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GMAC Homecomings Financial Approves Crestview Florida Short Sale

GMAC Homecomings Financial has just approved the short sale for this Southway Estates home in Crestview Florida.  The approvel time was an amazing 9 days!  How so fast?

1. GMAC had a Broker Price Opinon, or property valuation, done prior to listing.  They suggested a list price, although I was free to reduce the price based on market conditions.

2. There was a negotiator assigned at the start of the process.

3.  We got a strong offer for fair market value, minimal closing costs and a buyer who put down earnest money.

4. We uploaded the seller’s financial and hardship information into GMAC’s online short sale platform, Equator.

Although we got a very speedy approval from GMAC, their system needs improvement.  They provide a seller financial questionnaire at time of short sale.  The responses on the form do not correspond to data entry fields in the Equator online system.  For example, “What is the date the seller hardship started?”, etc.  There were several questions where we had to call the seller for clarification.

Further, GMAC’s system has internal deadlines that could not be extended, requiring short turn-around for entry.  When we told the GMAC negotiator some of the financial information did not correspond to their forms, we were told to “do the best” we could with the system.

And we did.  Approved in nine days!

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Crestview Florida FL Real Estate

Crestview Short Sales & Pre Foreclosure and HAP Help.

Read Wendy’s Crestview Real Estate Blog

Bank of America – The Industry Standard for Short Sales

The key to success in any business is communications.  This is equally true for the short sale industry.  Which company sets the standard? Bank of America. Their model needs to be emulated by short sale lenders.  They are leaps ahead in terms of responsive, communications, simplicity and efficiency of processing.  I’ve done hundreds of short sales with dozens of different lenders. No one else comes close to the customer service and systems in place with Bank of America.  Of course, they are not perfect.  But they get better all the time. Here is why, and here is what should be emulated.

Equator Model.  Bank of America’s Equator model is far easier to use than its competitors, even those who also use Equator.

  • Wells Fargo use of Equator – They rely far too much on the agent entering in exact HUD figures, guessing at what is needed in the required fields and answering questions, that are better ascertained by the negotiator or processor. For example, they have a SEVERAL PAGE HUD entry required to be filled out by agents,  compared to ONE PAGE Bank of America requirement. Not only is the Wells Fargo Equator process cumbersome, it is error-prone, especially since expecting someone in the sales field, i.e. a real estate agent, to be a “title agent” number cruncher is overreaching.  I can see how this saves Wells Fargo work, by requiring the agent to fill in the blanks, but it is not customer service oriented.
  •  The same can be said for the GMAC Equator usage, which differs from Bank of America, but seems to require the agent to “guess” at filling out some of the questions.
  •  The competing system to Equator, RES.net used for example, by Carrington/Vericrest mortgage, is also cumbersome and similar to Wells Fargo’s set up in Equator.  It’s just not user-friendly.

Customer Service.  The short sale lenders need to consider the real estate agent their customer. Bank of America does this. I rarely find other short sale lenders have the same attitude. In fact, most of them feel the agent is working for them, and must “comply” with their system.  One improvement this year is with Chase, who has set up an escalation hot line for agents.  Again, Bank of America needs to be emulated in its customer service. Here is why:

Numerous Lines of Communication

Bank of America offers three ways to communicate with the negotiator (or other persons on the short sale file). They don’t “hide” contact information or prevent the agent from communicating, as do some other lenders, who go as far as refusing to provide email addresses to their negotiators.

  • Bank of America provides a general short sale customer service number, an internal email address for the negotiator and a direct phone number to the negotiator.
  • Bank of America allows and provides direct phone numbers to supervisors of negotiators, and their email addresses, as well as higher up management, without requiring the agent to go through hoops, beg and plead.

Bank of America’s Twitter Help.  I am constantly amazed and impressed by their social media escalation team.  They have moved  transactions for me, gotten last minute approvals and straightened out problems quickly, with interest and results.

These communication practices by Bank of America should be short sale industry standard.  Calling some lenders, and getting their customer service department saying, “No, you cannot have any contact information for the negotiator. They’ll contact YOU when they want” is simply unacceptable in today’s business world.  Communication, efficiency, responsiveness, and a high level of customer service is the key to success in short sale processing, for both the agent, the borrower, the buyer and the lender.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Windward Short Sale, Bluewater Bay Florida – Approved Compass Bank

Windward Bluewater Bay Short Sale
This home in the Windward subdivision of Bluewater Bay, Niceville, Florida was just approved for short sale.  Find the details below.

Senior Lien: Wells Fargo
Balance: $275,000
Junior Lien: Compass Bank
Balance: $115,000
Original Purchase Price: $485,000
Market Value: $290,000
Status: Short Sale Approved by both lienholders

Notes: Wells Fargo uses the Equator Platform for short sale processing. It is an online program where the short sale listing Realtor uploads seller financial documents, preliminary settlement figures and more for analysis by Wells Fargo. Other lenders share this platform, such as Bank of America and GMAC, but Wells Fargo’s requirements are more tedious.

This was my first short sale with BVVA Compass Bank, the junior lienholder. It was interesting. The institution’s personnel are pleasant. Their short sale policy, however, requires that the file be in their internal “charge off” department before they will negotiate any terms.  They will not speed up their internal timelines to process a short sale, without exception. It is not the case that they have a plethora of files, it is just their timeline, which can take months, and they stick to it. This caused a long delay in the process, as we had Wells Fargo approval in about 45 days.  Compass does its short sale processing through email, fax and phone, and it is fairly easy to get ahold of a human being. They appear to favor promissory notes and cash contribution combinations, but will negotiate.

It’s Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com

Niceville Florida short sales