Bank Of America Conference Call, DON'T MISS THIS!!!
So.........................................Here's the deal.
I know a really really really smart guy. He's what I'd call an 'actual expert' for Bank Of America.
Well, recently, I went to him and said, handle all my BofA deals, he said sure. Great right?
WRONG!!!
We didn't communicate very well. I assumed one thing, he assumed another. Long story short, we hashed it out today. I learned some very valuable lessons that I'm going to share with all of you.
Example, BofA had the equator system set up so that they don't have to do Short Sales, that's right, BofA knows (and I'll tell you how in a second) that they will make more money by NOT doing a Short Sale. See, BofA typically services the loans, they don't make any money for completing the short sale process. Once the property forecloses, the investor behind the loan gets written off so Bank Of America now OWNS the PROPERTY FREE and CLEAR to sell as an REO for FULL PROFIT!!!!
Starting to make sense now isn't it? You can't be mad at BofA, it's smart on their part.
So, if you're still reading this, don't forget to click the little vote icon on the top right of this post
I asked my guy how any other investors are profiting from BofA deals, he said, they're not. The offers HAVE TO BE 90% ARV in the Equator system so all he's been able to do is retail buyers.
Sucks for us right? Hell ya it does!!!
Last bit of good news, as if there was any so far. I told him I needed to get him in on a conference call so that all of you, your friends, colleagues, investors, dogs, cats and a few pet horses can hear what he's got to say.
This won't be you standard call/webinar/whatchamacallit because there isn't any sales pitch, just straight up information on BofA, their system(s), how they work, why they do certain things etc..... More importantly, why you don't want to try BofA short sale deals.
I'm going to do this next Thursday or Friday 29th or 30 as soon as I get a conference call number(I forgot the one I've had for a while) and I'll post it up.
Please tell everyone you know so that they can get the real deal truth.
Also, please submit any questions here or email me if you have my email the questions, I'll forward them to him so that we can make sure he covers it for you.
For now, that's all. Don't forget to vote for this thread and tell everyone you know, you won't want to miss this call.
I'll post up the number here shortly after I figure that part out.