Re/Max and DTS / Bank of America form Cooperative Short Sale Program

By
Real Estate Agent with North Orange County ReMax Realtor 01213945

 

Re/Max is now teaming up with DTS (Dignified Transfer Solutions) and Bank of America for a Short Sale program. In order to be considered for this program you will need to have a couple of real estate (short sale) certifications.

Re/Max contacted me through e-mail as well as two others in my office that have these certifications to set us up with a test in order to qualify to be a part of the program. By doing this they are assuring that they are getting only the best when it comes to short sales so that they are completed quickly and professionally.

Here's what the program is trying to accomplish:

"The Alternative Right Party Contact (ARPC) program is a joint effort through which RE/MAX, Bank of America and Dignified Transition Solutions (DTS) reach out to preselected distressed homeowners and guide them through a Short Sale.

The initiative began in May 2011 as a pilot program in Arizona and Nevada. It has since expanded to include nearly 10,000 properties in all 50 states. If its initial success continues, more than 60,000 properties could be assigned to RE/MAX Associates in the first year."


CASH INCENTIVES: Cash incentives similar to ones that I've posted about recently could also be a part of this new program. Up to $2500 in cash with the possibility of $3,000 HAFA could lead to the seller receiving up to $5500 on completion of the homes sale.


I am excited to get started with the program and to help many more avoid foreclosure before it's too late.

Posted by

Jorge Martinez

Cell: 714-423-1993 E-mail: RealEstateProducer@yahoo.com

My Website

 

 

Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warrantees either express or implied. This blog is not intended to offer any legal, tax or other advice.

 

Comments (20)

Kay Van Kampen
RE/MAX Broker, RE/MAX - Springfield, MO
Realtor®, Springfield Mo Real Estate

Jorge, I signed up for this last year as well.  What certifications are they wanting?

Aug 24, 2011 11:44 AM
Jorge Martinez
North Orange County ReMax Realtor - Anaheim, CA
Espanol Spanish Bi-Lingual Agent

Key, they are looking for at least one of the following, SFR, The five Star Institute or CDEP. I have the them all. 

Aug 24, 2011 11:57 AM
Goran Utvic
606 Homes LLC | Chicagoland Brokers Inc, Chicago IL 60656 - Chicago, IL
We Buy & Sell Chicago Houses Fast

Jorge - hopefully this makes Bank of America not so horrible a bank to complete a short sale for!

Aug 28, 2011 01:22 PM
Jorge Martinez
North Orange County ReMax Realtor - Anaheim, CA
Espanol Spanish Bi-Lingual Agent

I agree Goran! Thanks for the comment!

Sep 07, 2011 08:24 AM
Anonymous
Steve

Isn't this a violation of the antitrust laws or a anticpated monopoly. with BAC and Re/max. Does RESPA know or is it blind sided?

Oct 06, 2011 05:42 AM
#5
Synthia Noble
RE/Max "10" New Lenox - Crete, IL

I joined the DTS system recently and so far less than impressed.  I have had 19 names to contact.  over half are already working on a modifiation (why wouldn't BofA know they were working on a modificatino and would NOT be interested in a short sale?).  a few didnt even have BoA mortgages.  every one of them are not interested.  by the way several are in areas where the property values have dropped dramatically - so my listing would be less than $50,000. 

I feel I am doing a lot of work and getting nothing from it - this seems another BoA program that doesnt work and wastes realtors' time. 

anyone with experience it would be great to hear from you on this program

Oct 14, 2011 01:06 PM
Marcy Moyer
eXp Realty of California Silicon Valley Probate, Trust, and Investment Sales - Mountain View, CA
Probate, Trust, and Investment Specialist

I just got the email from them asking me to take the training. Was wondering what other agents experience was.

Nov 10, 2011 04:54 PM
Anonymous
Josh

This short sales Not working very well so far  i have 3 short sales with these coop program one  already foreclosed after we had agrreed to their counter  2nd SS i have been working on it for over 4 months they counter to us we accepted it 2 months ago the only response to keep waiting... third is in escrow we requested a 2 day extension to close 2 weks ago buyer signed seller signed funds are in title i am still waiting for that amended apporval  no response from anyone, i guess i stick to the traditional short sales ( in my experience the quickest to close) or HAFA (not my favorite).......

Nov 30, 2011 05:10 AM
#8
Anonymous
Peggy Weaver

Beach resort area: 6 leads given with only 2 responses after MANY contact attempts.  One currently listed and one recently closed >> listed on 10/1, full price offer on 10/2, offer accepted by B of A on 10/26, closed on 11/28.

 

B of A had already completed a BPO.  They told me what Asking Price to put on property.  I was really surprised the AP came in as low as it did, hence the quick sale.  Equator was the website that we used.  The reps at Equator were really pretty good to work with on this closing.  Well worth the effort.  Minor problems with DTS to start with but once offer loaded onto Equator, I just had to monitor closely.

What amazes me is that so few owners are taking advantage of this process.  No financials/hardship letters/etc  to upload plus the Relocation Incentive.

