Bank of America 'Secret' Short Sale Program | BoA HPO Short Sale Program Details

By
Education & Training with Tim & Julie Harris® Real Estate Coaching

Breaking News….

Bank of America is testing and will soon have a national roll-out of a new  program that will revolutionize the short sale process.

This new program is called HPO Short Sale. (We know the ‘H-P’ stands for High Performance but, as of this post we still don’t know what the ‘O’ represents.)

This program is NOT a rumor...its real. I have posted actual paperwork including an HPO Acceptance Letter on our blog. Read it now.

Watch the New Harris Real Estate University, Bank of America HPO Short Sale Videos NOW.

Why do you care about this new program?

Here are the details:

(Remember, this program is being quietly introduced, using only a hand-selected group of top short sale agents across the country. HREU will publish any additional information about this new program the second we get it…stay tuned to this site!)

* 6% commissions

* Every short sale seller and agent will be assigned a personal advocate who will shepherd the short sale through, using the new, simple process.  Think of this as your own ‘short sale personal representative’.

* No pre-qualifying, no hardship required.  Being upside down in the house IS the hardship.

* No documentation.

* No bank statements.

* No tax returns.

* No financial worksheets.

* No deficiency judgement.

* No financial contribution from the seller of any kind will be requested.

* Only requirements?  -A listing contract -A purchase contract -An appraisal, though we’ve been told the appraisal will not have an adverse bearing on the final acceptance.

* 2 WEEK approvals.

Listen NOW to the Emergency Harris Real Estate University and Bank of American HPO Short Sale Teleconference…..all the details about this new program are uncovered. <———CLICK HERE TO LISTEN NOW!

Let me be clear, this new Bank of America HPO Short Sale program is what Harris Real Estate University has been an advocating for nearly 5 years. 

HREU is the original Realtor short sale training source. When you are ready to go beyond the basic short sale designation and training…when you are ready to build a true short sale business…watch this FREE Accredited Short Sale Designation (ASD) and download the FREE Short Sale Guide Book.

Needless to say, we are very excited about what this new HPO Program will mean to our industry.

Watch the Just Released HPO Bank of America Short Sale Videos. <---------Click Here To Watch NOW.

Agents, REBLOG this story. Every agent in the nation needs to know about this new BoA program!

Posted by
  Tim and Julie Harris® Real Estate Coaching  
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Re-Blogged 26 times:

Re-Blogged By Re-Blogged At
  1. Joe Jackson 08/08/2010 02:05 AM
  2. Amy Soto 08/10/2010 05:50 AM
  3. Roland Lorans 08/10/2010 06:56 AM
  4. Bill Black 08/10/2010 08:43 PM
  5. Kathy Toth 08/10/2010 10:50 PM
  6. Ellen Dittman 08/11/2010 12:41 AM
  7. Brady Howard 08/11/2010 02:49 AM
  8. Kenny Salame 08/11/2010 03:38 AM
  9. David M. Childress 08/11/2010 06:06 AM
  10. Diane & Doug Briggs 08/11/2010 07:57 AM
  11. D B 08/11/2010 12:23 PM
  12. Todd & Devona Garrigus 08/11/2010 02:29 PM
  13. Lanre-"THE REAL ESTATE FARMER" Folayan 08/11/2010 03:43 PM
  14. Brian Schulman 08/13/2010 02:31 AM
  15. Susan Gaieski 08/13/2010 09:24 AM
  16. Tony and Suzanne Marriott, Associate Brokers 08/14/2010 01:42 AM
  17. Jo Ann Israel 08/18/2010 04:10 PM
  18. Bob & Leilani Souza 08/18/2010 08:40 PM
  19. Nancy Keith 09/08/2010 03:40 AM
  20. Katherine Fornale 09/08/2010 04:23 AM
  21. Ryan Case 09/08/2010 04:28 AM
  22. Ryan Case 09/08/2010 04:30 AM
  23. James Grant 09/08/2010 09:00 AM
  24. Amy Gerrish 09/08/2010 01:27 PM
  25. Sarah Becker 09/15/2010 08:52 AM
  26. Mark Peek 09/22/2010 04:35 PM
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Show All Comments
Rainmaker
183,995
Laura Gray
RE/MAX Realty Group - Gaithersburg, MD

