05.15.2012 Tuesday Talk: Bank of America Short Sale Forum

by qinfovio 19. June 2012 16:40
I went last week to Santa Clara to participate to a forum from BOA (Bank Of America). I could found most of their short sale
information by going to their webinar.
The reason that I like to attend is to check the message that they try to send to the Realtors. This forum was completely different  
 from the last one that I attend with Wells Fargo/Wachovia. With Wells Fargo, we were inside the bank facility, around 40 Realtors and nice short talk
on their point of focus with the transaction.
With BOA, it was at the Sheraton with around 400 Realtors. The message was little bit different beside the typical subject of the short sale transaction.
BOA was saying that they need us as much we need them and I feel that they want to control us. They had at least 20 loan officers in the back of the room
and it seems that they try to promote and have us to refer our clients to them.
Now they also have a bunch of disclosures that come with their short sales and they also mentioned all the work
that we need to do with the short sale process. The investors will not pay anything for us on using any Short Sale Facilitator.
As on my side, as a former Mortgage Broker, processing as short sale is almost the same process than doing a loan, I have to provide and collect all the
same documentation, but I cannot get paid. What we usually do, we change the split on the commission to 3.5% on seller side and 2.5% for buyer's agent.
But as now, we are seeing more reduce commission to 5%.
They are asking us to do the work of tow persons, for a loan officer and a real estate agent and only one get paid. If a Realtor want to use a short sale facilitator,
they will have to charge the buyer or the buyer's agent.
It is going to be very hard for us Realtor to stay in business and compete with Banks. For them if a short close or does not close they are still getting paid
with the help of our government. On our side they are asking us to the do work of two for the price of one and if we don't close, it is a complete lost on our side.
2012 starts to looks at 2007/2008 when it was taking for ever to get through a transaction. In 2007/2008 we were not prepare with the short sale process,
and also for the drop of the market and Realtors were the first one to get hit (financially) with this crisis. And now, I am seeing another burden with the length of time
and the amount of work that we need produce with each of these short sales.
I want to finish with this forum from BOA with saying that the Banks try to get rid of the real estate agent by controlling and telling us how to handle our  
business and making us doing the work of two person without guaranteed on getting paid. But for us, small business owners we survived the big slow  
down of the 2008 and we will survive that one too.


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