Monthly Archives: February 2013
As posted by Bank of America moments ago…new guidelines that your listings must have. We have been extremely successful in completing all of the Bank of America Short Sales (FHA, VA, Conventional)!
*** ANNOUNCEMENT MADE BY BANK OF AMERICA, 2/11/2013 RE: MLS LISTINGS ***
In our continued effort to ensure acceptable and fair marketing activity for all short sales, this is a reminder that Bank of America requires all properties to be listed on the Multiple Listing Service (MLS).
The property must have been listed prior to the acceptance of an offer. All offers must be submitted by the buyer subsequent to the listing date, and the property must be marketed on the MLS until a short sale approval letter is issued. Any property not listed on the MLS may experience processing delays, and/or the Short Sale file may be declined.
The following actions can help prevent processing delays and/or file declines.
- List the property on the MLS and include all basic property detail, including:
- Number of beds/baths, square footage, lot size, year built, location, interior features, etc.
- All known property information used to market the property to prospective buyers.
- Alternative language such as “unknown” or “unavailable” should be used – instead of leaving fields blank – when you encounter certain property characteristics that may be unknown via public record (e.g., Property taxes, deed information, and other fees).
- Ensure the MLS remarks and/or comments do not reflect unacceptable language such as:
- “Do not disturb homeowner, property not available for viewing”
- “Bank has already approved the short sale”
- “Cash offers only”
- “Preapproval through listing agent lender only”
- Ensure the listing status is current and active on the MLS until a short sale approval letter is issued
Per investor guidelines, additional documents may be required and will be communicated, as applicable, by the Short Sale Specialist.
****** CLARITY PROVIDED BY BANK OF AMERICA TODAY: 2/14/2013 ******
The following information is to revise and provide additional clarity on the Multiple Listing Service (MLS) Requirements message that was sent on Feb. 11, 2013.
- Listing the property on the MLS is not a new requirement in the short sale process and has always been a component of our fraud review.
- The listing requirement demonstrates that the property was listed on the open market and the offer received represents an open market transaction. We recognize that listing status classifications may differ by locale and are subject to local or regional MLS requirements. Brokers should follow MLS requirements at all times. MLS statuses such as Back Up, Contingent or Pending may be acceptable. Ensuring that the listing remains on the MLS until an approval letter is issued will help you show that the property was on the open market.
- How the property is marketed is a decision determined by the Seller and Listing Agent, however, caution should be exercised in using terms like “cash offers only”or “property is ineligible for financing”. This kind of verbiage can be considered an attempt to exclude a financed buyer and lead to a delay in processing the short sale. All offers are subject to investor approval and are reviewed on a case by case basis.
I thought this was SO relevant in support real estate professionals take their businesses to the next level and using great marketing to do it! Take a lesson from Oreo and catapult your business to the next level! We have launched our 2013 Lunch & Learn Series here in our Snellville Office! Once all of the kinks are worked out, you will be invited to join us even online. The goal of these sessions are support Real Estate Professionals in putting their knowledge to work immediately! Our first one is “Creating an Effective Blog for Your Real Estate Business in 30 Mins or Less”, Wed., 2/20 @ 12noon. Space is limited & lunch is provided. RSVP to attend.
During the Superbowl on Sunday, there was a little glitch with the lights. They went out. We’re talking blackout. Within minutes, Oreo released the above image across several key social media channels. Not Duracell, not Energizer, not G.E…. Oreo.
Clever. And it paid off for the brand.
Why was this a win? Four interwoven reasons: Velocity, relevance, wit and execution.
Wit, relevance and execution, most ad agencies can handle. Velocity, on the the other hand (generating ad-quality content and publishing it as meme-like social content), not so much. That’s still rare.
I want you to think about obstacles vs. enablement.
I want you to think about culture and operational agility.
Something like this doesn’t happen by accident. You have to have the right people in place, the right presence on key channels, the right support from management, the right kind of relationship with your community, and an eye towards real-time community…
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