Comments for Distressed Property Expert http://distressedpropertyexpert.net Craig Baranowski - (850) 259-1788 Mon, 06 Sep 2010 23:49:04 +0000 http://wordpress.org/?v=2.9.2 hourly 1 Comment on Bank of America and Equator (Formerly REOTrans)…Short Sale Nirvana? by MadSeller http://distressedpropertyexpert.net/blog/bank-of-america-and-equator-formerly-reotrans-short-sale-nirvana/comment-page-3/#comment-5886 MadSeller Mon, 06 Sep 2010 23:49:04 +0000 http://distressedpropertyexpert.net/?p=1422#comment-5886 I have had nothing but aggravation from everyone i have talked to at Bank of America for the last 2 years trying to short sell several properties.  I am convinced that the entire company is comprised of pond scum that are so dumb that they couldn't find their ass in the dark with both hands. I have had nothing but aggravation from everyone i have talked to at Bank of America for the last 2 years trying to short sell several properties.  I am convinced that the entire company is comprised of pond scum that are so dumb that they couldn't find their ass in the dark with both hands.

]]> Comment on Bank of America Implements HAFA on Equator for Short Sales by Craig Baranowski http://distressedpropertyexpert.net/blog/bank-of-america-implements-hafa-on-equator-for-short-sales/comment-page-1/#comment-5857 Craig Baranowski Sun, 05 Sep 2010 22:37:19 +0000 http://distressedpropertyexpert.net/?p=1972#comment-5857 Carolyn - We are getting some done a bit quicker. However, I beleive it may be area specific. The BPO process and the investor process is what I beleive is taking the bulk of the time now that we have gone paperless using Equator. I will say that Equator is significantly better that the old fax...re-fax...Fed Ex...email...fax...fax again...fax one more time...fax just one more time...fax to a new negotiator...process. The next great thing is the HAFA program. We had a short sale approved in 7 days! Getting qualified for HAFA is taking a very long time. Bank of America has outsourced all of its HAFA files to attorneys grouped by investors. We have been working for 2 months to get 4 Bank of America HAFA customers approved. We had a Wells Fargo HAFA done in 15 with the short sale approved in 7. It was a great experience. Craig B. Carolyn -

We are getting some done a bit quicker. However, I beleive it may be area specific. The BPO process and the investor process is what I beleive is taking the bulk of the time now that we have gone paperless using Equator. I will say that Equator is significantly better that the old fax…re-fax…Fed Ex…email…fax…fax again…fax one more time…fax just one more time…fax to a new negotiator…process.

The next great thing is the HAFA program. We had a short sale approved in 7 days! Getting qualified for HAFA is taking a very long time. Bank of America has outsourced all of its HAFA files to attorneys grouped by investors. We have been working for 2 months to get 4 Bank of America HAFA customers approved. We had a Wells Fargo HAFA done in 15 with the short sale approved in 7. It was a great experience.

Craig B.

]]> Comment on Bank of America Implements HAFA on Equator for Short Sales by Craig Baranowski http://distressedpropertyexpert.net/blog/bank-of-america-implements-hafa-on-equator-for-short-sales/comment-page-1/#comment-5856 Craig Baranowski Sun, 05 Sep 2010 22:32:32 +0000 http://distressedpropertyexpert.net/?p=1972#comment-5856 Frustrated in CA - Unfortunately this does happen. A short sale is being negotiated, it is approved and then it forecloses. What happens is that there is a lack of communication between the servicer Bank of America and the foreclosure attorney representing the investor. We just recently had this happen the day we closed. The foreclosure was requested to be canceled and they messed up. Bank of America should...and will...reverse the foreclosure. In Florida you have 10 days to reverse the foreclosure. That is the good news. The bad news is that it usually takes another 2 to 3 months to un-wind the mess and get the short sale re-approved. Yes you did read that correctly...another 2-3 months. This is why I have a full time negotiator otherwise I would have been off to the looney farm from all of this stuff! Craig B Frustrated in CA -

Unfortunately this does happen. A short sale is being negotiated, it is approved and then it forecloses. What happens is that there is a lack of communication between the servicer Bank of America and the foreclosure attorney representing the investor. We just recently had this happen the day we closed. The foreclosure was requested to be canceled and they messed up. Bank of America should…and will…reverse the foreclosure. In Florida you have 10 days to reverse the foreclosure. That is the good news. The bad news is that it usually takes another 2 to 3 months to un-wind the mess and get the short sale re-approved. Yes you did read that correctly…another 2-3 months.

