Saturday, February 6, 2010
Bank of America and Equator
Ahhh the world of short sales with Bank of America has gotten even more confusing. No longer is it about submitting a complete package and continually checking on the status. Now you may have to submit it through Equator or maybe Titanium Solutions. How would you know which one??? Well, Titanium is handling all of BOA's Freddie Mac loans, but you have to wait a month or so until Titanium contacts you and requests the file. Lovely.
But here is my real vent.... the Equator software system that BOA is now using. There are very few instructions and there is bad communication on behalf of BOA as to weather or not the homeowners file has been thrown into Equator System or not. And how about this? After numerous phone calls and e-mails to the BOA Equator staff trying to get one particular deal ironed out, I am just now learning from reading from other Realtors that the home owner has to actually call in and set up their own account in Equator as well. Ah-ha. Thank you so much for that info. Very helpful to know.
If you would like to view the properties I have listed via short sale and "easy" sale, check them out here.
But here is my real vent.... the Equator software system that BOA is now using. There are very few instructions and there is bad communication on behalf of BOA as to weather or not the homeowners file has been thrown into Equator System or not. And how about this? After numerous phone calls and e-mails to the BOA Equator staff trying to get one particular deal ironed out, I am just now learning from reading from other Realtors that the home owner has to actually call in and set up their own account in Equator as well. Ah-ha. Thank you so much for that info. Very helpful to know.
If you would like to view the properties I have listed via short sale and "easy" sale, check them out here.
Wednesday, February 3, 2010
Grateful
Today was a whirlwind as I knew it would be. 3 clients all with auction dates scheduled for tomorrow and not all the clients have cooperative lenders. Couple that with my inablity to actually go in to office ( sick kiddo! ) and there is the potential for an incredibly stressful day.
Thankfully my partner/co-worker/best real estate friend ever, Amber, was able to get the job done! HUGE progress was made today on these files and I am so incredibly grateful and thankful to have the support of both Amber and Meagan. We make up a great team and our clients can all take comfort in the fact that we fight and fight hard for them!
Thankfully my partner/co-worker/best real estate friend ever, Amber, was able to get the job done! HUGE progress was made today on these files and I am so incredibly grateful and thankful to have the support of both Amber and Meagan. We make up a great team and our clients can all take comfort in the fact that we fight and fight hard for them!
Tuesday, February 2, 2010
SLAMMED!
Wow, the last few weeks have been INSANE. I have more than enough work to keep my new assistant, Meagan, busy. 4 new short sale listings within the past 10 days and 3 of which have foreclosure dates set that have to be stopped! Agh! For those of you that don't know what that means, let me explain...
1) get all the normal listing documents together, pictures snapped, sign in yard, virtual tour set up, 1-800 # recorded, etc...
2) help the home owner lasso up all their financial documents (bank statements, tax returns, financial statement, authorization, paycheck stubs, and hardship letter)
3) GET AN OFFER FAST
4) Call sellers lender and wait...on hold...and pray that I get a nice, helpful representative that will provide me with a direct fax number for me to send my package off to.
5) Curse (quietly) when my fax machine prints out the "no answer" confirmation page.
6) Call the lender back again. Ask for a working DIRECT fax number. And an email address.
7) Ha! The fax goes through. Call back to verify receipt and am told: we will not know if its been received for 48-72 hours. Lovely. Lets try this again. Please Mr. Idontcare rep, give me YOUR FAX NUMBER. I WILL HOLD WHILE YOU VIEW THE PACKAGE. ....
8) Call is "disconnected" lovely.
9) SLAM MY HEAD AGAINST THE WALL. 3X. THIS IS IMPORTANT. IT MAKES MY HEAD A TAD MUSHY WHICH I AM CONVINCED ALLOWS ME TO BETTER COMMUNICATE WITH THE SHORT SALE REPS.
10) Ah-ha! My package has been received! Now, to call the attorneys and verify the foreclosure has in fact, been put on hold.
