Buying a BOA short sale? If so, be prepared to give first born.

By
Real Estate Agent with Keller Williams Heritage Realty

 

Ok, so maybe I’m exaggerating. 

 

As a listing agent in Central Florida, the real estate market has forced those who are serious about their business to tackle the sale of short sales. With that task, we are faced with listing homes that have their mortgage held or serviced by Bank of America (BOA).

 

Most recently, I was using the online offer submission service for BOA, Equator when new fields populated that required information about the Buyer.

 

As the listing agent, I found it odd that I was being asked to provide information about the Buyer other than their approval letter and the offer they had submitted (like in the “good ol’ days!) and thought it worthy of sharing to help other Listing Agent’s and Buyer’s Agent’s by posting the new requirements here.

 

For Buyers who are writing an offer on a Bank of America property, they and their agents need to be prepared to provide the following for offer submission:

 

-Full name of Buyer

-Address of Buyer

-Phone Number of Buyer

-First five digits of the Buyer’s social security number

-Buyer’s birth date

-Buyer’s lender approval letter

-Financing interest rate being offered to Buyer (from their lender)

-Proof of funds for downpayment and/or closing costs for Buyer

 

The Equator system no longer just requires “basic” information on the Buyer, they are now requiring much more...I’m just wondering when that “more” will mean the Buyer’s blood type or first born in addition to their credit standing!

 

In hopes that this post will help Buyers seeking to purchase a Bank of America backed property...

 

Happy Selling,

 


 

Posted by

 

Direct: (321) 377-0157, LaShawn@YourHomeOurPriority.com Certified Distressed Property Expert (CDPE), Accredited Luxury Home Specialist (ALHS)  & THREE-YEAR Five Star "Best In Client Satisfaction" Award Winner! Click HERE to visit MY WEBSITE!  

Priority One Homes Team @ Keller Williams Heritage, Offices in Lake Mary, Longwood & Downtown Orlando, Florida

SEARCH MLS HERE for CENTRAL FLORIDA Resales, Foreclosures, Short Sales, New Homes, Condos, Townhomes & More.

Should you or someone you know be interested in buying or selling Real Estate in Central Florida, I'd love to earn the business! I am never too busy for referrals!

 

 

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Re-Bloggged 2 times:

Re-Blogged By Re-Blogged At
  1. Robert Kenmore 11/04/2010 09:35 PM
  2. Pete X-GRI, CDPE 07/31/2012 07:48 PM
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Topic:
Home Buying
Location:
Florida Seminole County
Groups:
Central Florida
Local Expert
Seminole County Florida
Short Sale REALTORS®
"Whacked"!!!
Tags:
lashawn norden
short sale negotiation
bank of america
buying a short sale home

Comments 112 New Comment

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Rainer
30,211
Peter Pike
Attorneys' Title Fund Services, LLC

104 has the right idea - we all need to move our bank accounts out of BofA (and not into any of the other big 5) and sell our stock in those companies.  When there is a run on these banks, then they will have to sit up and take notice.

November 08, 2010 07:29 AM
Rainmaker
91,345
LaShawn Norden
REALTOR, (321) 377-0157, Your Real Estate Advocate in Central FL
Keller Williams Heritage Realty

WOW again is all I can say...this post OBVIOUSLY has hit home with REALTORS and buyers alike. 

I received a direct message from another agent and she has asked me to copy and paste her comments...I'm really liking the idea of a REALTOR rally to get BofA to make some rapid changes and to stop blowing smoke that having a CDPE or anything else will help until THEY fix their dysfunctional system...

Message details: 

From: Sandra 
Email: samplesells@gmail.com 
Subject: BofA short sale - Buyer ransom (Sent via Activerain)

Not sure how to post a comment on your blog. Someone forwarded me a copy of your blog entry about Bank of America requiring all this buyer info for a short sale. 

Yes, I've experienced too. I noticed someone posted that B of A may be using this info to run credit checks on the buyers. This may be the case, but I question the legality of them doing so without buyer's authorization. It is, however, a lot of what would be needed to run a credit check and doesn't mean they are not doing this... now or in the future. I think all this information they are 'requiring' from the buyer before they will even accept an offer on a short sale should be challenged by NAR and the government. 