This is why I have a full time negotiator otherwise I would have been off to the looney farm from all of this stuff!

Craig B

]]> Comment on Bank of America formerly Countrywide short sale process streamlined? by Craig Baranowski http://distressedpropertyexpert.net/blog/bank-of-america-formerly-countrywide-short-sale-process-streamlined/comment-page-7/#comment-5855 Craig Baranowski Sun, 05 Sep 2010 22:25:30 +0000 http://distressedpropertyexpert.net/?p=779#comment-5855 Erin J- This is common sometimes with Bank of America if they turned over the short sale to a 3rd party processor. Was this a short sale under the HAFA program? All of the HAFA short sales are being outsourced to Attorneys. Also, with regards to MI...this will have to be negotiated next so this is an accurate process with Bank of America. Craig B Erin J-

This is common sometimes with Bank of America if they turned over the short sale to a 3rd party processor. Was this a short sale under the HAFA program? All of the HAFA short sales are being outsourced to Attorneys. Also, with regards to MI…this will have to be negotiated next so this is an accurate process with Bank of America.

Craig B

]]> Comment on Bank of America Implements HAFA on Equator for Short Sales by Craig Baranowski http://distressedpropertyexpert.net/blog/bank-of-america-implements-hafa-on-equator-for-short-sales/comment-page-1/#comment-5854 Craig Baranowski Sun, 05 Sep 2010 22:23:39 +0000 http://distressedpropertyexpert.net/?p=1972#comment-5854 Frustrated in the NW - I really can feel your pain. I am experiencing this with an agent in our area on a Bank of America short sale. I have a very specific way I handle short sales with zero guess work. We submit only one offer to the lender and work with only one buyer. We screen the buyer the best we can to make sure we do not waste our efforts. I have a dedicated negotiator that buyers can speak with directly and view the status of the short sale negotiation 24.7 on-line. When I am working with a buyer it is much different. In this one case similar to yours they would not have the seller sign the contract nor would they put it as "Contingent" in the MLS. I had to push very had to get clear and forthright answers from the listing agent. It is extremely frustrating not having control. I have the listing agent on a very short leash and right now they are behaving. :-) Back to your situation - The Bank of America short sale system uses Equator. It can handle one offer at a time. If either agent has done a short sale with Bank of America a buyer must supply: Proof of funds, name, address, Date of Birth, First 5 of Social Security, email address and phone number. This must be in the Equator System or they will kick the offer out. Additionally, the offer will not progress in the system unless all of the information is provided. If you have not supplied all of this info they you have lots to be nervous about. The difficult position you are in is that you want the home and the agents are either clueless of the process, working another offer or doing something that is not in your best interest. Find out what the local real estate laws are in your state in regards to short sales. I make sure all of our offers take out the "multiple offer" clause in the contract. There is only one answer to your short sale...it is either been submitted in Equator or it has not...a very simple question that both the listing agent and buyers agent can answer. I would also request them to give you a print out of the Equator short sale summary that shows you as the buyer in the system and the date of entry. Good Luck Craig. Frustrated in the NW -

I really can feel your pain. I am experiencing this with an agent in our area on a Bank of America short sale. I have a very specific way I handle short sales with zero guess work. We submit only one offer to the lender and work with only one buyer. We screen the buyer the best we can to make sure we do not waste our efforts. I have a dedicated negotiator that buyers can speak with directly and view the status of the short sale negotiation 24.7 on-line.

When I am working with a buyer it is much different. In this one case similar to yours they would not have the seller sign the contract nor would they put it as “Contingent” in the MLS. I had to push very had to get clear and forthright answers from the listing agent. It is extremely frustrating not having control. I have the listing agent on a very short leash and right now they are behaving. :-)

Back to your situation – The Bank of America short sale system uses Equator. It can handle one offer at a time. If either agent has done a short sale with Bank of America a buyer must supply: Proof of funds, name, address, Date of Birth, First 5 of Social Security, email address and phone number. This must be in the Equator System or they will kick the offer out. Additionally, the offer will not progress in the system unless all of the information is provided.

