New Bank Of America Short Sale Process Coming? | Real Estate Short Sale Training
This post should not surprise any of our Agent Short Sale Secrets coaching students.
Short Sales are (once again) the sharp end of the stick when it comes to the housing crisis. We have seen lenders moving towards stream lining the short sale process. Most notably, Wachovia in Central California developed what we believe will be the national standard for short sales within the next 12 months.
When it comes to processing Short Sales..Bank Of American is notorius for being difficult. Feedback from our best Agent Short Sale Secrets coaching students reveals that BoA is perhaps the least effective at closing short sales quickly. For the past few months BoA has been telling agents that they are moving towards using REOTrans as their online portal.
What does this mean to you?
You need to join REOTrans. We suspect that BoA will be following in the footsteps of Wachovia and actually pre-approving Short Sales. In other words, you would ‘receive’ pre-approved short sales in the same fashion that Agent REO Secrets coaching students receive new REO Listing Assignments.
Bottom line, 2010 will be the year of the short sale. Its not too late for you to become a HREU Certified Short Sale Specialist. Watch the FREE Agent Short Sale Secrets video and download the FREE Agent Short Sale Secrets book.
Thanks to Steve Kady for sending this article to me…
California-based Equator (formerly known as REOTrans) says it has launched the industry’s first-ever short sale module for a large national lender.
Although Equator declined to name the lender, the San Francisco Chronicle has reported that Bank of America is the company in question. A representative from BofA recently told the paper that they were using the Equator platform to manage the short sale process. ”This is the first time that short sales have been handled through an electronic platform,” said Equator CEO Chris Saitta. “With our new system, everyone works together in real time, dramatically improving communication and approval timelines for our client, its borrowers, vendors, and real estate agents.”
Short sales, in which a lender and borrower reach an agreement to dispose of a property threatened by foreclosure at a price that is “short” of the amount owed on the mortgage, have become more popular among lenders lately as a viable method for dealing with distressed properties. According to Equator, the number of successful short sales has increased spectacularly across the country in the wake of the foreclosure crisis.
Kevin Kieffer, a Realtor with Keller Williams Realty in Danville, California, told the Chronicle, “A year ago I wouldn’t touch a short sale. It would be random prices banks wouldn’t agree to, you would be tied up six months hoping to get a property sold. But now we’re seeing banks up front negotiating prices and giving us criteria. They’re getting creative to make things move.”
Equator says the keys to a successful short sale are accessibility, responsiveness, communication, and fulfillment. By adopting its short sale platform, the company says large lenders, such as the unnamed Bank of America, can ensure troubled borrowers have 24/7 access to a portal through which they can provide the necessary information to process a short sale and receive real-time status updates electronically.
“Short sales can be a daunting, complicated, frustrating task for everyone involved,” Saitta said. “This fresh approach using our sophisticated platform makes it fast and efficient for all parties involved.”
Equator’s short sale module also automates decisioning for the lender, handles approvals for faster turnaround, provides quick fulfillment, and assures full compliance with government programs, Saitta said.
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Good Stuff. Thanks!
NOW they talk about reforming their dismal short sale processes! Figures! I’ve been stuck in the quagmire of a B of A short sales for months now! The least we could do is ‘rename’ the thing. Who was the genius who came up with that moniker anyway?
It’s great to hear that Equator (formerly REO Trans) has stepped out into the forefront of short sale automation. I am currently working on a couple of short sales and it can be a daunting process! This will definitely help our short sale homeowners! Thanks for the updated information!
HAH! Love that….
At least BoA were honest telling agents they were moving over to REOTrans…and that their SS processing would be slowed. BoA has been a HUGE PITA for the last 4 months…wanna bet they will soon be seen as the easiest bank to do SS with as soon as everything is online?
One thing is for sure…2010 will be the year of the SS.
Doesn’t matter what BoA says they are doing, I will never bank with them again. SEVEN months I’ve been stuck in a short sale with them! I’ve updated my financials twice already because they have expired. NEVER does a negotiator call back. Worst company I’ve ever had to deal with.
Frances states:
I have a few short sales (2) which have been in short sale for 11 months, now that B of A systems have changed we are receiving mixed messages, sign up with Equator to track our short sales files.
We did” I faxed using faxmaker, manually fax and e-mail documents to B of A now we have received e-mails with negotiators names, next we received e-mails from bank of america that Titanium solutions is handling the files. next we receive a letter coming from generic negotiator, stating the short sale was denied because they did not receive all of the documents.
We have sent a letter to the CEO Moynihan, and Ken.D. Lewis. now we have the escalation team working on these short sales. And we still having mixed e-mails. My suggestion you have to keep calling Bank of America 3 times a week on each short sales until u get an approval letter. We have no trouble with Wachovia Mr Chris Hall is the best he can get you an approval in 7 days.
Ctiimortgage, Carrington Mortgage are great to work with.
Indymac/One West Bank they take a little longer but do keep on top of your short sales.
We no longer use REO Trans we deal direct with the bank.
Frances