Jeff,

I have two deals with BofA right now and one with Wells. I am expecting approval letters shortly, so I will let you know if anything is changed with Item 10.

Best,

Greg

We closed 2 BOA deals last month that the #10 clause was still there. We didn’t even bother to try to get them extracted as the buyer paid us a $2500 fee on the buyers side of the HUD and we got both sides of the commission and took them A/C. I’ve seen for the past 6 months that some people are successful in getting it taken off and some approval letters don’t even have it in there when it’s issued. They’ve got a long way to go before I ever start taking BOA deals that’s for sure.

Thanks for sharing Jeff and keep up the good work.

Frank

Jeff…currently, BoA is fighting with us Tooth & Nail to keep it in. HOWEVER, BoA recently hired a new VP to oversee Loss Mit & REO. We are hoping to help him make his bonus by suggesting a few simple measures that will help him make his bonues; i.e.
- eliminate opening paragraph
- elminate 30 day hold

In the meantime, we’ve found the following:
- 30 day hold can be removed via closing addendum 60% of time
- When the closers are in Dallas (972 area code), they are very amenable and open to working with you. Their VP is strong and sensical.
- When the closers are in Chandler, AZ (480), it’s worse than working with the government.

Would love it if a group of Title Agents, Attorneys, and seasoned investors would be open to writing a professional “Letter of Guidance” to this new VP. He comes from the Origination side of BoA. This is likely good for their probably won’t be any sacred cows. Plus, I think it would help bring immediate attention to someone empowered to make immediate change, not to mention the fact that this single change would probably help him make his bonus!

I am preparing my letter this weekend. I believe he’ll be open. Being from the origination side, my bet is that he comprehends the concept of making money…not losing it.

Jeff- looks like (once again) you may be on the fore-front of a trend. We HAVE seen this (once as late as last week), but it is NOT across the board and it’s not every case, at least yet.

Great seeing you in AZ.
We closed one last week with BOA were they messed up The approval letter 3 times and we kept trying to get #10 off the approval to no avail. We even told them it was a rehab to be resold but they wouldn’t take it off. We finally did an A to C with them paying us fees so we would make something (8k). It would be nice to see this changed. Thanks Jeff

Love the new format of your website, Jeff. Very modern, appealing and professional!

I feel so silly for asking this, but what is item 10??? I got a sense of what it is by the context in the post of the term, but I would appreciate if someone could completely clear it up for me. Thank you!

I feel so silly for asking this, but what is item 10??? I got a sense of what the term means from the post, but I would appreciate if someone could clear it up for me. Thank you!

I just received two short-sale payoff letters from Bank of America dated Feb 1st and number 10 was still in the payoff letters…Good thing that this property was being purchased by a first time homebuyer…My investor removed himself from the deal making it an direct a to c closing…

Hey Jeff,

Just adding an update to your blog. Got 2 BofA approvals so far this week. They both still have line item #10.

I am in need of someone to negotiate my BoA/BAC deals and wont charge me an upfront fee. I have 7 and cannot afford to pay an upfront fee but will pay a generous closing fee. My negotiator wont touch them anymore. Please contact me at JoaquinC4@Yahoo.com

We just received another approval from BOA and Item 10 is still there.