Dec 01, 2011 06:43 AM
#9
Synthia Noble
RE/Max "10" New Lenox - Crete, IL

update, about 25 leads, many many phone calls and "door knocks".  I have 2 listings now (list prices pretty low $50,000 and $79,000), the appraisals were pretty quick.  the first appraisal came back too high, they lowered the approved list price after a few weeks of no showings (nice surprise).  no offers yet, but I do like the fact that the seller and I dont have to do all the paperwork.  I like the fact that BofA is offering this as an option to distressed homeowners, just wish that they coodinated internally so we wouldnt have to make a bunch of calls to homeowners that are already involved in a modification. 

no closings yet.  Another bit of relevant news on DTS they do offer a minimum commission of $3,000 (nice when the list price keeps dropping). 

Dec 17, 2011 02:40 AM
Jorge Martinez
North Orange County ReMax Realtor - Anaheim, CA
Espanol Spanish Bi-Lingual Agent

I know is a lot of door knocking and then follow up with phone calls. The way I see it is another source of bussiness. No closings yet , one in escrow and two listings. what really surprise me is the fact that distress homeowners do not take the opportunity to avoid foreclosure, for many homeowners this is probably the last option.

 

Dec 21, 2011 05:14 AM
Anonymous
Ed

I am a member of the DTS program in SE Georgia. I have had 3 opportunities in Florida where I have an inactive license. Still trying to get one in my state. I have two short sales direct from BOA and they are very helpful and progressive in getting the properties to contract.

Jan 03, 2012 03:12 AM
#12
Liane Jamason
Smith & Associates Real Estate - Saint Petersburg, FL
Top 1% Real Estate Broker - St. Petersburg, FL

If one is not a REMAX agent but is a CDPE, is there a way to register with Dignified Transfer Solutions?  Doesn't seem fair that its only open to agents from one company from what I can tell...

Jan 15, 2012 09:56 AM
Anonymous
Anonymous

I just listed one of these yesterday in Sacramento. The seller called me because I am a Certified HAFA specialist and a top producing short sale agent in Sacramento, and I don't work for ReMax.

Feb 04, 2012 02:30 AM
#14
Jorge Martinez
North Orange County ReMax Realtor - Anaheim, CA
Espanol Spanish Bi-Lingual Agent

The progarm is open to any realtor interested, just contact DTS for details.  When knoking on doors, one of the questions I always make to the property owner is, if is working with another agent if it is, then I leave it along. Congratulation to those who got listings trough this programs, or any other source.   

Feb 04, 2012 05:34 AM
Anonymous
Chris Prickett

Got a call today from a SS seller in my area yesterday. He got a door knock from a REMax agent and a letter from BofA, so he signed up. Turns out the agent is based 20 miles away and doesn't know the area. Also, the poor guy is trying to find a rental and the REMax agent wants no part of that, which is why he called me. Reminds me of those relo programs where you're incentivized to use a particular agent, who knows nothing of your area and just wants to cash the commission check and move on to the next deal. Not really working as a fiduciary to the client.

If BoA wants to help the seller, they should make sure the agent is not only "qualifed", but knows the area, and agrees to help the client if they need a rental. I've done over 40 BofA SS's and yesterday was the first I've heard about this program.

Mar 05, 2012 09:10 PM
#16
Jorge Martinez
North Orange County ReMax Realtor - Anaheim, CA
Espanol Spanish Bi-Lingual Agent

 As an agent I choose where I want to work, 20 miles away is very far me and I know that would not service  the listing and the seller as I should,  I do not work with rentals tenants or landlords, that is a part of the business that I have no interest on it, again I choose what I want.

This program has been around for few months already and is open for any agent, and like any other program from any other lender it has good and bad things. 

Mar 06, 2012 02:59 AM
Teri Pacitto
Compass - Westlake Village, CA
Real Estate, Your Style...Your Home...My Specialty

I just returned from a Bank of America hosted Housing Seminar and sat down with one of their Short Sale Experts and was told that the only way to get a Short Sale Listing Referral is to be a Re/Max agent....there is just something not right about this. I do have a CDPE, CHS, SFR and pay $500 a year to be on the Equator platform...now I am wondering why bother? 

Shame on you Bank of America.....

Aug 22, 2012 07:01 AM
Jorge Martinez
North Orange County ReMax Realtor - Anaheim, CA
Espanol Spanish Bi-Lingual Agent

Agree shame on Bank of America. When they announce the program they never mention the amount of work required and the low conversion rate. Here are some of the experiences that I had.

Took a listing, one day after the bank gave us the approval; the negotiator called to let me know that the loan was sold to another investor, therefore had to start from scratch.

Took another listing, and after few weeks waiting for the appraiser’s call, got an email from DTS to let me know that the borrower did not qualify for the program (short sale) had to cancel the listing without an explanation.

These are the things that agents not working on the program do not now. Will think twice to sign up.

Thanks for all the comments

 

Aug 23, 2012 02:57 AM
Teri Pacitto
Compass - Westlake Village, CA
Real Estate, Your Style...Your Home...My Specialty

Everyday I drive past a "Bank of America" listing in my neighborhood.  I did preview the house when it came on MLS about two months ago and of course left my card for the agent.   Over the weekend I showed it and low and behold my card is still there along with several others.  The back door was open and leaves had blown in.  The listing agents office is located in another city about a 45 minute commute from the property. Obviously no one has been at the house to check on it in a long time.  Maybe Bank of America needs to review their listing policies...but it is listed with one of their preferred agents.  Enough said.

Sep 24, 2012 12:51 AM