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Fast passes and eTickets do not exist in short sales

Short SalesDo you remember the E ticket? Back in the day, when you went to Disneyland, you would purchase a ticket book that would provide you with tickets to access the rides and attractions. There were not too many E tickets in the book. The E ticket was the one that could get you into the very best rides like the Matterhorn Bobsled and It’s a Small World. Disneyland moved away from the tickets many moons ago, but now they offer a Fast Pass that allows you to jump to the front for certain rides.

One of my clients sent me an email the other day with a link to a site he had found that teaches you all of the short sale loopholes—a link to a site that apparently sells a Fast Pass or E ticket for obtaining short sale approval.

There are so many products on the Internet that claim to aid in the short sale negotiations. But, this one caught my attention. I clicked on the link and went to the site, and watched a ten to twelve minute commercial for a product that purports to tell you how to beat the Bank of America Equator system, how to get short sale approval in 60 days, and how to get your short sale in front of the decision makers. I’m not sure how much this particular product costs, but I can tell you one thing for certain. I already know the top-secret method for getting short sale approval in 60 days from Bank of America, and I am going to tell you the secret right now so that you do not have to pay any money to anyone else.

Top Secret Instructions for Obtaining Short Sale Approval

The secret has two parts. The first is hard work, tenacity, and diligence. The second part of the secret is in the details. If you do exactly what you are asked through the Equator system in the messages and you do it immediately when you are asked, you save lots of time and get your approval more efficiently. You need to be quick and efficient and you need to demand them same from those on the other side of the Equator computer screen. And, if you have trouble with the system, you need to use the system and its messaging capabilities in order to send emails to executives within the team for your specific short sales.

In these tough and challenging economic times, there is always someone out there who wants to make a buck. While there are quite likely a number of really great products available, in the short sale arena, there is one thing that is certain. The only way to be successful is through hard work. No product can replace hard work, and there is no such thing as a Fast Pass or E ticket for the wild ride we are on right now. And, by the way, this wild ride is not in Fantasyland.

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Photo: Flickr Creative Commons by kevinpoh

Written By

Melissa Zavala is the Broker/Owner of Broadpoint Properties and Head Honcho of Short Sale Expeditor®, and Chief Executive Officer of Transaction 911. Before landing in real estate, she had careers in education and publishing. Most recently, she has been able to use her teaching and organizational skills while traveling the world over—dispelling myths about the distressed property market, engaging and motivating real estate agents, and sharing her passion for real estate. When she isn’t speaking or writing, Melissa enjoys practicing yoga, walking the dog, and vacationing at beach resorts.

15 Comments

15 Comments

  1. Sheri Moritz

    December 14, 2010 at 7:38 am

    The best fast pass I have seen for B of A short sales is contacting @BofA_Help on Twitter. They always respond within 10 minutes and have always been able to help when I get nowhere on the phone, equator help or messaging through their system. Last week I needed a letter of authorization approved and was told 2-3 days when I called and emailed. I tweeted them, the made an outgoing call and called me and within 5 mins I had my authorization letter approved and able to upload my offer. They are top notch!!

  2. Agent for Movoto

    December 14, 2010 at 1:50 pm

    not much of a “secret”, really…. but always good to hear again. great post!

  3. Sig

    December 16, 2010 at 8:26 am

    kFast passes and eTickets do not exist in short sales- I agree, it takes hard work. You do have to respond immediately to the messages and assignments. If you have a problem though, you still have to email them many, many times until a real human being lowers him/herself to call you. If they will call, you can usually fix the problem in less time than it took them to call you. They need to learn this but I doubt they will.

  4. Rob McCance

    December 17, 2010 at 11:20 pm

    Melissa,

    Good post. Diligently following all the criteria in the Equator system can surely help you obtain an approval letter if there’s going to be one.

    I found this interesting in your bio:

    “In fact, last year she and her staff obtained over 500 short sale approval letters! ”

    I realize you probably do not have this statistic, but I wonder of those 500, how many of them closed, with the original buyer that was under contract when the approval letter was obtained.

    I once had a short sale specialist listing agent here in Atlanta tell me “all my short sales close” to which I replied “after how many buyers have come and gone.”

    She actually admitted that my client on that particular property was buyer #6!

    I tell ya, I’ve represented the buyer in two separate SS attempts and I don’t know how you guys specialize in this sort of thing.

    I guess there’s something for everyone out there!

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