Repeat this entire process for the other 2 that also have a foreclosure date scheduled this week. In case you were wondering, the lenders of the week are Suntrust, Chase, & AHMSI. (yay! No new Bank of America files!)
1) get all the normal listing documents together, pictures snapped, sign in yard, virtual tour set up, 1-800 # recorded, etc...
2) help the home owner lasso up all their financial documents (bank statements, tax returns, financial statement, authorization, paycheck stubs, and hardship letter)
3) GET AN OFFER FAST
4) Call sellers lender and wait...on hold...and pray that I get a nice, helpful representative that will provide me with a direct fax number for me to send my package off to.
5) Curse (quietly) when my fax machine prints out the "no answer" confirmation page.
6) Call the lender back again. Ask for a working DIRECT fax number. And an email address.
7) Ha! The fax goes through. Call back to verify receipt and am told: we will not know if its been received for 48-72 hours. Lovely. Lets try this again. Please Mr. Idontcare rep, give me YOUR FAX NUMBER. I WILL HOLD WHILE YOU VIEW THE PACKAGE. ....
8) Call is "disconnected" lovely.
9) SLAM MY HEAD AGAINST THE WALL. 3X. THIS IS IMPORTANT. IT MAKES MY HEAD A TAD MUSHY WHICH I AM CONVINCED ALLOWS ME TO BETTER COMMUNICATE WITH THE SHORT SALE REPS.
10) Ah-ha! My package has been received! Now, to call the attorneys and verify the foreclosure has in fact, been put on hold.
Repeat this entire process for the other 2 that also have a foreclosure date scheduled this week. In case you were wondering, the lenders of the week are Suntrust, Chase, & AHMSI. (yay! No new Bank of America files!)
Thursday, December 25, 2008
What is a Short Sale?
So you went house hunting 2 or 3 years ago and found THE ONE. It was priced moderately high. Your agent didn't negotiate a lower price because a few years back, the seller didn't have to come down from list price . If you wouldn't pay asking price, the next person would. BUT you LOVED it, and hey- you could and DID get 100% financing. ( Well, you probably got an 80/20 loan so you could avoid paying PMI insurance but get an astronomical rate on your 2nd loan.) Great. Until something happens-maybe your hours got cutback at work. Or there could have been an illness or a divorce in the mix. Perhaps you never REALLY could have comfortably afforded the house anyhow.
Now that reality has set in and money is tighter and tighter, you have come to the realization that you just can't afford the payments anymore. If your already a month or two behind, catching yourself up is almost a laughing matter. So you come to the harsh realization that you have to sell. But wait! You owe practically the SAME as you did when you first bought the house, now the market has dropped, and your house just isn't worth the amount you owe. The carpet might need to be replaced... the paint is looking a little rough...you really should landscape. But if your behind on the mortgage how on earth can you afford to fix those things?
So what is a short sale????
A short sale is what happens when you have a verifiable reason that you can't keep up the payments on the house AND selling it for what you owe just isn't possible. An experienced agent is able to list it, get a buyer, and get APPROVAL from your lender to let it be sold for less than what is owed. That makes the deal a "short sale". Questions? Ask away!
Now that reality has set in and money is tighter and tighter, you have come to the realization that you just can't afford the payments anymore. If your already a month or two behind, catching yourself up is almost a laughing matter. So you come to the harsh realization that you have to sell. But wait! You owe practically the SAME as you did when you first bought the house, now the market has dropped, and your house just isn't worth the amount you owe. The carpet might need to be replaced... the paint is looking a little rough...you really should landscape. But if your behind on the mortgage how on earth can you afford to fix those things?
So what is a short sale????
A short sale is what happens when you have a verifiable reason that you can't keep up the payments on the house AND selling it for what you owe just isn't possible. An experienced agent is able to list it, get a buyer, and get APPROVAL from your lender to let it be sold for less than what is owed. That makes the deal a "short sale". Questions? Ask away!
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