your thoughts/comments/stories?

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  1. Rene S. Iraheta 12/06/2009 05:16 PM
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Rainmaker
274,211
Ron Tarvin
Residential, Investment properties, rehab projects, property management, luxury homes, new construction! - Katy, TX
Broker, Katy, Houston, Cypress 77450,77494,77095

I do a lot of short sales but I do not want to take a BOA short sale anymore. BOA is pretty much one of the most unreasonable lenders to work with to try to resolve pre foreclosure situations (as well as purchasing their properties that are not REO!)

Oct 27, 2009 05:40 AM #1
Rainmaker
72,258
Nancy McNamee
Keller Williams Realty - Roseville, CA

I just read a blog saying they now require PASSWORDS in addition to Authorization to Speak Letters.  What next...

Oct 27, 2009 11:07 AM #2
Rainer
87,741
Robin Dahlstrom
Re/Max Westside Properties - Marina del Rey, CA
CRS

Nancy, I would love to see THAT blog. If you have the link would you mind posting it here?

Oct 27, 2009 11:57 AM #3
Rainmaker
637,816
Don Sabinske
Don Sabinske, Sabinske & Associates Inc. - Zimmerman, MN
Sabinske & Associates Inc.

You are correct Nancy.  When the negotiator sends you an email you have to enter your password then download the message.

The good news is we always have a record of what was agreed to in the negotiations in writing when the approval letter comes accross with a completely differend deal than previously agreed upon-see my blog and check out my television interview on BofA.

Robin; I think it would be safe to say it wouldn't hurt to have a Realtor's input on how to streamline the short sale process.  It seems so simple????

Oct 28, 2009 06:32 AM #4
Rainer
87,741
Robin Dahlstrom
Re/Max Westside Properties - Marina del Rey, CA
CRS

Ah Nancy, wasn't quite sure what you referring at first until I read Don's post. Yes, with BofA, I, too, have received their cryptic messages that you have to establish an account and is password protected. Insane!!

Don, a couple of weeks ago I spoke at the C.A.R. Expo regarding short sales. It was overwhelming to say the least. There were hundreds in attendance each day. It was amazing how many agents were uneducated on the process and felt so helpless. I have rec'd enormous amounts of emails and calls from many of them begging for help.

This is where NAR needs to step in and streamline the process. I spoke to one of the CAR Lobbyist that emphatically said the lenders will never create a standard, so it is up to us to do it on a national level.

Just the other day I had multiples on a listing of mine. In keeping with protocol er ratified 1 offer and ratified another in 1st position back up. 3 days after doing so I rec'd yet another offer $61,000 higher. Per the CAR SSA (Short Sale Addendum) #E, the Seller has the right to send in any/all back ups. This does not in any way dismiss the notion that the accepted offer already in possession by the lender is still, exactly that, the accepted offer by the Seller. However, the Seller, a very sophisticated Seller, knows that if the Lender has the back up, they can reject the first offer (in writing) and decide to work with a back up. The agent was furious with me. She stated she had spent $400 on CDPE course to get certified in short sales. They had informed her that ONLY 1 offer can be sent in. I informed her that she needed to read the SSA item #6. If by sending in a back up that is higher reduces their exposure to recourse by the lender then of-course they are going to do it. I gave her and her client the option to increase their offer, but they declined. It had only been a few days, the real problem comes into play if and when it has been months. Months that a Buyer has waited. It is still within the Sellers rights, but ....where is the fairness.

There are so many pitfalls for both the Buyer and the Seller. A Seller does not know until such time an approval letter is produced what kind of recourse there will be. A promissory note? The silent method, by which they have up to 4 years to go after the Seller. Yes, there are some tax laws and federal laws now in place to protect Sellers from recourse, but how protected are they really.

As for a Buyer, the exact scenario that I described earlier should be a fear on a Buyers part. Also the fact that a Seller can cancel the deal in the 11th hour should they not like the terms of the approval letter from the lender.

One thing is for sure what I have stated above is only a smidgen of the issues associated with Short Sales. Some say they will be around for 3 more years. Others say 5. I tend to go with the latter.

At this juncture, I agree with you, we need a standardized system, at least for the agents.

Simply??????? One would like to think so, but I think not.

Oct 28, 2009 07:51 AM #5
Rainmaker
1,484,062
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

That's a good one... Bank of UnAmerica!  I am really tired of dealings with BofA.  They really don't have their act together.

Mar 07, 2010 02:02 PM #6
Rainer
87,741
Robin Dahlstrom
Re/Max Westside Properties - Marina del Rey, CA
CRS

Anyone know how to make this a featured blog? I would love for the entire RE industry to voice their opinion and then send it to BofA...

Mar 08, 2010 01:20 AM #7
Rainer
90,049
Phil Hillerman
Crye-Leike Realtors® - Rogers, AR
Crye-Leike Realtors®

Good Morning Robin, I hope your dealings with BoUnA are going better.  Although things haven't change much.

Oct 21, 2011 01:23 AM #8
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Rainer
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Robin Dahlstrom

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