Bank Of America, Harris Real Estate University Event | FREE Real Estate Short Sale and REO Training

I will get right to it….

If you missed the Bank Of America, Harris Real Estate University training event you simply must listen to the replay now.

(…the call was completely full and I apologize if you were shut out..the system was over capacity.)

Here is the instant free replay, you can listen now:

Exclusive Harris Real Estate University, Bank of America Executive Interview

On this historic call you will have all o these questions answered:

1) What is the current state of real estate market nationwide?

2) Levels of Shadow Inventories, how big..and how bad?

3) Bank of America Short Sale Tips?

4) What can you tell us about BoAs..Cooperative Short Sale?

5) Short sales and seller contributions…what should an agent do when their seller is asked to contribute…and the seller simply can’t?

5) What is the BoA System for determining if the seller qualifies for HAFA?

6) If Buyer A backs out after the short sale is accepted and ready to close…and back up cash buyer B wants to buy the house at the same terms..does the entire approval process need to restart?

7)  How does a seller apply for HAFA…does a HAFA short sale take longer to close?

Here is the instant free replay, you can listen now:

Exclusive Harris Real Estate University, Bank of America Executive Interview

-8) Does a HAFA short sale go through the same process as a non-HAFA short sale…in other words, is there a special phone number to call to qualify for a HAFA short sale?

9)  What paperwork is required from a cash buyer on short sale? Are cash buyers given any sort of preferential treatment?

10)  When the BPO comes in over market value…what procedurally should an agent to do?

11) Why are some sellers asked for some form of financial contribution at closing (cash at closing etc) while others aren’t?

12)  Why (Some) Short Sales don’t close…what role does BoA play in the decision making process vs the investors?

13) Why does Bank of America ask for agents to reduce their commissions..is there an internal commission structure that agents need to be aware of?

14) Does Bank of America always require agents to reduce their commission when they are selling their own listing (or their brokers listing)?

15) What are common mistakes agents make when working with BoA on a short sale?

16) With so many foreclosures, REOs coming for sale…what suggestions do you have for an agents to become a REO listing agent for BoA?

17) Is BoA expecting an increase for REO listings…and when?

18) BoA real estate market predictions for 2011….when will the real estate markets hit bottom…?

19) What is the size of the shadow inventory…in terms of potential REO listings? What actually is the shadow inventory?

20) What are the best opportunities for agents to help homeowners…and make money…in 2011?

Bank Of America Tips and Secrets For Short Sales.

The short sale process is complex and involves many different parties who must all agree to take a loss on an outstanding debt (for example, investors, additional lien holders, and mortgage insurance). This leads to a longer timeline than a traditional home sale. Here are some key factors that you can influence to help minimize delays:

Set appropriate expectations with sellers, buyers and buyer’s agents so that they understand the complexity and resulting length of time a short sale can take.

Have the homeowner call the Short Sale Customer Service (866-880-1232) to start the process and register in Equator.  Prepare the homeowner to provide the complete financial hardship documentation, including all sources of income, assets and liabilities and have it updated regularly, to upload to Equator.

Ensure that property is listed on MLS, and actively marketed for sale.

Negotiate external 3rd party fees prior to submission of HUD (for example, the following fees are typically not approved by investors: short sale negotiation, HOA, reconveyence, document preparation, notary, recording, courier, processing).
Supply the complete HUD-1 that is valid for at least 60 days and includes all fees.

Review all documents & document images for accuracy and clarity prior to upload.

Ensure that customer and agent tasks are completed as timely as possible (for example: accepting short sale assignment, submitting short sale offer, and uploading offer documents must be done within 7 days).

Gather the necessary documentation from the seller
Hardship letter
Most recent paystubs
Most recent year tax returns
Most recent Bank Statements
Be prepared to update these documents monthly

Here is the instant free replay, you can listen now:

Exclusive Harris Real Estate University, Bank of America Executive Interview

Listing agreement
Fully executed sales contract with any specific short sale addendum
HUD 1

Work to get a purchase offer representing the best possible fair market value (with current detail on the market and activity) and highest net proceeds for the investors.

Submit fully executed purchase offers with all appropriate addendums signed by both buyer and homeowner, and include all supporting documentation.

Work to get a release on outside liens as early as possible.

The following situations will cause delays. Please notify us as soon as possible if:
Change in buyer or agent or terms at any time during the process
Customer files bankruptcy/divorce
Any changes after the approval letter is issued (be conscience of the expiration date..which can be altered prior to accepting the final offer)
Please remember to:
Call the Short Sale Department to get started at 1-866-880-1232

Log onto www.equator.com

Please be advised that you may need to also fax (1-866-808-5050) for some FHA, VA, GNMA and all Private Label loans.  All other documents must be uploaded into equator.

Contact the Short Sale department to determine if the loan must be uploaded into Equator or faxed in due to the investor on the short sale loan.

Equator has 5 stages: ?1. INITIATION ?2. DOCUMENT COLLECTION ?3. VALUATIONS ?4. NEGOTIATIONS ?5. CLOSING