If you have not supplied all of this info they you have lots to be nervous about. The difficult position you are in is that you want the home and the agents are either clueless of the process, working another offer or doing something that is not in your best interest. Find out what the local real estate laws are in your state in regards to short sales. I make sure all of our offers take out the “multiple offer” clause in the contract. There is only one answer to your short sale…it is either been submitted in Equator or it has not…a very simple question that both the listing agent and buyers agent can answer. I would also request them to give you a print out of the Equator short sale summary that shows you as the buyer in the system and the date of entry.

Good Luck
Craig.

]]> Comment on Bank of America Implements HAFA on Equator for Short Sales by Carolyn Thompson http://distressedpropertyexpert.net/blog/bank-of-america-implements-hafa-on-equator-for-short-sales/comment-page-1/#comment-5806 Carolyn Thompson Fri, 03 Sep 2010 16:58:31 +0000 http://distressedpropertyexpert.net/?p=1972#comment-5806 I'm curious to when we will see a further reduction in the time Bank of America accepts/ rejects or counters offers.  I'm seeing acceptances take roughly 90 days at this time.  My peers are seeing the same.  This is still terrible.  Amazing we can get buyers to place offers on the properties when there are so many properties to select from. - What is everyone's experience with BofA paying seller assistance?  Our negotiator is saying that they will only accept them with VA or FHA loans.  Has this been your experience? I'm curious to when we will see a further reduction in the time Bank of America accepts/ rejects or counters offers.  I'm seeing acceptances take roughly 90 days at this time.  My peers are seeing the same.  This is still terrible.  Amazing we can get buyers to place offers on the properties when there are so many properties to select from.

- What is everyone's experience with BofA paying seller assistance?  Our negotiator is saying that they will only accept them with VA or FHA loans.  Has this been your experience?

]]> Comment on Bank of America Implements HAFA on Equator for Short Sales by Frustrated in CA http://distressedpropertyexpert.net/blog/bank-of-america-implements-hafa-on-equator-for-short-sales/comment-page-1/#comment-5739 Frustrated in CA Wed, 01 Sep 2010 16:35:40 +0000 http://distressedpropertyexpert.net/?p=1972#comment-5739 My experience is I made an offer on a Short Sale end of May.  Seller accepted and ours was the only offer.  It then went to a negotiator at B of A.  Couple months later they come back requiring a small increase in the purchase price, no problem.  The negotiator approves and sends it to the investor for approval.  Two weeks later I get a call "Sorry, they sold the house at auction yesterday for 25k less than you were offering." Furious and in the process of making as much noise as I can to anyone who will listen. My experience is I made an offer on a Short Sale end of May.  Seller accepted and ours was the only offer.  It then went to a negotiator at B of A.  Couple months later they come back requiring a small increase in the purchase price, no problem.  The negotiator approves and sends it to the investor for approval.  Two weeks later I get a call "Sorry, they sold the house at auction yesterday for 25k less than you were offering."
Furious and in the process of making as much noise as I can to anyone who will listen.

]]> Comment on Bank of America formerly Countrywide short sale process streamlined? by Erin J http://distressedpropertyexpert.net/blog/bank-of-america-formerly-countrywide-short-sale-process-streamlined/comment-page-7/#comment-5689 Erin J Mon, 30 Aug 2010 23:12:50 +0000 http://distressedpropertyexpert.net/?p=779#comment-5689 We recently got a counter offer back from B of A at a price we are happy with, however we are slightly confused because the counter offer is signed as POA by the third party negotiator who represents the sellers and we were expecting it to be signed by BOA.  The counter offer also says that upon us signing it does not mean that we are in mutual acceptance, that it still has to be approved by the MI company.  Is this typical in a BOA short sale?  Thanks! We recently got a counter offer back from B of A at a price we are happy with, however we are slightly confused because the counter offer is signed as POA by the third party negotiator who represents the sellers and we were expecting it to be signed by BOA.  The counter offer also says that upon us signing it does not mean that we are in mutual acceptance, that it still has to be approved by the MI company.  Is this typical in a BOA short sale?  Thanks!

