The Worst Short Sale Lender. The results are in.

By
Real Estate Broker/Owner with Tutas Towne Realty, Inc and Garden Views Realty, LLC BK607690

Hi Folks. I sent out a Poll yesterday trying to determine who Short Sale Agents from around the Country believe to be the worst Short Sale Lender. Bank of America won the title of Worst Short Sale Lender with 27% of the votes!!

Worst Short Sale Lender

I guess this isn't much of a surprise. Bank of America has been trying hard to turn it around by offering training to agents and using systems like Equator to make things easier. BUT......I guess it just ain't working. Why is that?

Is it because of all the old Country Wide loans they took over? Is it due to the sheer volume of bad loans they are servicing?

My personal experience with Bank of America is that they are far easier to work with than they were a few years ago. At least they answer the phones!! They've also approved every short sale I've worked with them. Some were approved in 45 days or less and a few took well over a year. But they were approved.

I don't really know why they get such a bad wrap.

Maybe we can help them. After all it is certainly to our advantage for Bank of America to be better at processing Short Sales. So I ask you.....What can Bank of America do to improve their short sale processing and reputation? Any ideas?

 

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***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

The BIO for Bryant Tutas

 

 Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales,  Orlando Florida Short Sales, Celebration Florida Short Sales, Windermere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

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Topic:
Real Estate Best Practices
Location:
Florida Osceola County Kissimmee Poinciana
Tags:
bank of america
short sale poll

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Rainmaker
175,133
Randy Landis
Retired in Samar - Tupelo, MS
Overseas Retirement Consultant

I bet it's a lack of leadership, training. and hiring of additional staffing to handle the increased workload. But then, how can a business afford to hire when losing millions? IMO

Apr 21, 2011 01:54 AM #1
Rainmaker
291,597
Rebekah Radice
Imagine WOW! Digital Marketing Agency - Burbank, CA
Social Media Marketing, Coaching & Training

I would have been stunned had it been anybody but BoA!

Apr 21, 2011 02:04 AM #2
Rainmaker
1,521,373
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

BofA may be getting better but overcoming the negative attitudes people have will take time...are there enough short sales to do it?

Apr 21, 2011 02:11 AM #3
Rainer
59,608
Mitch Gover
BidOnRealty.com - Orlando, FL

They should focus on anything that expedites communication between agents and their staff.  Equator has helped, but I think just because of sheer volume, they "won" your poll. 

Apr 21, 2011 02:18 AM #4
Rainmaker
97,117
Jimmy Williams (352) 874-2354
Classic VI Realty - Mount Dora, FL
Lake and Western Orange County Real Estate Expert!

Communication, and hard work is the key to turning around the preceptions of the past. 

Apr 21, 2011 02:34 AM #5
Ambassador
3,394,963
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Hi BB!  I agree with you that BOA is doing their best to turn things around and have become far easier to deal with than even a year ago.  With the sheer volume of the CW loans that they were saddled with, I believe they're doing better than many others.  Perhaps I'm biased but, have you ever tried to do one with GreenTree?!  FAR worse than any BOA short sale negotiation I've ever worked with.  At least BOA is REASONABLE--slow but, reasonable--okay, MOST of the time now!!  I should have voted--GT would have received my vote!

Apr 21, 2011 02:41 AM #6
Rainmaker
601,332
Donne Knudsen
Los Angeles & Ventura Counties in CA - Simi Valley, CA
CalState Realty Services

BB - While I agree that BofA has gotten better over the past year or so, they still suck.  However, they weren't the ones that I actually chose as the worst.  As bad as BofA is (based on my professional experience I would rank them #2 worst), Wells Fargo is so much worse. 

Don't even get me started on the Wells short sales I've worked on.  Suffice it to say that Wells is one sleazy bank and the illegal stunts they are pulling in some of their short sales is absolutely despicable.

Apr 21, 2011 04:30 AM #7
Rainmaker
592,907
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

B of A, at the top of the list!

Congratulations to them!

They have been heading for this since 1985.

Bill

Apr 21, 2011 04:54 AM #8
Rainer
174,736
Lisa Orme
The Master's Key Realty LLC -Windsor, CT - HARTFORD COUNTY - Windsor, CT
Broker/Realtor, ABR, CRS,GRI, PSCS, SFR, Notary Pu

A bad reputation may last a lot longer than bad performance...I'm guessing this might be the problem here!

Apr 21, 2011 05:05 AM #9
Ambassador
3,394,963
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Like Lisa, I believe their reputation has been seriously damaged so much that we automatically say that they're the worst, when in fact, there are others that are much worse!

Apr 21, 2011 02:21 PM #10
Rainmaker
354,853
Damon Gettier
Damon Gettier & Associates, REALTORS- Roanoke Va Short Sale Expert - Roanoke, VA
Broker/Owner ABRM, GRI, CDPE

Bryant, my worst to date has been with Wells Fargo Equity and Wells Fargo fighting with each other.  The only way it closed is I had to give what the Equity Department wanted to approve the short sale out of my commission.  I really don't want another Wells short sale.

Apr 21, 2011 03:10 PM #11
Rainmaker
713,351
Cheryl Johnson
Highland Park, CA

This may sound like heresy: 

But I think that B of A's effort to automate the process with Equator and a giant call center ... is part of the problem.

Hands-on, personal involvment of one responsible human ... one human that would handle the file from start to finish ... would be a huge improvement .....

Apr 22, 2011 01:15 AM #12
Rainmaker
434,738
Dick and Dixie Sells
Sells Real Estate, LLC - Trinity, FL
Realtors, Tampa Bay Florida Homes For Sale

Yes, not a surprise. They got my vote! But one of the problems is changing the rules all the time and not telling anyone the rules changed. Of course we talk with one person and if we don't like the answer, then we just hang up, call back, get another person and a different answer.  Their call center problems remain.  Just saying!

Apr 22, 2011 02:39 AM #13
Rainmaker
4,797,764
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Interesting results Bryant.  But could it be that they're all pretty bad, it's just that B of A has more loans under short sale?

Apr 22, 2011 01:57 PM #14
Rainmaker
375,566
Lloyd Binen
Certified Realty Services - Saratoga, CA
Silicon Valley Realtor since 1976; 408-373-4411

Interesting Poll.  Perhaps BofA gets the bad rap because they have the most bad loans?

Apr 23, 2011 05:32 AM #15
Rainmaker
414,837
Tni LeBlanc, Realtor®, J.D.
Mint Properties, Lic. #01871795 - Santa Maria, CA
Tenacious Tni (805) 878-9879

Wow I really think that CHASE should be at the top of this list.  BofA has actually improved significantly with Equator.  CHASE hasn't made much improvement in my experience.  They are still slow as molasses.

Apr 24, 2011 08:42 PM #16
Rainmaker
1,051,313
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

I have not had many problems with BOA either - all of mine approved as well:) I am suprised Chase is up there near the top.

Apr 25, 2011 12:37 AM #17
Rainmaker
1,028,521
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

You would think with their automated system that Bank of America would be much more efficient than they are.  Hopefully their improvements will continue because they are still a big headache.

Apr 25, 2011 01:46 AM #18
Rainmaker
775,702
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

Broker Bryant, who do YOU think is the worst?  We don't think it's BofA.  Probably Greentree, and for HELOC's KeyBank.  I don't mean to be a pessimist, but I wonder if BofA won because not everyone does a ton of short sales, so the likihood of those who have done a short sale or two have worked with BofA but not one of these others?  Even when BofA was really bad, we didn't think they were that bad and closed all of our short sales with them, even if they were a little tiresome...

Apr 26, 2011 03:18 PM #19
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