Yes you heard that right. This is the NEW NEW short sale process. Just being rolled out at the end of September 2009. I believe there are doing a phased roll out as there has not been any formal announcements as to the new process.
This week I had a cryptic voicemail that one my short sales for Bank of America was being moved into the REOtrans.com system. The voicemail informed me that I needed to register with REOtrans.com and have my seller register as well. My seller would then need to select me as the agent associated with the file. At first I thought this was a scam, however, I called Bank of America and confirmed that this is a new streamlined short sale process that Bank of America will be using. According to Bank of America this will dramatically increase the efficiency of short sale processing.
From what I was told, Bank of America will be not taking any more short sales while they transfer the processing to REOTrans. This will be for a very short period of time and would explain why many of my Bank of America short sales and my colleagues’ short sales in my distressed property network were having issues getting new short sales into the Bank of America system.
So, I have initiated my first REOTrans.com formerly Bank of America formerly Countrywide short sale. The future is bright…I hope!
I will keep everyone updated as I get new information.