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I just returned from the REOCON conference in Dallas yesterday. I heard something directly from an agent that was VERY shocking! He is an REO broker and was just given over 60 short sale assignments DIRECTLY from Bank of America. He said that Bank of America provided him with a list of borrowers with their complete contact information including all of their phone numbers.
He said that the borrowers are completely pre approved for a "no doc" short sale. Don't need to get their short sale package, screen them, qualify them or anything like that. Just call them, and take the listing! He said that last week alone he had already listed TEN from the list of 60.
Anyone else have anything like this going on yet with Bank of America short sales?
It is likely that they are using their REO Broker network to do this. Do you think this is a good idea? Are REO agents the ones who should be dealing with these home owners?
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Yes, I had heard that too. Its crazy that the banks don't open up to more REO agents especially if they plan on taking on short sales. I haven't come acroos an REO agent that will actually answer their phone
Yes I have gotten over 100 of them. They are the co op program however most are very old and owners have long ago moved out and properties can be in bad shape. OR they have had such a bad experience with BOA they do not want to talk to anyone OR they are in denial of a modification. I have gotten 2 listing so far out of 80 I am hoping the leads get better. Also if there is a 2cnd lien it could be so old it has gone to collections.
How can I participate in these leads...
I got mine because boa is using Remax and also all the experience I have. However like I said it has been somewhat disappointing so far.
2 listings are better than no listings.
I have been doing short sales for 13 years. Love them! How do I get involved with B of A so I may receive assignments from them? Any help would be appreciated. :)
Rick, you said 'gone to collections' like it was a bad thing? After having a nasty in-house collections agent basically threatening me that is she didn't get a payment, the loan would be charged of and sent to an outside collector, after having a short sale negotiator telling me they don't participate in HAFA when they are the 2nd lien, it couldn't have worked out better: I hit it off right away with the collector. The rapport was there. I was actually shocked when he said (on a $160k HELOC, 'we'll take the $6,000 if it's a HAFA short sale'.
Moral of the story: not all collections are bad. :)
Agree. Collections are easier to work with because they like to get paid sooner rather than later.
Yes, I have one and it's working brillantly! What we have been waiting for, this streamlined program, Mine is an owner occupied property.
I do have 2 that I had listed and the bank called to do the program and those are awesome. It is the ones the banks are assinging. I am hoping they get better as I go along. The problem is you need to make visits to the home and for 80 that at least 45 were vacant and the phone numbers did not work it was a waste of time, One that I do have approved is a 40K house with the ac stolen lol. And a 2cnd that is being tough.
Did BOA just contact you out of the blue or are you a REO agent for them?
This is outrageous in my mind. I'm calling foul - I feel part victim, part envy and part upset based on what we are doing to get these short sales approved only to have it handed to the reo agents.