Where do we begin with REOTRans?

I guess let me reply to your request about how an non-agent signs up with REOTrans.
1) You don’t have to be an agent to sign up. The system, like most, doen not consider real estate investors who work short sales. You can set up your account as an “Agent” and use a bogus license number. That is what REOTrans has told us directly when we asked that same question. The system is nothing more than a collection on information stored on their database. Possibly selling to to real estate marketing companies.

Here is what we were told to do from BofA
1) Contact REOTrans and setup an account
2) After account is setup call BofA and let them know you have an REOTrans account.
3) Have the seller set up thier REOTrans account
4) Have the owner call BofA (REOTrans Department, which no longer exists, and verbally give financials.
5) You as the agent upload short sale documents
6) Have the owner upload thier documents.
7) 30 days later short sale approved.

Yeah Right!!!!!

The system is “flawed” at best. Once a file has been referred to REOTrans BofA has no way of telling you any information about the account. If you try to contact REOTrans they will tell you that they are a software company and you will have to contact BofA for updates.

The finger pointing continues!!!

The short sale that are located on the west are being processed in Arizona. They are non-responsive to any methods of contact. Be it email or phone. We had one that they buyer was going to walk unless we could get an update. Was easy before just call the LM and there you go. Not with REOTrans……never get thru or get a reply. Lost the buyer.

We have to escalate the files and work very hard to have them taken out of REOTrans and put back in BofA’s loss mitigation departements. Once that was done, not an easy task, we were able to process the short sale and get them approved.

We can go on and on and on and on!!!

Enough of the complaining!!!!!

Here is the honest truth. The intent of the REOTrans is to control the flow of the necessary paperwork by ensuring that it is received by the lender. I understand that and we use a similiar process to confirm our receipt of documents from sellers. But when BofA and ReoTrans does not know when the other is doing and continues to point fingers at eachother, these short sales will not be processed in a timely manner and the seller and buyer are left hanging on for a rough ride!

The biggest assest is reputation and we have spent quite a bit of time building ours with clients and lenders. It is that reputation that has allowed us to move files and get things done!

Question: Has anyone had a successful short sale done in 30 days, the claim of REOTrans? Just wondering!

DON’T BELIEVE THE HYPE!

I hope this helps and there is more if you like to know please contact us.