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Bank of America Short Sales

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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Have your CDPE and be a RE/MAX agent and apply, in our case. I'm not sure who else they are working with at this time.

Hi Dawn,

I am a RE/MAX agent in Ashland KY and I am a CDPE along with a SFR Designation. I noticed you said "apply", where exactly do I need to go to "apply" at? Any help would be appreciated! Thanks, Cindy Conley-Jones, Cell:606-232-1067, RE/MAX Real Team Realty

 

 

Oh yes...let's all run to Remax and pay outrageous desk fees and transaction splits.  How absurd!

So how does andindependent agency that does short sales and REO's get any of this business from BofA or any other banks?

Keller Williams.

Hi, Patti, Thanks for your information--will try it.

No!

I have received 8 pre-approved short sale leads, listed one and its going well so far. You do have to door knock and call the borrower to see if they are interested, and of course follow up consistently.  Like most short sales, you have to do the work to get the listing, but at least these are pre-approved leads. 

How do you get on the "list"?

 

Thanks!

Contact DTS (Dignified Transition Solutions) and tell them about your experience, if you have a CDPE or SFR, whatever designation you have let them know.  If they don't have anything available in your area, ask about an area not so popular, to get your foot in the door, then add the zip codes you want to work in platform.  Good luck!

 

I had received 30 leads and I was very excited about that until I looked at where they were and started working the leads. 20 were in areas that were too dangerous to go alone in the daytime, and had been turned down by other agents by the time I received the leads. Five were already in loan modification. The other five were unresponsive and the houses looked unsaleable as is since they were in areas with point of sale inspections. It was a complete waste of time. This happened to other agents in our office as well, we all abandoned the program after wasting about three months on it.

I'm involved in the program.  RE/MAX is their area contact in Georgia.  My broker had to recommend me. I'm CDPE, SFR and Short Sale Specialist.  I've gotten about 30 leads total.  They come in batches.  I've listed three and have two under contract.  There are a lot of hoops to jump through and muck to wade through, but overall, I'm having a pretty good experience.

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