Comments on: Bank of America Short Sales: Bait & Switch or Just Incompetent?

By: Julie Falen

Julie Falen — Sat, 01 May 2010 08:53:49 +0000

I think it is high time that all investors and agents mount a campaign with congressmen/women and other legislators about the stinky practices of One West and B of A. Something is truly “rotten in the state of Denmark” concerning how B of A is going about their short sales, and the fact is WE as taxpayers have a huge stake in these banks – so how is it that they are allowed to get away with 1)not observing the banking laws of $7 in deposits for every $1 in bad assets; turning down legitimate short sale offers, even from retail buyers, and having greater losses from holding/foreclosing/reselling as REOs; “double dipping” with Fannie/Freddie insurance, PMI, AND short sale or REO proceeds; and flaunting the HAFA, HAMP et al gov’t programs? I would LOVE to see the formation of an RTC-style entity that would plow through these properties, and that I think would stabilize the market faster than anything.

By: JB Beyer

JB Beyer — Tue, 13 Apr 2010 00:03:23 +0000

Bob and Chris

If you have any insight on HAFA and Bank of america’s equator on how they intergrate it would be helpful. I have heard a rumor
that HAFA net would be 78% of market value. I have also heard fannie/freddie coming out with their own version of HAFA. Any insights to this?

By: Iean F

Iean F — Thu, 01 Apr 2010 23:09:52 +0000

The longest way around the Earth?
“EQUATOR”

By: Bob Lachance

Bob Lachance — Wed, 31 Mar 2010 15:29:38 +0000

This came in from my buddy Rich Steffen!!!

“Have a BOA deal where we sent in an offer for $190K, got a counter from BOA at $190K with minor changes and we accepted. We have numerous e-mails saying they would have the written acceptance to us and the deal was approved. Two months later we get a counter for $235K. Had a conversation with a contact we have at BOA and the term “approved” does not mean what it used to mean. Approved means it is worth, according to the entry level idiot (aka the Negotiator) submitting to anyone else that has the right to chime in on the validity of the offer like PMI or the Investor. WTF is that? Accepting a counter offer from BOA on Equator appears to be merely a step in the negotiation process. Are you seeing this at all?”
–
Rich Steffen

By: Kevin

Kevin — Mon, 29 Mar 2010 19:47:42 +0000

Getting paid through seller concessions seems to be getting tougher and tougher. With the new HUD changes there is no room for short sale specialists to be paid through a seller concession, doc prep, transaction fee, etc. on any FHA buyer closings. We are told that Fannie and Freddie and conventional will be adopting these new guidelines come mid-July. One mortgage company receommended that we for a joint venture partnership with them but we would have to use them on our deals (and of course it’s the buyer’s choice on which mortgage company to use. The jv would be legal and HUD regulated. Does anyone have any suggestions on what to do with these deals with FHA buyers?

By: Kevin

Kevin — Mon, 29 Mar 2010 19:35:52 +0000

dan, Thanks for the answer about OCC!!

By: Dan

Dan — Sun, 28 Mar 2010 18:41:35 +0000

OCC = Office of the Comptroller of Currency I would assume. It’s a federal agency that deals with banks and creditors, and consumers have recourse through it when banks or creditors do things that are illegal or unethical.

By: Natalie in California

Natalie in California — Sat, 27 Mar 2010 21:44:34 +0000

We were told by BofA that they have to counter the buyer “twice”. I thought that was odd since the buyer agreeded to the offer. We’ll see when we hear back. So that goes along with what you stated in the video.

By: Kevin

Kevin — Thu, 25 Mar 2010 15:42:04 +0000

Chris, Way to go with your band! Can anyone tell me what OCC stands for? I have also had some success by contacting the BofA office of president when I just couldn’t get any response on a file.

By: Ben

Ben — Thu, 25 Mar 2010 13:48:13 +0000

Current BOA woes:

1) Negotiator assigned to FHA short sale will not re-open because he said the ATP has expired. I am currently trying to research FHA short sale guidelines to see if they are playing by the rules. I cant believe that FHA would not entertain a short sale because the home owner tried unsuccessfully to short sale a year ago.

2) Had an accepted payoff letter that took ~ 7 months to get and the buyer walked. I submitted the backup offer with same net to BOA and they stated that all new offers had to go through equator… back to square one.

3) BOA is in second position. Offer is over 10% of the balance but it has been rejected 3 times without a single reason as to why. 1st has already said they will not postpone the sale date again.

I have made the business decision not to take on any more BOA deals. These people are worse than the government.

On a side note, good luck with your battle of the bands Chris!