Wednesday, October 28, 2009

REOtrans now handling short sales

Bank of America and GMAC now using REOtrans to process electronically
their short sale offers. This is very beneficial because the paper
process of faxing short sales to banks had dragged out those deals for
months. I've heard over and over about agents (including me) talking to bank short sale departments to verify that they received faxed contracts - only to be told "it takes 5 business days for them to hit the system" or "we have no record of that submittal, please fax again". Now documents can be uploaded to transaction files with verification of receipt. This should speed up the short sale process immensely.

Sent from my iPhone

14 comments:

Anonymous said...

So, Bank of America is using it? Then it's a bad thing! BOA is the absolute worst of the major banks to work with on short sales -- slow, slow, slow. Non responsive. Frankly borders on irresponsability.

Susan Jacobs said...

This is great news. Equator (formerly known as REOTrans) is a great company to work with. I look forward to working on more short sales with a company who has a proven track record.
Susan Jacobs
Assist 2 Sell Jacobs Team Buyers & Sellers Realty

bob said...

Seeing is believing!!!!

Mario Pinedo, CCIM said...

Anonymous: I think we have not seen the implementation of this yet - just the announcement. And your experience with BofA is probably not a paper-flow issue - some banks depending on how they are structured have adopted the short sale process and others have not. Don't even get me started on the Mortgage Servicers and their financial inducements to foreclosure over short sales! Alternatively, my experience this morning with another major (Wells Fargo) was very nice - only a 72 hour turn around time from faxing the short sale package to getting receipt - I'd love to see on-line REOtrans documents - but 72 hours is far better than what it was...ahhh progress!!!

Jill Ruffin said...

Great news! I have worked with Equator, formerly REO Trans for years and look forward to working short sales.
Jill Ruffin
Owner/Broker
Ruffin Realty
Tennessee

Anonymous said...

Everyone does realize that BAC is the LARGEST servicer of loans. So they of course have the LARGEST number of short sales to process. (I've heard 50,000). Servicing multiple investors and PMI companies each with their own guidlines for short sale. They can only hire so many people, in fact I think they are hiring now. The negotiator I talked to had nearly 500 files. I am hoping REOtrans (Equator) helps streamline the process. It is only a beginning. It will take them months to work out the kinks. I would not expect miracles.

Mario Pinedo, CCIM said...

Heh - yeah - I don't believe in miracles...

Anonymous said...

BofA is very bad, have a pending transaction which BofA is first, second lienholders and new loan for buyer and the left hand picks the nose which the right hand scratches the lower extremity. My buyer will close all his BofA accounts after this transaction

Roman said...

I would be very interested in the "after the fact" and not "before" reporting feedbacks.

Anonymous said...

Someone should be investigating the abusive practices of Bank of America, Wells Fargo and other banks like them regarding the way they treat, or don't treat their clients. Obviously as of 11/09 B of A hasn't implemented this so called fabulous program. It took 45 days and three re-submits just to get them to acknowledge the Authorization Form. 60 days later they are just now getting to asigning a negoiator that I have yet to be able to contact. I get transferred and cut off. No one answers the phone. They don't answer my emails. I've had two buyers walk already. I don't care how big they are. There is no excuse for the way they treat people. Their clients are a loan number and a dollar sign. That's all.

Anonymous said...

I agree with Anonymous. I have a deal going on with BOA since early February 09, for $87,000 ! I finally gave up.
I had to resend all the papers 4 times,they closed the file 3 times, because I coulnd't get to them papers within 48 hours. The seller was working 2 jobs, so it was difficult to reach him.Impossible to communicate with a negociator. They do not answer e mails, they never give out tel. #, it's a disaster out there...and files with Countrywide are in the same pipeline

Anonymous said...

Lets remember one thing. The buyer is in default. They are not making payments, so try to temper your anger against the lender. These are difficult times. I'm sure none of us would want their jobs right now. At least they are trying to make improvements

Anonymous said...

Ihave personally done many short sales with different lenders and BOA has got to be the worst there is. I usually tell clients who have a BOA loan that the success rate is NOT very good. BOA needs to do something, obviously what they are currently doing isn't working. The government needs to step in on some of the worst companies who do not have a successful working system in place.

Anonymous said...

Bank of America really stinks. I have had a short sale offer in their hands since May 2009 and still haven't heard yes or no. It's been in Phase II for at least 4-5 months and traded between at least 4 different negotiators. Then again, this seems common.

Maybe other parts of BofA are good, but the short sale business is horrible.