Anyone going after BOA deals yet?

I spoke with an agent in Oregon about a month ago who was in attendance at some big realtor event in vegas. Big banks were also there and according to this realtor BOA in particular was adamant that they wanted to do more short sales as they were realizing that they made more money from short sales than they do from REOs.

So I'm wondering if anyone has had any success with them or if everyone is still staying away

Mark Updegraff

Multi-family Investor · Rochester, New York

Donor

858 posts
13 awards
62 influence

Jul 19 '10, 03:36 AM

I had success with 1 BOA SS, I've tried several previously with no luck. There is some terminology you can put in the offer to keep them from showing it to others while under contract. That seemed to work on the "Success" one. With the others, they could continue to show / accept offers even after the seller had agreed. My Realtor put some verbiage that eliminated that possibility.

Good luck

Maryann L.

Real Estate Investor · Methuen, Massachusetts

680 posts
9 awards
50 influence

Jul 20 '10, 12:39 AM

Mark can you share what the verbiage was?

We just turned down a BOA. I wanted to take it but there was already a bpo and previous buyer walked. WAY too many hurdles on it. If there was no BPO and process just started, we would have considered it.

N Barlo

Real Estate Investor · huntington beach, California

3 posts
50 influence

Jul 21 '10, 10:44 PM

Not worth the time to do BofA deals yourself, partner with Old School Titles concierge service. Yeah, they take half the profit but your getting the other half for lining up the deal. Sounds good to me.

Richard Graham

Real Estate Investor · Outer Banks, North Carolina

120 posts
2 awards
50 influence

Jul 22 '10, 07:50 AM

I was on the Old School Title call and the percentage was 75 / 25% split. I believe

Dave Grosse

Real Estate Investor · Lebanon, Illinois

151 posts
4 awards
50 influence

Jul 22 '10, 11:52 AM

Can you guys direct me to this Old School title deal? I've heard of them and know that they are investor friendly but I didn't know they would handle BOA deals.

Jackie Patterson

Real Estate Investor · Kalamazoo, Michigan

666 posts
8 awards
50 influence

Jul 22 '10, 12:02 PM

If you google them you will find their website.

Dave Grosse

Real Estate Investor · Lebanon, Illinois

151 posts
4 awards
50 influence

Jul 22 '10, 09:11 PM

Thanks Jackie, I guess what I should've asked was how do you guys like the service and are they actually getting BOA deals done without any headaches.

Richard Graham

Real Estate Investor · Outer Banks, North Carolina

120 posts
2 awards
50 influence

Jul 22 '10, 11:08 PM

Hi Guys, I have not used there service. I was on the call with Bob Mittleman. From what I could gather they have teamed up w/ another company that has some kinda of "arrangement" w/ B of A. Basically it sounds like you bird dog the deal to them. Find the sellers, get the package together, get it under contract in that companies name and they handle the rest. They buy it, list and sell it and give you 25% of the spread. Without any line 10 issues. Not to bad of a deal if its that easy there are a lot of BofA deals out there and if they are going to do everything maybe its worth it. I am going to call them today and get more details.