Bank of America REO Application and NEWS


Effective Oct. 1, Safeguard will be the sole provider of repair work for Bank of America-serviced properties.

Agents will no longer be allowed to use local vendors for bids or to complete repairs, including Health & Safety repairs, as of Oct. 1.

All repair requests for REO Bank of America-serviced or -owned properties must be sent to Safeguard.

Contacting Safeguard: For any Health & Safety repairs, the broker will contact the 24/7 Broker Direct line at 1.877.340.5909.   For repairs that are not needed immediately, contact your assigned asset manager, found in Equator, to request a scope or repair bid from Safeguard.

BROKERS/AGENTS: If you are not signed up with BANK OF AMERICA REO, sign up today. Click link below to apply.

NOTE: You will need your poncie.com Network password. Do not have one? Enter your email in the “Subscribe Here” box (top right) and request a password. It’s free for Real Estate Brokers/Agents and always will be. Please allow up to 24 hours for a REO Application Network PASSWORD via email. Be patient.

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HOW I GOT MY FIRST CHASE REO [VIDEO]

[youtuber youtube=’http://www.youtube.com/watch?v=5gyfHCV55WI&hd=1′]

SOURCES: Contact Safeguard for All REO Repairs. Bank of America REO Resource Center. 26 Sep. 2012 <https://realestateagent.bankofamerica.com/agent/ptff.aspx?p=398> / REO Broker/Agent Application. Bank of America REO Resource Center. 26 Sep. 2012 <https://realestateagent.bankofamerica.com/baapp.aspx> / [Bank of America Logo]. (n.d.). [Digital Image]. Retrieved from <https://realestateagent.bankofamerica.com/login.aspx>

19 comments for “Bank of America REO Application and NEWS

  1. Veronica Guzman
    October 17, 2012 at 8:13 pm

    Would love to get an opportunity to help Bank of America get rid of bad assets and non-performing loans and have a hand at helping improve the economy.

    Posted by Veronica Guzman
    Account Manager at My Cash Your Property LLC
    Greater New York City

  2. Roxanne Schilling
    October 8, 2012 at 5:53 pm

    That must be just for B of A ????? I just got approved for repairs on a bank owned with Chase from local vendor.

    Roxanne Schilling
    Realtor at Coldwell Banker Lake Tulloch
    Copperopolis, California
    http://poncie.com/trusted-reo-vendor-ad/reo-selling-agents/roxanne-schilling-copperopolis-ca/

    • October 8, 2012 at 6:20 pm

      yup – BofA only

      • Roxanne Schilling
        October 8, 2012 at 6:20 pm

        Good to know

        Posted by Roxanne Schilling

  3. Chris Gurnee
    October 8, 2012 at 5:07 pm

    Any idea what is the best way to become a direct listing broker with Bank of America? I was told I need to have a credit limit of 150k on a credit card. …..

    Posted by Chris Gurnee
    RESNET #47138 NRBA #10-WA-44788 Vender Resource Management # 22668 Equator 770434 Sam VMS ID 8998
    Greater Seattle

    • October 8, 2012 at 5:12 pm

      Hello Chris, the $150k credit card requirement is not true. I have Bank of America and do not have any credit cards. I do have expense money I use for REOs. Bank of America is using Safeguard to make all repairs on their REOs anyway. The only expenses you will acquire will be utitlies. Click on the BofA blog and learn how to apply to BofA direct: http://poncie.com/2012/09/28/bofavendors/

      • Chris Gurnee
        October 8, 2012 at 6:10 pm

        Glad to hear this. I have applied already but have not been accepted as a preferred listing agent. Any idea whom I should try to contact that is a decision maker at B of A to get rolling?

        I do appreciate your time to respond.

        Chris Gurnee
        ALLPRO

  4. Donna Mazurek
    October 1, 2012 at 5:50 pm

    Great information.
    Thank you!
    Donna Mazurek
    Re-Max ACR Elite Group
    Fl.State Registered Tr.Res.Appraiser at Rice Appraisals
    Tampa/St. Petersburg, Florida

  5. sellbuylease@nycmail.com
    October 1, 2012 at 5:33 pm

    Is there any way to get around not having errors and omissions insurance or do you know a vendor that carries that insurance and the least expensive?

  6. Cathy Ruger
    October 1, 2012 at 5:02 pm

    I’m looking to be an REO agent and would like to sign up. What’s the pass word and do you have any advice where I can start? I do short sales and have closed a Bank of America one.

    Cathy
    Real Estate Broker/Realtor
    Location
    Aurora, Colorado

    • October 1, 2012 at 5:02 pm

      Have you subscribed to our REO network? We are REO agents who share REO tips with one another. It’s free and always will be.

      Here’s a link to REO application: http://poncie.com/reo-applications/

      You have to be a network friend to access the applications. Enter your email in the “Subscribe Here” Box at http://www.poncie.com

  7. Gennaro "Gerry" Pagano
    September 29, 2012 at 3:14 pm

    Hi Poncie

    My name is Gerry Pagano and im an REO broker. I just want to say your web site ROCKS!!!!!

    Gennaro “Gerry” Pagano – REO Broker
    Century 21 – Holmdel, NJ

  8. Elaine D. Wiener
    September 29, 2012 at 2:58 pm

    If this is for real, I am interested. I sell a lot of REO’s, and market them for my broker..

    Is everybody having as much trouble as I am in closing short sales these days? Everything on MLS that’s not a regular sale, is a short, but so many agents are saving them, or the banks don’t close them… Tell me your experiences…

    Posted by Elaine D. Wiener
    Licensed Real Estate Agent at Island Advantage Real Estate
    Greater New York City Area

  9. Jim Hill
    September 29, 2012 at 1:21 pm

    that is good to know. Do you have any contacts for REO in Phoenix

    Posted by Jim Hill
    Commercial investment Real Estate at SJ Fowler Real Estate
    Phoenix, Arizona

  10. Jon Tran
    September 29, 2012 at 1:19 pm

    Hopefully, I get an opportunity to help Bank of America get rid of bad assets, non-performing loans and help the improve the economy.

    Would love to get an opportunity to help Bank of America get rid of bad assets and non-performing loans and have a hand at helping improve the economy.I’m sure money will come thru the process.

    Jon Tran

  11. Renee Przysiecki
    September 28, 2012 at 10:41 pm

    I have been listing some of the BAC listings and see that they are throwing assets into auction at the same time they put them up for sale with the real estate agents. What is up with this? It show that it is for sale for lets say $380,000 and the starting bid in the auction/trulia site is $139,000. This is crazy!!! The auction is not for another 30 days and of course everyone is calling and wanting it for $139,000.

    Posted by Renee Przysiecki
    Owner, Century 21 Lady of the Lakes
    Greater Detroit Area

    • Michelle RIdge
      September 30, 2012 at 9:43 pm

      Bank of America is putting properties on auction after a certain number of days that the agent has the listing. The catch is that if you have an eviction, that time counts toward that period. We are also seeing this happen, along with the NSP. If NSP (National Stablilization Program) purchases it, you may see it back on the market within a week!
      Best bet is to hope it is vacant and you can get it into escrow, where you get to complete the sale.

  12. Michele G.
    September 28, 2012 at 3:16 pm

    Poncie,

    I want to thank you for all information! Please let me know want else I can do to get BPO/REO assignment, I have signed up with numerous of companies to no avail, your help is appreciated.

    Thanks,

    MG

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