Should I turn down BOA short sale?

Question

I talked with a homeowner today who wants to do a short sale. They have the one loan with Boa, the house is currently listed with a realtor. I haven't had the pleasure of dealing with BOA yet so I'm not really familiar with equator. 
Should I just tell the homeowner to have the realtor deal with equator, and walk away?

Scott Hubbard · Answer

Then consider commisions and closing costs then the 75% to the investor.  Sounds like a great program for Bob.

I think I am going to give David Sunlin at Bank of America a call to understand why American Family Properties and Old School Title receive preferential treatment over other investors.  I will report back to this thread with what I find out.

Bill Gulley · Answer

Hi, 25% of what? I would rather see BoA eat every loan, lose deposits and fall flat on their faces than work with them and make ten grand anyday! All of my business was pulled from them, including  familys' potential business. Why? I just don't like them, but I like them better than Quicken Loans, who is just plain deceiving. Have a nice day :)

Dustin Phillips · Answer

I don't know what the fuss is about regarding BoA! I love them and this is my, well, love story!!!

I just lost a BoA deal. I've had this deal for 7 months.

Here is what happened...

When I got the file we submitted it through Equator, and we waited and waited,(we did call and follow up) but then one day I got an email saying it was declined. I called and asked why, and they said that it was because I did not reply to another email they sent through equator (I checked there was no email).

So I resubmitted it and things went really quick this time. After submitting it, the BPO was ordered the next week. BPO was done (It came in way too high) but I showed why I had offered what I did (Comps and renovation bids), and I begain negotiating with BoA.

However, I knew that the sheriff sale was coming up in a month so I requested that they freeze that until we could get the short sale done.

I was told we would have it done before then and not to worry. Long story short, I followed up every week about the sherrif sale and BoA just stopped replying to my emails, couldn't get answers when I called. I even  escalated it to the VP, and right after I did that, I got an email declining the request for more time to do the short sale.

The reason? They stated my request was not placed in a timely manner to the date of the sheriff sale. So they basically stalled me out, and foreclosed on the property anyway... The equator system is nice in my opinion, but BoA is crap and I will be turning them down in the future... The End...

James Ward · Answer

BofA is NOT easy to deal with.

As for the Old School Title situation, I would really like to hear from someone that has used the service.  Not to bad, you get 25% for turning over a lead.

Eric M. · Answer

Matt,

Rather than just walking away, Old School Title has this new program that I have been curious how it would work out.  Maybe this can be a test.
Basically, you give them the Bof A lead and let them work it "cradle to grave".  They negotiate the whole thing, the arrange trans funding, everything.  The cost in the end is 75% of your profits which is high, but the risk and your work is very low.  Better than turning it down.
It is called BofA concierge service or something like that.

Randal McLeaird · Answer

Yeah Scott, if you can get more info over to Joaquin or I that would be great. We're sitting on a few right now that I want to torch but if we can get in on them that would work for us.

Joaquin Caballero · Answer

Hey Eric

Im interested to see their paperwork.

Can you send them to me? (Email in my sig.)

Eric M. · Answer

I'd be interested in hearing too Scott.  The way it was explained on the conference call (more hinted than explained) was not that BofA was giving them preferential treatment.  But rather than American Family had cracked the code of how to work Bof A's system.

Richard Graham · Answer

Sounds good to me Scott I would rather pack them up and send them to you anyway.
                     Bob explained it is a
                    37.5% Old School Title
                    37.5%AmericanFamilyProperties                
          25% to Bird Dog
Split of the Profit

Ted Akers · Answer

Dustin, that is an excellent BofA "love story".  They do have an agreement of sorts with BofA if it is submitted with that company and have had success with it.  It does equate to a 25% bird dog fee.

Should I turn down BOA short sale?

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