Bank of America Short Sales System is Changing Again
Just when when we thought Bank of America was finally getting the hang of processing/negotiating short sales; they go and change the whole system all over again! Not that their system was great before but at least the processors/negotiators knew how to handle the system as well as knew who to contact in case of any emergencies, etc & the same went for our end as Realtors & Real Estate Agents – we knew where to go to get things done.
Now, the new system seems to be taking things in a wrong direction. The new guidelines for Bank of America Processors/Negotiators is to gather all the information for a specific file/client. Once the file has all the needed information Bank of America will then proceed with the short sale. Keep in mind this processor/negotiator is in the State in which the transaction is taking place( IE California property; California Processor/Negotiator). Now with all the checkmarks in place the file is then sent off to “Upper Management” and in one specific example for one of our files is in Kentucky.
Now, I don’t know where Bank of America has received this great idea from but don’t see how it will benefit it’s clients in terms of short sales as the “Upper Management” doesn’t know one main factor; market conditions. This could lead to more foreclosures on Bank of America’s end and does not look great for prospective short sale clients. Not to mention that the time zone difference also changes things significantly.
Just some creative thinking on our end but seems to me like Bank of America has some issues with fraud which is why they are resorting to “Upper Management” Approval in different states but then again, anyone can commit fraud, so why delay the transaction any longer than what it already takes. Could this be Bank of Americas way of showing they want to Foreclose on more Homeowners by giving them tougher conditions in which to successfully negotiate a short sale? It’s too early to tell just yet but we all hope that Bank of America is going in the right direction and that one day Bank of America short sale will not be so rigorous for homeowners and will be an adaptation of the many other bank who can produce short sale approvals in less than 45 days.
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Beautiful Homes up for sale. Both are completely renovated from the floor up and avaiable at a special discount if you purchase both. Homes can be used for income like a duplex or as a single family home for yourself. Featuring nice views of the city, these are 2 homes you don’t want to pass up. For Private Viewing give us a call at 562-278-6702.
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Perfect Office Space for Lease! Under $1 per square foot….this price can not be beat! Office has available 950 square feet, kitchen, mens and womens bathrooms with separate client/office room for added confidentiality. Make sure to check out the virtual tour and get the full view of this nice office space! [click to continue…]
#1 Office in Santa Fe Springs, Just Featured in Los Angeles Times
Wow, it feels like we just opened and already we have climbed to the top of the sales for the city of Santa Fe Springs!
Just featured in the Los Angeles Times itself is our office located at 12631 E Imperial Highway Suite B214 Santa Fe Springs, CA 90670.
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Hey Everyone!
Excellence Real Estate is dedicated to giving back to it’s community and we are hosting our first rally fundraiser with Elephant Bar in La Mirada.
We are going to have a great time, great food and of course mingle with everyone in the area and become a little closer to the community of La Mirada but most importantly give back to the American Cancer Society Relay For Life.
This organization has done so much for cancer patients and has made many more birthdays happen, and we want to keep them coming and give these people a fighting chance against cancer.
We all probably know someone who has suffered from cancer and they have probably benefited from the research that ACS Relay For Life offers.
Please help us by joining us on Thursday January 19th 2012 at Elephant Bar Relay For Life Mixer and Fundraiser !
Please share the info on to your family and friends too…the more the merrier! [click to continue…]
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Bank of America starting to Lease-Back properties to Homeowners – Is it too Late?
Just as Bank of America is falling apart they go and talk about doing some good in America. Now this is all just talk at this point in time but if rolled out many home owners would be able to sell their home and still be able to live in it – just no longer be the home owner.
Since the bubble has bursted the use of a “Lease-Back Agreement” has been Illegal by all bank stating on the short sale approval letter that homeowners are not allowed to remain in possession of the home after the close of escrow. [click to continue…]
Photo Source: Just Jared
You are not alone Even PopStar Rihanna is doing a Short Sale!
Just to shed some light on the subject of Foreclosure & Short Sales…this economy is hitting everyone and this is the proof! Homeowners have many options when it comes to avoiding foreclosure and the one that Rihanna found to be the best is doing a short sale on here $4.5 Million Beverly Hills Estate. Why do you think she did this? In many cases (95% as not all short sales actually close) the short sale will remove all debt from the property and will not allow the bank to come after you for any remainder of the debt after foreclosure. [click to continue…]
