Bank of America Now Dictating How We Market Short Sales.

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

tutas towne realty

Hi folks. Many of you may know that the Short Sale lenders are starting to get very proactive with getting short sales approved and closed.

Some of the lenders are even paying the borrowers to do a short sale.

All of this is good except for the part where they are also starting to completely control the real estate transaction.

I really like streamlined short sales but I’m not sure I like this little diddy I received form Bank of America:

  • Borrower is in a streamline Cooperative Short Sale program.  We require 3 open houses and a broker tour.  List price is determined by the bank’s pricing tool.


Open houses? Broker caravan? Really?

How can Bank of America have any clue of what works in MY market? The answer is....they don’t.

Fortunately for me I sold this property in less than a week at full “approved” listing price. Now lets just wait and see how long it really takes to receive the written approval on my approved streamlined short sale. Want to start a pool?

Are you under water on your Florida mortgage?

 

Contact Bryant Tutas

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

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

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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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Rainmaker
1,942,135
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Sounds like the banks got hold of a Zillow crystal ball tool and knows the local value better than you in that local zip code with years of experience, perspective.

Dec 20, 2011 12:38 AM #1
Ambassador
1,958,749
Fernando Herboso - Broker for Maxus Realty Group
Maxus Realty Group - Broker 301-246-0001 - Gaithersburg, MD
301-246-0001 Serving Maryland, DC and Northern VA

I will definitely do that when I sign a listing agreement with them. .

Dec 20, 2011 12:45 AM #2
Rainer
324,283
Don MacLean
New England Real Estate Center Inc. - Easton, MA
Realtor-Homes for Sale- Easton Mass

Bryant, just one more example of what they think they know vs. what we actually know.

What's next a dog and pony show in the front yard on Tuesdays at 2:13 a.m.

Enjoy the day sir

Dec 20, 2011 12:51 AM #3
Rainmaker
1,513,377
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

The banks have always wanted in the real estate biz...this looks like a door that is cracked a bit...short sales now, what next?

Dec 20, 2011 01:18 AM #4
Ambassador
1,229,631
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

They also say that they will have an approval for you in ten days. But all my cooperatives have taken 4 months. I guess a B of A day lasts a bit more than 24 hours.

Dec 20, 2011 01:40 AM #5
Rainmaker
711,537
Christine Bohn
RE/MAX Professionals - Gainesville, FL
The Bohn Team, Gainesville FL

Oh this is just way over what BOA should be telling US what to do..... Don't get me started....

Dec 20, 2011 01:46 AM #6
Rainmaker
1,789,942
Ginny Gorman
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in North Kingstown RI and beyond

Interesting Bryant, i'll wait to see what happens in my area with B of A...haven't experienced this yet but as Melissa says the coops are taking way too long!!

Dec 20, 2011 02:54 AM #7
Rainmaker
262,005
Paula Swayne
Dunnigan, Realtors, Sacramento (916) 425-9715 - Sacramento, CA
Realtor-Land Park, East Sac & Curtis Park -Dunniga

Hi Bryant!

I am more curious about pricing the house with the "banks pricing tool".  What...are they using Zillow now?  How in the world will their "tool" know the idiocycracies of the houses they are pricing...let alone the comparables.  Very interesting...and concerning!
Paula Swayne

Dec 20, 2011 05:21 AM #8
Ambassador
304,612
Linda K. Mayer
License # 01767321 - La Verne, CA
Realtor, SRES, SoCAL, A REALTOR YOU CAN TRUST

BB- At least they are allowing a different agent other than their own to be the listing agent.  I remember not too long ago when they were steering possible short sales to their own list of agents!

Dec 20, 2011 07:41 AM #9
Rainmaker
530,541
Bob Jakowinicz
National Realty Centers Livonia--Bob Jakowinicz - Livonia, MI
Michigan Real Estate Agent-- MI RE Adventures

I would still expect to see them try much harder to have their own agents list their shortsales.  We thought this would be here by now as I keep hearing it. 

Dec 20, 2011 07:49 AM #10
Rainmaker
5,342,888
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Happy Holidays!

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Dec 20, 2011 08:52 AM #11
Rainmaker
344,150
Minna Reid
Florida Homes Realty & Mortgage - Jacksonville, FL
Associate Broker

I recently had a seller thrown out of the co-op program because I already had a buyer for the property. I got a similar line- they wanted to determine the "price" and terms before I was "allowed" to list. Yeah okay. Sorry but BoA is not my client. 

What I have noticed in all the "preapproval" programs is that 99% of the time, their approved value is completely unrealistic, and they all come with some type of deed in lieu arrangement.

Funny as I have gotten an approval through the co-op program before with an existing sale in place. Must be a new rule. The agent has no responsibility to the lender in a short sale, but as long as the agents just do what the lenders say anyway - the lenders will continue to gain control of all property sales. Even  including short sales where the lender is not a principal. I wish more agents would just stand up and say no to the lenders attempts at exerting this undue control.

Dec 21, 2011 01:35 AM #12
Ambassador
2,134,389
Respect Realty LLC
Respect Realty LLC - Milwaukie, OR
Brokers - Oregon / SW Washington Real Estate

I'm guessing getting that approval letter will take a lot longer than the letter you got telling you what you had to do to market that home. 

 

Dec 21, 2011 04:52 AM #13
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Rainmaker
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