Is a Short sale really worth it? well you'll have to decide if "the juice is worth the squeeze". Many times buyers find out the hard way. Here's a great article from a realtor experiencing the frustrations dealing with one of the nation's largest banks...another "Tail trying to wag the dog" scenario...
If you haven't heard a homeowner or a Realtor complain about Bank of America (BofA) short sales, you must be out of the loop..or you were just smart enough to stay away from the nightmare. I have dealt with and closed several short sales with Bank of America prior to the Equator system and I currently have 3 Bank of America short sale listings under contract.
Is EVERYONE frustrated with the Equator system or is it just me? I attended a class yesterday at Orlando Regional Realtor Association (ORRA) yesterday and what was supposed to be a 2 hour course, could have been a 24 hour frustration sesson. I was really hoping to learn more tips of the trade, dos and don'ts, rules and regs, and how tos. WIth a packed house of over 100 realtors, it was mostly background information on HAFA and question after question on specific agent transactions. I walked out feeling more confused than ever,..especially when I hear they will be soon revising the system. With the prevalence of short sales (which will continue for years to come), why are we not being given more concrete instruction. The communication between agents, homeowners and negotiators (which will soon not be called negotiators BTW according the the BofA rep) is RIDICULOUS. Do we remember being told months ago that we would be able to close short sales in 45 days? Was I the only one laughing in doubt?
The BofA rep was the first to admit the problems. That was one good thing. Another positive note was the guy gave out his email address and promised ACTION. I hate to be that guy's assistant today when the 500 emails come streaming in! He said the Equator system would soon get an overhaul to be more user friendly. OH BOY! Can we start with not requiring homeowners to upload documents to start the process? Aren't these people under enough stress, pressure, and fear as it is and now suddenly some have to learn to fax, scan, and upload at a moments notice. They hire us for a reason and although we can help through this process, it still seems to bring on panic to many owners. Don't even get me started on the REJECT button..can you say start over from scratch!
Now, I am sure there are realtors out there that have had positive experiences but I believe they are the few and far betwen. What are your thoughts/experiences/comments?