Tim & Julie

 

I hope that BoA starts looking outside the box to create a model that will actually work. But based on my previous experience with them involving Short Sales and REO's I will take the wait and see approach. Keep us posted on your results. They say it only takes ONE RAVING FAN !

Sep 08, 2010 04:28 AM #64
Rainer
1,425
Tim and Julie Harris
Harris Real Estate University - Las Vegas, NV

Hello,

Re-blog this...do whatever it takes to spread the word about this program.

More people (homeowners) know about this program...more pressure to make this a new nationwide standard.

Thanks for all the great feedback!

Tim

Sep 08, 2010 04:46 AM #65
Rainer
238,872
Jeffrey Smith
Author of 'Realtors Guide To Short Sale Success - Eustis, FL
Short Sale Education

But, But... if the foreclosure process is streamlined like that with all the lenders, no realtor will need to buy my book, "The Realtors Guide to Short Sale Success".(Amazon) That's OK, I'll more than make up for it with all the extra shortsales that I'll be closing.

Sep 08, 2010 04:50 AM #67
Rainer
317,569
Barb Merrill
Cactus Mountain Properties, LLC - Tempe, AZ
GRI, Associate Broker

Hallelujah!  I do find this hard to believe.  If Bank of America opts to go with NO more financials from their customers, how can they continue to bleed them for every penny?  After reading the update, I see that BofA has developed HPO for those who do not qualify for HAMP.  In other words, they have already submitted their financials & BofA has found there is nothing more to squeeze out of their customers.  Then it would be in BofA's best interest to Short Sale the property quickly rather than have it go into foreclosure.  BofA would be saving on legal expenses.

Sep 08, 2010 05:58 AM #68
Rainmaker
242,088
Roger Johnson
Hickory Real Estate Group - Hickory, NC
Realtor - Hickory NC Real Estate

I'm not gonna be holding my breath on this one.

Sep 08, 2010 08:41 AM #69
Rainer
9,788
James Grant
Asheville, NC

With as many foreclosures and REO that BoA is sitting on I really HOPE this works.

Sep 08, 2010 08:57 AM #70
Rainmaker
24,999
Shari Posey
Berkshire Hathaway HSCP - Long Beach, CA

Bank of America is also working on launching a new type of pig that flies.

Sep 08, 2010 09:35 AM #71
Rainmaker
41,901
Kimberly Moore
Chase International - South Lake Tahoe, CA
Why Settle For Less When You Can Have Moore

All these comments make me smile!  I have had an offer on a said "Approved short sale" for over their approved BPO price now for 5 months.  It is still sitting in Equator at the "Valuations" stage!  Really BOFA?  We could have sold it 3 times over so far!  Let's just get the current Equator program to close in the number of weeks you say the new program will close!      

Sep 08, 2010 10:12 AM #72
Rainer
4,105
Kitt Perfect
White Sands Realty - Bonita Springs, FL

Total BS.  BOA needs to get busy approving loans for buyers who are actually "BUYING" and attempting to stimulate the economy.  They have performed in the most pathetic manner I've ever seen - with just one of my recent buyers.  Unbelievable and unacceptable.  Buyers with great credit scores and adequate cash for down payment are being held "hostage" by BOA while they fumble around trying to figure out who clocked in this morning.  Valid transactions are not closing directly as a result of BOA's sickening excuses - and we're expected to just swallow.  I am accountable for the business I do - why aren't they?

