what is this?
Hi Andrew, it is a co-op program through BofA. It is supposed to help simplify the process and basically it is a 3rd party company handling "pre-approved short sales". They are ok to deal with as long as you stay on them. If you need anything else let me know :)
Just another debt collector set up by BOA to move the property from a Short Sale to a Foreclosure. I don't know if it is a Co-op or not as they have as yet to offer the Cooperative Short Sale to my client. REDC does the same thing. As more short sales come on the market we will see more and more of these asset management company designations appear.
DTS is contracted with BoA to contact HOs whose loan has been pre-approved for a short sale - basically, they use agents to contact these HOs because BoA has not been able to get a response and/or they don't have the manpower- after receiving 12 assignments - I will be listing my first SS thru this program - there is no referral fee. If anyone is familiar with Titanium, it is similar - you have to make 3 phone and 3 door knock attempts before you can close out your file. If you do make contact with HO you need to determine what their plans are, sell, loan, etc. I will let everyone knows how this turns out.
Does anyone know if this company sends out leads to different brokerages or if only Remax agents are getting the leads? I thought this was something special Remax had set up with BofA but it sounds like that is not the case. I have recently been accepted by them and was hopeful about getting some good leads, but my first assignment was not even in any of my preferred zip codes and it was pretty far away. There was no way to reach the homeowner so I had to drive out there only to find the property had been had been vacant for a long time. So I agree with Cindy, it does kind of remind me of Titanium but you are going to talk to them specifically about the doing a short sale. Next time I will decline it if it is out of my preferred territory because I don't have time to chase ghosts.
I have been doing the DTS for about a year, and getting frustrated. 72 leads, so far two closings. as long as there are no complications (second lien, inspection issues, etc) you might get to closing.
the leads have been all over the board, some dont even have BofA mortgages, one wasnt even upside down on their mortgage. Many are angry and hang up, having been dealing with BofA bullshit for years. I have gotten a few listings, but it is hard work trying to get them to close. The bank sets the price, and of course it is too high, although they will drop the price over time.
The only reason I have stuck with the program is that I firmly believe short sales are better than foreclosures for all involved. Once the homeowner agrees to the program and gets through it, they are so relieved and happy to be done with their distressed property it is immensely satisfying to me to be able to help them. The DTS program offers up to $30,000 (I have personally seen $5,000) to the seller and BofA waives the right to come after the home owner for the deficiency. I would NOT recommend getting into the DTS program for the money - it is WAY too much work and time to make it worth it.
BOA qualifys all pre-approved HAFA short sales for the $3,000-30,000 assistance.
I am new to the program. Please keep me informed about what is happening. Take care,
Dilbeck Real Estate, Westlake, CA. 805 367-9162
I spoke with DTS today and they said its super rare for them to give out a short sale listing referral .. they are looking to process short sales.