I typed this up a few weeks ago after watching the webinar.
I think we have a friend in Matt Vernon. But, what is up with him saying the following? "This is a visible effort on BOA's part to build a bridge with the real estate community."
My notes: What does he mean by "bridge" with the RE community?
Then, Vernon said the following: "We have redefined our customer, balancing the experience that they and you have as business partners, with the fiduciary duty to the investor." "We are balancing the velocity of decision making with the quality of that decision." "Process excellence." "People, process, and technology."
My notes: I did notice that they mentioned Fiduciary Duty a lot. That is a touchy subject and just confirms my earlier thoughts.
They have a huge fiduciary duty to their investors. In my opinion, most servicers are breaching their fiduciary. Guys, if you don't hear anything else, hear this: Fiduciary duty is their Achilles Heel. Always bring up fiduciary duty when you talk to a negotiator. Just like how agents in a single agent capacity have a fiduciary duty to their customers, they have a fiduciary to the owner of the loan and their stockholders. My advice to Matt Vernon:
1. Why ask us to negotiate with outside liens first? That is a bad idea. Your company is the worst in the industry for short sales. Why waste time negotiating outside liens when anything you negotiate is going to die because of BOA's tardiness.
2. You mentioned that you want us to submit the highest offer first. You want us to submit the highest offer? Then, you do your fiduciary duty and give that highest offer an answer within 10 business days time. Why don't you allow us to submit a higher offer halfway thru the file, without risking the short sale file being closed at BOA?
3. I have been told by several BOA negotiators that half of the approval letters sent out never close. Why is that?
4. Don't close the files. Don't hire heartless people who don't follow the rules and have them negotiate your files.
5. Implement standards: We rejected this file for this reason. Please continue to market this file as an approved short sale at this price. Give us an approval that we can put into the MLS. This strategy of approving files over and over again causes homes to sell for less. In my opinion, it is similar to someone who hires you to dig a ditch and then another person to fill it in.
6. Sell your investors on making the process easier.
7. Allow us to report negotiators taking a "power trip" that isn't benefitting the investor. The fiduciary duty to the investor should be upheld over the negotiator's temperment. In my opinion, many investors get their ego in the way of approving files. The investor is losing money. Should they be forced to lose even more money because a negotiator enjoys "power trips?" Those are my notes. I think when every agent starts stressing "Fiduciary Duty, then we can get these lenders to make things easier.
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Got questions about short sales? Just ask.
Ben Curry & Chris Curry - Keller Williams Real Estate, Gainesville Florida.
We specialize in short sales in Gainesville Florida. Gainesville Florida short sale, Gainesville fl short sale, Gainesville Florida short sales, Gainesville short sale