Number 1 Home Agent » Blog Archive » Bank of America, RE/Max and Wells Fargo. From Very Bad to Great.
Now the good news. A month or so ago one of the most powerful and truly influential people in real estate, Dave Liniger assembled some top B of A executives and several United States Senators in the same room. I think it is fantastic that Dave Liniger can contact them, tell them when and where he needs to see them and have them actually arrive.
Mr. Liniger proceeded to tell the B of A executives that their reputation - in the area of short sales was just awful. He told them that he had about 100,000 agents with RE/Max and that he doubted very many of them would even consider directing loans to Bank of America. He pointed out to them that if they had any hope of keeping their agent driven business they had better stop making enemies over in their short sale division. The senators were a little surprised and dismayed at all the specifics Mr. Liniger pointed out had occurred with regard to loan modifications that never happened (after people were put on wait for six to nine months) and that the same thing was happening with short sales.
The Bank of America executives were shocked and said they had no idea such things were happening and (the good news) vowed to correct each and every one of types of behavior that Liniger had pointed out to them. Dave Liniger is predicting that B of A short sales will soon be as easy to do as Wells Fargo short sales.
To be fair, B of A is already improving. The loss mitigation companies they’ve hired to handle some of their short sales is not (repeat, is NOT) difficult to work with, at all.
I personally do not believe that B of A will ever consistently achieve the stellar results that Wells does. The reason? The executives were shocked at what Dave Liniger had to tell them - they didn’t already know. A great executive would have not only known it was happening, they would have been able to predict it and prevent it from happening. Great executives make it their business to know what is happening in their business. That said, I still believe that B of A will make great strides and improve tremendously. I want to add, I am grateful for Dave Liniger stepping up and to B of A’s top management for owning up.
Short Sales are only going to get easier! So, THANK YOU!
Kansas City RE/MAX