]]> Comment on Bank of America Implements HAFA on Equator for Short Sales by Frustrated in the NW http://distressedpropertyexpert.net/blog/bank-of-america-implements-hafa-on-equator-for-short-sales/comment-page-1/#comment-5648 Frustrated in the NW Sun, 29 Aug 2010 17:07:59 +0000 http://distressedpropertyexpert.net/?p=1972#comment-5648 Hello, We would like your opinion regarding an offer we made on a B of A short sale listed at $168,000.00. 1.  We made our first offer of $160,000.00 on Saturday 14 August 2010.  Clean offer, asked for nothing and could close within 30 days.  (In otherwords, we would take care of all repairs needed.) We were told our offer had been submitted by our agent, and that 2 other offers had also been submitted, but we should "know something" within days.  Ok, no word from listing agent or our agent.  The next Friday, I called B of A, and asked them if they had received our offer.  I was kind of pushy wanting answers.  Finally a B of A agent said they had one offer for $163,000.00 but NO OTHER OFFERS on the property.  We were furious.  (I believe we were not suppose to have been provided this information.)  We called our agent, who called the listing agent who said the sellers had signed our offfer, but that she had not submitted it to B of A because there was no "Prequalification Letter."  So, within one hour of calling our lender/bank, we had an immediate prequalification letter.  2.  20 August 2010 Friday, we told our agent we wanted to incrase the offer $163,500.00 and we wanted PROOF that the listing agent submitted the offer to B of A. (2nd offer).  3.  28 August 2010 Saturday, I had not heard anything from our agent all week, except a lame text which said we should hear something that week (23-27 August 2010).  Never heard a word.  4.  28 August 2010 Saturday, we left a voice mail and email for our agent, requesting update.  As of right now (29 August 2010) he has not responded to either (he has a Blackberry).  So, we decided to get a little pushy and call the listing agent.  (Was our offer even submitted to B of A?  Heck, we don't know.  Our agent never offered us proof as he said he would. ) 5.  28 August 2010 left message for listing agent who returned our call.  She "said,"  (hmmm....???? truth????) that she had sumitted our offer and it took her 4 DAYS to do so in the Equator System.  She "said" there are 4 offers on the house, but B of A only looks at one at a time, and right now our offer is being considered and we are "Under Contract."  She said that an appraisor will be done and B of A may counter our offer, or accept it.  She said that the process take 2-4 months. We are frustrated with the fact that we were never told our 1st off was NOT SUBMITTED, and were led to believe by our agent, that the 1st offeer we made on Saturday 17 August 2010, had been submitted by the listing agent, but clearly it had never been submitted.  I found this out by demanding answers from B of A...(who I do not believe were suppose to tell me!). What do you think about all of this?  I am more concerned about the LA not making specific request for a "Prequalification Letter" (which was not attached to our 1st offer) being a prerequisite to any offer submitted to B of A.  We are suspicous that the listing agent was intentionally VAGUE, and wonder if the offers the listing agent did submit were offers she wrote (commission anyone?).  In other words, offers she would write, would guarantee her the entire commission.  So, if she was VAGUE (listing did not say "all offers  must be accompanied by a letter of preapproval" as an example).  Bottom line, I think both agents are jerks. Quite honestly, we do not believe either agent is doing their job.  We SUSPECT the listing agent TRIED to figure out a "loop hole" which would allow her to submit ONLY the most beneficial (commission) offers. What should we ask for?  Is there some documentation that would prove our offer is being considered (only one as listing agent stated)?  If  not, we're ready to find another agent and look for other houses.  Admittedly, we really want this house.  (Floor plan, neighborhood, though neglected needing new paint/flooring, landscaping, neighborhood is sound and location is fabulous.) Thank you so much for reading this, and I hope you might consider giving us some advice.  Hello,
We would like your opinion regarding an offer we made on a B of A short sale listed at $168,000.00.
1.  We made our first offer of $160,000.00 on Saturday 14 August 2010.  Clean offer, asked for nothing and could close within 30 days.  (In otherwords, we would take care of all repairs needed.)