Sep 08, 2010 01:11 PM #73
Rainmaker
97,082
Amy Gerrish
Realty Executives - Phoenix, AZ
Realtor - Phoenix to San Tan Valley

LOL #72 Shari!! I think we've all been stung by BofA, and rightly so we are a little jaded. I too will believe it when I see it.

Sep 08, 2010 01:18 PM #74
Rainmaker
915,929
Kay Van Kampen
RE/MAX Broker, RE/MAX - Springfield, MO
Realtor®, Springfield Mo Real Estate

I'd like to see this happen.  What a difference it would make.  Maybe they are seeing the real estate industry really don't like them anymore.

Sep 08, 2010 02:45 PM #75
Rainer
13,353
Spencer Frazier
SpencerFrazier.com, SoCal Properties, Canyon Lake, CA - Canyon Lake, CA

This would be nice, however I agree with a lot of the people above....let's wait and see what REALLY happens.

Sep 08, 2010 04:04 PM #76
Ambassador
2,371,303
Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Sorry to be blunt:

What's the matter with B of A?  Are they afraid that Newly Elected Politicians in 2011 won't bend over for B of A, and stimulate them with Billions of Taxpayer Dollars like the current Administration and Congress have done?

Will B of A actually have to work with defaulting owners in order to keep a positive cash flow?

 

Sep 14, 2010 06:16 PM #77
Rainer
48,201
Victor T. Gurrola
Remax Realty 100 - Diamond Bar, CA
Diamond Bar Real Estate Professional

Very interesting! 

Sep 14, 2010 08:12 PM #78
Rainer
207,613
Curt Baumgarth
Century 21 All Stars - Mesa, AZ
CDPE Realtor Serving the Valley of the Sun. 480 26

Well, I hope this program takes hold. It seems too good to be true. While I am not looking forward to a new system to learn, I'm looking forward to one that works...

Sep 15, 2010 12:40 AM #79
Rainer
36,612
Randy Beaver
Coldwell Banker Harris McHaney Faucette - Rogers, AR

Really, How Cool would it be, if one of the National Banks done as they advertise on National TV!

Serving the Tax Paying Citizens of The United States of America is a Privilege, Not a just another Task.

Have A Good Day!

Randy

Sep 15, 2010 06:50 AM #80
Rainer
5,443
Andrew Birchall
Birchall and Company Real Estate - Saint Augustine, FL
Broker / Owner

Great comments! Thanks for sharing Tim and Julie... I would like to believe it as well.  "Quietly introduced" seems a bit odd... If this was the real deal I would think a "screaming intro" would be fitting.  Anything to speed up the short sale process would be a welcome change!

Make it a great day!

Sep 15, 2010 08:22 AM #81
Rainmaker
343,891
Don Wixom
RE/MAX Executives Nampa, ID - Nampa, ID
"Looking out for your next move..."tm

If it sounds too good to be true.... It would be nice, but I'll believe it when I see it!

Sep 15, 2010 08:59 AM #82
Rainer
85,486
Nona Swann
Swann & Associates Real Estate - Indialantic, FL
Serving the needs of the Sellers in Brevard County

I like the early comment... I will believe it when pigs fly! I just finished a BOA short sale that took them 7 months to decide on a short of 10,000. Give me a break they spent that on ineffecient systems. I believe this is a PR campaign for the government so BOA can look good to Barney Frank!

Sep 15, 2010 10:15 AM #83
Rainer
37,946
Brandon Brittingham
www.easternshorehomesolutions.com - Salisbury, MD

This program is true, and is in play right now. Hopefully it works, and they use for all of their short sales, It is currently only used for BOFA portfolio loans. I would agree BOFA is the worst when it comes to short sales, but sometimes the hold up is on the investor side(usually Fannie/Freddie). It is only for select agents and vendors at this time. They are currently testing this program, so it is not just PR, we will have to wait and see how well it really works. I hope this becomes their new standard!

Sep 16, 2010 09:02 AM #84
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