Comment

Comment by Joseph C. Alfe on December 10, 2010 at 8:20pm

I'm not lucky, I'm experienced. I have closed over 100 BOA short sales this year, and a very small percentage of them went bad. You have to learn guidelines, and learn their systems.  This is why I roll my eyes when agents think they are qualified to do short sales. You need mortgage banking experience, or a heck of a lot of trial and error before you get proficient enough the pass yourself off as an expert.  I am amazed at how many on here think it's ok to "learn as you go" at the expense of your sellers financial health.

Comment by Valerie Maes on December 10, 2010 at 5:25pm

Consider yourself lucky Joseph. 

Comment by Dawn Maloney on December 10, 2010 at 4:37pm

I'm glad this isn't a problem for you Joseph, but it is a problem and not because we are inept. I didn't have a problem with this before. It is recent. Perhaps you haven't done any recent BOA shorts or you perhaps you would be willing to share what is working for you. Thanks in advance.

Comment by Joseph C. Alfe on December 10, 2010 at 4:28pm

funny how I don't seem to have this problem.  Then again, I know how to present market facts and influence bpo's...stop blaming banks and take a hard look at your short sale strategy.

Comment by Valerie Maes on December 9, 2010 at 12:25am

That explains what has happened on of my Bank of America short sales. I represent the borrower/seller in the short sale processing and negotiating and there was an accepted cash offer of $375,000. After the buyer had 2 appraisals done that came in lower than the offer price ($345,000), the real estate agent sent the appraisals along with an adendum to the purchase contract changing the purchase price to $345,000. The response I got back from the bank negotiator? "Per Investor, "due to this being a cash deal I will not consider the appraisals. However, we will do our own BPO/valuation to determine fair market value and it was done that day. Haven't received the results yet. But that was the first time I ever heard such a thing. To top it off this same investor (Freddie Mac) made my clients agree to a $4,000 cash contribution just to be able to short sale the property. I wasn't the negotiator at that point, I acquired this file after 5 months from another negotiator. Anyways, who knows what will happen...they sure won't release the deficiency; not with cash contribution nor a promissory note.

Comment by Marty Macisso on December 8, 2010 at 4:42pm

I think, IMO, that the short sale universe is about to experience (or already is) a major shift towards the lien holder's unwillingness to negotiate anything less than what they determine FMV.
Use the buyer paid appraisal as a weapon to win bid below value....submit low...expect a full counter and come in swinging with a buyer paid appraisal supporting a wholesale offer.
...I just had a BOA equator deal, it wouldnt even initiate the deal until it was up to $165,000....my question to the reps(and NOONE could answer) was WHERE ARE THEY COMING UP WITH FMV BEFORE THE BPO? .....some type of geo-stat? idk....