We were told our offer had been submitted by our agent, and that 2 other offers had also been submitted, but we should "know something" within days.  Ok, no word from listing agent or our agent. 
The next Friday, I called B of A, and asked them if they had received our offer.  I was kind of pushy wanting answers.  Finally a B of A agent said they had one offer for $163,000.00 but NO OTHER OFFERS on the property.  We were furious.  (I believe we were not suppose to have been provided this information.)  We called our agent, who called the listing agent who said the sellers had signed our offfer, but that she had not submitted it to B of A because there was no "Prequalification Letter."  So, within one hour of calling our lender/bank, we had an immediate prequalification letter. 
2.  20 August 2010 Friday, we told our agent we wanted to incrase the offer $163,500.00 and we wanted PROOF that the listing agent submitted the offer to B of A. (2nd offer). 
3.  28 August 2010 Saturday, I had not heard anything from our agent all week, except a lame text which said we should hear something that week (23-27 August 2010).  Never heard a word. 
4.  28 August 2010 Saturday, we left a voice mail and email for our agent, requesting update.  As of right now (29 August 2010) he has not responded to either (he has a Blackberry).  So, we decided to get a little pushy and call the listing agent.  (Was our offer even submitted to B of A?  Heck, we don't know.  Our agent never offered us proof as he said he would. )
5.  28 August 2010 left message for listing agent who returned our call. 
She "said,"  (hmmm….???? truth????) that she had sumitted our offer and it took her 4 DAYS to do so in the Equator System.  She "said" there are 4 offers on the house, but B of A only looks at one at a time, and right now our offer is being considered and we are "Under Contract."  She said that an appraisor will be done and B of A may counter our offer, or accept it.  She said that the process take 2-4 months.
We are frustrated with the fact that we were never told our 1st off was NOT SUBMITTED, and were led to believe by our agent, that the 1st offeer we made on Saturday 17 August 2010, had been submitted by the listing agent, but clearly it had never been submitted.  I found this out by demanding answers from B of A…(who I do not believe were suppose to tell me!).
What do you think about all of this?  I am more concerned about the LA not making specific request for a "Prequalification Letter" (which was not attached to our 1st offer) being a prerequisite to any offer submitted to B of A.  We are suspicous that the listing agent was intentionally VAGUE, and wonder if the offers the listing agent did submit were offers she wrote (commission anyone?).  In other words, offers she would write, would guarantee her the entire commission.  So, if she was VAGUE (listing did not say "all offers  must be accompanied by a letter of preapproval" as an example).  Bottom line, I think both agents are jerks.
Quite honestly, we do not believe either agent is doing their job.  We SUSPECT the listing agent TRIED to figure out a "loop hole" which would allow her to submit ONLY the most beneficial (commission) offers.
What should we ask for?  Is there some documentation that would prove our offer is being considered (only one as listing agent stated)?  If  not, we're ready to find another agent and look for other houses.  Admittedly, we really want this house.  (Floor plan, neighborhood, though neglected needing new paint/flooring, landscaping, neighborhood is sound and location is fabulous.)
Thank you so much for reading this, and I hope you might consider giving us some advice. 

]]> Comment on Sunset Beach Short Sale 32 Sunset Beach as Craig’s Top Distressed Property Pick for June 14 2010 by Craig Baranowski http://distressedpropertyexpert.net/craigs-top-investment-and-distressed-property-pick/sunset-beach-short-sale-32-sunset-beach-distressed-property-pick-june-14-2010/comment-page-1/#comment-5563 Craig Baranowski Fri, 27 Aug 2010 00:23:16 +0000 http://distressedpropertyexpert.net/?p=2127#comment-5563 <p>It took us less than 15 days to get the HAFA approval finalized and another 30 to close. Transaction went very smoothly! No deficiency judgment and a $3,000 moving bonus for the sellers. </p> <p>If you have questions about the new HAFA program please give us a call 850-259-1788!</p> It took us less than 15 days to get the HAFA approval finalized and another 30 to close. Transaction went very smoothly! No deficiency judgment and a $3,000 moving bonus for the sellers.

If you have questions about the new HAFA program please give us a call 850-259-1788!

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