This week’s Preforeclosure “Tip of the Week” is about the latest changes with Bank of America and their “new” Short Sale System,how Washington Mutual is now totally eaten up by Chase,the latest Title Company to close its doors on double closings & more!

4 Responses to “Bank of America Changes How They do Short Sales!”

1. John Steinwand says:

   October 13, 2009 at 10:19 am

   I own a short sale Realtor advisory and lender negotiating company. Your BOA tip was 1st I heard of new process. I should not be surprised, because negotiating with BOA/CW/ETC is evidence they do NOT want to short sale their zero-equity assets.

   Reply
2. Matthew Smith says:

   November 19, 2009 at 10:39 am

   Have you changed your submissions procedures to using the REO Trans system exclusively now? Or are you still using the old system. We have seen turn times from a year and a half to 45 days with these yahoos.

   Reply
   • Bob Lachance says:

     November 20, 2009 at 12:29 pm

     Not yet, as not every BofA file goes on REO trans. They’re still trying it out and getting acclimated to it so each location only has one team of negotiators using it. We will though once it is the norm for ALL files to be on REO trans.

     Reply
3. Matthew Smith says:

   November 23, 2009 at 6:43 pm

   We are just implementing a new procedures in an attempt to streamline the REO Trans submission procedures. 3 new ones submitted today..*fingers crossed*.

   Reply