I also see this 'requirement' is a way B of A is pimping Realtors to provide them leads at no pay. Their tactics of being so difficult to deal with for short sales by all their time delays, causes a great deal of buyers to walk away and the poor homeowners to go into foreclosure. Meanwhile B of A has a database now of qualified buyers to market to now and in the future, thanks to our efforts... and free of charge. Bank of America makes the money while also robbing us of our commission. We have to unite and oppose this practice.

In addition, I've started looking at what banks I recommend clients to and, guess what, I've taken Bank of America off the list. I know a lot of wonderful loan officers with Bank of America who I have marketed with and referred clients to in the past. However, I'm now rethinking any Bank of America referrals. Why should I support them when they give so little support back to Realtors and their short sale clients? Their lack of customer support on the back-end (with short sales) doesn't warrant me sending them money on the front end. Today's Bank of America's borrower becomes tomorrow's Bank of America's victim stuck in a nightmare with the bank if they need any help and cooperation from Bank of America later. It seems Bank of America is using short sales as a marketing tool for future business and want their current borrowers to go into foreclosure. This wastes Realtors', sellers', and buyers' time and resources while Bank of America profits. The long time B of A takes to respond to short sales and this practice of gathering buyer's personal information also needs to more publicly known, so borrowers will know the kind of bank they are dealing with before choosing to do business with Bank of America. Every foreclosure affects every homeowner in the value of their home as well as the adverse effect on the economy. Until the public speaks and takes action, we will not be heard. Realtors united have a lot of power. It's time to use the other 'B' word. 

By the way, I'm not just a blogger; I'm a victim too. I submitted a HAFA short sale to Bank of America in August, which they opened in the wrong verison of Equator, then denied and I had to fight to get reopened in the right Equator, but later, according to them, they opened it with the wrong HAFA team (they have 2). All the seller's documenation (confirmed by BofA) has been there since it was reopened 9/7 but has been stuck in Bank of America since. I've had an offer since before it was reopened, now 2 months old, despite by frequent calls and lack of ANY response to my emails in Equator (which is why I'm calling). The so called direct Bank of America contact for CDPE's was useless too. Remember this is the so called 'quicker-picker-upper HAFA short sale'. This buyer is likely to walk and who could blame them. So yes, once again, I'm not just a blogger, I'm a Bank of America victim too. I'm Sandra Sample and I approve this posting, should you want to add it to your blog.

Sandra Sample, Realtor, Advance CDPE
San Jose, CA

November 09, 2010 08:53 PM
Rainer
146,715
Coleen DeGroff
Haile Plantation Real Estate - Gainesville FL
eXp Realty

BOA sucks.

Period.

End of story.

November 10, 2010 07:17 PM
Anonymous
Sheila Wissner

I just had to add this post.  If you have read all these posts, you know we are trying to buy a short sale home in Cape Coral, FL.  All the paperwork has been submitted by the seller but still no action from the bank.

Yesterday we got an email from a friend who is trying to buy a house in Nashville.  Bank of America is buying their loan from another lender.  They were schedule to close on the house this week when BofA informed the other lender that the home inspector would have to go back over to the house to verify that it was vacant.  The bank insisted that the inspector also look in the crawl space and the attic. BofA would not accept what the Realtor or anyone else said about whether the home was vacant.  It had to be a "neutral third party."  There also was some problem with the paperwork, which delayed the closing further.  Again, BofA's fault.

Needless to say, our friends are very angry about this.

 

November 19, 2010 06:58 PM
Rainmaker
124,583
Matt Robinson
Pensacola Real Estate (850) 292-4000
ERA Emerald Coast Realty

Just put in fake info or the address and phone of your office.  They never cross check it verify that it's accurate.  It's none of their business, so we don't provide it...never had a short sale stopped because of it yet.

July 22, 2011 12:18 PM
Anonymous
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Rainmaker
91,345

LaShawn Norden

REALTOR, (321) 377-0157, Your Real Estate Advocate in Central FL
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Additional Information

Selling or purchasing a home can be exciting and scary at the same time! The goal of my blog is to educate Central Florida Buyers & Sellers about the Good, the Bad & the Ugly things that can happen in a real estate transaction! As an advocate for consumers in Orange, Seminole and Volusia County, I especially enjoy working with first-time home buyers, relocation buyers, sellers of distressed property and luxury home sellers. Native to Central Florida, I'd welcome the opportunity to be your advocate too!

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