BiggerPockets

I talked with a homeowner today who wants to do a short sale. They have the one loan with Boa, the house is currently listed with a realtor. I haven't had the pleasure of dealing with BOA yet so I'm not really familiar with equator.
Should I just tell the homeowner to have the realtor deal with equator, and walk away?

Matt,

Rather than just walking away, Old School Title has this new program that I have been curious how it would work out. Maybe this can be a test.
Basically, you give them the Bof A lead and let them work it "cradle to grave". They negotiate the whole thing, the arrange trans funding, everything. The cost in the end is 75% of your profits which is high, but the risk and your work is very low. Better than turning it down.
It is called BofA concierge service or something like that.

BofA is NOT easy to deal with.

As for the Old School Title situation, I would really like to hear from someone that has used the service. Not to bad, you get 25% for turning over a lead.

I don't know what the fuss is about regarding BoA! I love them and this is my, well, love story!!!

I just lost a BoA deal. I've had this deal for 7 months.

Here is what happened...

When I got the file we submitted it through Equator, and we waited and waited,(we did call and follow up) but then one day I got an email saying it was declined. I called and asked why, and they said that it was because I did not reply to another email they sent through equator (I checked there was no email).

So I resubmitted it and things went really quick this time. After submitting it, the BPO was ordered the next week. BPO was done (It came in way too high) but I showed why I had offered what I did (Comps and renovation bids), and I begain negotiating with BoA.

However, I knew that the sheriff sale was coming up in a month so I requested that they freeze that until we could get the short sale done.

I was told we would have it done before then and not to worry. Long story short, I followed up every week about the sherrif sale and BoA just stopped replying to my emails, couldn't get answers when I called. I even escalated it to the VP, and right after I did that, I got an email declining the request for more time to do the short sale.

The reason? They stated my request was not placed in a timely manner to the date of the sheriff sale. So they basically stalled me out, and foreclosed on the property anyway... The equator system is nice in my opinion, but BoA is crap and I will be turning them down in the future... The End...

I have their paperwork on the program. Don't know how to post a document here.

Richard,

A few questions...............

1. Do they get the property listed, or is that the investor's job? Your post says the investor "helps find the end buyer".

2. If the property is listed who works with the Realtor (adjusting price, etc.)?

3. Who accepts the end buyer offer....the investor?

Thanks for the information!

It might be worth it. From your post, it appears that American Family Properties would serve as the investor and accept the end buyer's sales agreement. The big questions I have is how the property is marketed, and if they are doing a back to back close, or next day, next week or longer. Also what kind of end buyer financing are they accepting....... FHA, just cash???? Thanks for sharing.

Dustin, that is an excellent BofA "love story". They do have an agreement of sorts with BofA if it is submitted with that company and have had success with it. It does equate to a 25% bird dog fee.

Sounds good to me Scott I would rather pack them up and send them to you anyway.
Bob explained it is a
37.5% Old School Title
37.5%AmericanFamilyProperties
25% to Bird Dog
Split of the Profit

Hey Eric

Im interested to see their paperwork.

Can you send them to me? (Email in my sig.)