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Short Sales with Bank of America

By DeeDee Riley

Real Estate Agent with Lyon Real Estate - El Dorado Hills CA DRE# 01499004

October 27, 2011 02:31 PM

Short Sales with Bank of America

I just finished watching a Short Sale webinar put on by Bank of America. I came away encouraged in that they are trying to improve the process and that they may be listening to our agent feedback!

Following are a couple of the slides from the webinar that I wanted to share as they have information we are all looking for.

Reasons Bank of America short sales are failing

The presenters stressed that if we have a question about the valuation, let them know. If you have an appraisal or support information upload it on the Equator system and include it with your email. Make sure the documentation they are requesting is complete.

Problem Resolutions for Bank of America Short Sales.

Help for distressed Homeowners.

There is many resources and help for homeowners. Make sure you have your clients visit this site or call the toll free number.

I am a REALTOR® in El Dorado Hills with Lyon Real Estate. Though living in El Dorado Hills is my passion, I am happy to help you with your real estate needs throughout the Sacramento Valley. For more information on me or our wonderful area visit my website at www.DeeDeeRiley.com or email me at driley@golyon.com.

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Diane Grady

Endless Summer Realty - Saint Augustine, FL

I am working with BOA on a short sale and they have made a really nice offer to my seller. Waiver of deficiency and 15k to go. Really nice. Glad to see that it is turning around Full commission and 30 day close!

Oct 27, 2011 02:40 PM

Evelyn Johnston

Friends & Neighbors Real Estate - Elkhart, IN

The People You Know, Like and Trust!

You definately have to give BOA props for TRYING to get it right. At times it doesn't seem like the left hand knows what the right hand is doing. I had an offer on a property and they wanted to know what my marketing plan was. We weren't marketing it, we had an offer and we couldn't get passed that. The buyer walked.

DeeDee Riley

Lyon Real Estate - El Dorado Hills CA - El Dorado Hills, CA

Realtor - El Dorado Hills & the Surrounding Areas

Wow Diane, that is wonderful. Never heard of that. I've had many hold ups on the ones I currently are working with them on and keep feeling like I have to educate the negotiators from this perspective so was so happy to hear them today say all the right things. Just hope they mean it and it is not just like our politicians! Thanks so much for your comment!

Oct 27, 2011 02:44 PM

Jon Zolsky, Daytona Beach, FL

Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL

Buy Daytona condos for heavenly good prices

And yet they would dio certain things that have no explanation. We have submitted all documents through Equator, everything was fine, and then suddenly the whole file is wiped out from the Equator completely. Nobody can give a reason, they do not even see that there ever had been a file

Oct 27, 2011 02:45 PM

Evelyn,

That's how I have been feeling! I've not been asked for my marketing plan but little nit-picky things.

Thanks for your comment!

Oct 27, 2011 02:46 PM

Oh no, Jon! Not good. I have one short sale where we have had 3 negotiators in just a couple months. The first one was horrible so was glad she is gone. Next two have been very helpful. I'm sure they will still not be perfect but after hearing the webinar toay, I'm hopeful and that's always good!

Oct 27, 2011 02:49 PM

David Spencer

Keller Williams Northland - Kansas City, MO

Show Me real estate in Kansas City

Good news for my short sale activities.

Oct 27, 2011 03:17 PM

Doug Bullwinkel

E Mortgage Capital, Inc. NMLS 1416824 - Roseville, CA

Mortgage Loan Officer NMLS #281609

DeeDee: I saw this announcement but didn't have a chance to watch due to meetings. I am hopeful that BofA will get their act together and work to streamline their short sale process. This could have a very positive effect on short sales, many of which are with BofA from their Countrywide acquisition. It could also bring many potential buyers out of the shadows that have been unwilling to put up with the frustrations that they have heard about short sales.

Oct 27, 2011 03:47 PM

Joni Bailey

101 Main St. Realty - Huntsville, TX

Your Huntsville / Lake Livingston Area REALTOR®

I have never had to work a short sale. It sounds like a nightmare! Thank you for helping these families get through a tough situation.

Oct 27, 2011 04:39 PM

John Pusa

Glendale, CA

DeDee - Thank you for sharing quality information on short sales with Bank of America.

Oct 27, 2011 05:16 PM

Laura Allen, Lake Tahoe - Truckee Real Estate for Sale TahoeLauraRealEstate.com

Coldwell Banker Realty, Tahoe City, CA (530) 414-1260 - Tahoe City, CA

Tahoe Real Estate Agent Helping Buyers and Sellers

DeeDee - great information. We can all hope that the short sale process becomes better. Thanks for sharing this timely information.

Oct 27, 2011 06:06 PM

Gail C. Harris

Resource Network, LLC SFR, AHWD, ACRE, SMAR Board Director - Chesapeake Beach, MD

Reach the BEACH with Gail C. Harris (cell: 703.868

Hope BofA continues to move forward, thanks for sharing this info with us. :) Gail

Oct 28, 2011 01:04 AM

Lloyd Binen

Certified Realty Services - Saratoga, CA

Silicon Valley Realtor since 1976; 408-373-4411

DeeDee, The short sale process certainly needs improvement. I hope BofA continues to improve their processing. Have a good weekend in El Dorado Hills. We've got beautiful weather down here in the Bay Area.

Oct 28, 2011 05:02 AM

Roy Kelley

Retired - Gaithersburg, MD

Good luck with your Bank of America short sales. They have been a source of great frustration for many.

Orchids in the Conservatory at Lewis Ginter Botanical Garden, Richmond, VA

Roy and Dolores Kelley Photographs

Oct 28, 2011 02:27 PM

Kwee Huset

Kwee Huset Realty - Venice, FL

Venice Florida Homes For Sale

DeeDee, I agreed with Roy, it just took too long for Bank of America to respond for an offer. GMAC & Wells Fargo from contract, approved and closed within 35 day.

Oct 28, 2011 03:32 PM

Joan Cox

House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO

Denver Real Estate - Selling One Home at a Time

DeeDee, when I hear B of A as the bank for a short sale, that usually means it never closes, or you are in for a long haul! Run, don't walk! Glad to hear they are trying to improve their customer service in this area!

Oct 29, 2011 04:07 AM

Short Sales with Bank of America

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