Menifee, CA · Member since 2008 · 194 posts · 46 votes
We have a short sale we are working & we are getting close to an acceptance. Now BofA is telling us we have to upload the file on reotrans.com. Anyone had to do this? My concern is that it will go on reotrans & get sold to someone else & we would lose it after puting all this work into it. However BofA says that it takes months off of the proccess & that this is the way all of their short sales are going to be done from now on & that we have to do this. Anyone have any thoughts on this?
Involved In Real Estate · Anderson, SC · Member since 2008 · 350 posts · 70 votes
16y
I just read in another forum about an agent talking about how B of A is requiring this. Their short sale was in about the same situation as yours, close to closing and it ended up getting foreclosed on. They thought that REO Trans does not want the short sale to happen, they just want the files to help them with the foreclosure.
Menifee, CA · Member since 2008 · 194 posts · 46 votes
16y
You know. With all the ways they are trying to screw us, we need a group to help us. I'm thinking we should try getting an organization together to lobby in our favor & try to get these idiots off our backs. We actually help & yet we are the one who are demonized in these situations time & time again. Anyone else thought of this? We should start working toward this. I think it will help us all.
Real Estate Investor · Tampa, FL · Member since 2009 · 11 posts · 0 votes
16y
My mom recently worked for an asset manager of REO property and she told me they used REO trans at her company. I think the banks are moving the short sale process to REO Trans to streamline the approval process and not to steal your deals. I wouldn't worry about it.
Menifee, CA · Member since 2008 · 194 posts · 46 votes
16y
Thats what the negotiator said too. But you know how trustworthy the banks have been. I just don't want to put all the work into it only to get circumvented. That would be a bad day.
Centennial, CO · Member since 2009 · 758 posts · 251 votes
16y
Hey Corie,
Just a heads up regarding Bank of America. If you are thinking of flipping the Short Sale, they are most likely to try to prevent it under item #10 of their approval - restricting flips for 30 days. If the contract is with the end buyer then no concerns.
I agree with your lobby suggestion, especially as it relates to B of A.
Menifee, CA · Member since 2008 · 194 posts · 46 votes
16y
Ted. Yes I will have to hold it for 30 days. I would like to get people together to start fighting for our cause. It sucks that we all get demonized for figuring out how to make a living in a down economy & help people at the same time.
Rehabber · Tucson, AZ · Member since 2008 · 1k+ posts · 802 votes
16y
Originally posted by J D:
My mom recently worked for an asset manager of REO property and she told me they used REO trans at her company. I think the banks are moving the short sale process to REO Trans to streamline the approval process and not to steal your deals. I wouldn't worry about it.
Yes this is beginning to happen with BOA. The problem is you need to be an RE agent to access the portion of this site.
Menifee, CA · Member since 2008 · 194 posts · 46 votes
16y
We tried to get an account & upload the docs they need & you have to be an agent to upload docs. The more I see of this, the more I see us investors getting screwed.
Residential Real Estate Broker · Grand Blanc, MI · Member since 2008 · 885 posts · 316 votes
16y
Six weeks ago or so I saw a newfeed on reotrans.com (as an agent, I'm a member) about them "combining forces", as they termed it, with BoA for handling all their short sales. Of course, reotrans was gloating about it because it's more revenue for them.
As far as I know there are no APIs for reotrans.com. Their software and process is really dummyed down and doesn't handle any exceptions to the workflow.
Real Estate Investor · Bradenton, FL · Member since 2009 · 99 posts · 42 votes
16y
That's a shame. I'm trying to work on software and ultimately the goal is to link directly in with systems to make processing easier. I might have to try and get a hold of someone at REOTrans although I know that is likely much easier said than done :)