B of A HAFA SSA List Price TOO HIGH - Lising Agent putting price on MLS lower than SSA Value...

On a HAFA B of A Short Sale, Can a Realtor list the property under what the Short Sale Agreement states?

 

Will Bank of America want to see an MLS printout? Are there any repercussions? Am concerned because the listing agent must also sign the SSA. 

 

Has anyone done this? Thanks for the help!

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Permalink Reply by Sandra Allen on August 9, 2011 at 5:29am

Hi Jessica,

I understand your concerns, but I think you are answering your own questions by asking the questions you are most concerned about.  I've never not followed protocol when it came to HAFA. Remember, acceptable net proceeds can be lowered and list price can be lowered after your initial marketing period.  Also remember, the LAST thing you want is for the borrower to fail out the program for something you've done incorrectly and miss out on the incentives of HAFA.  That is a lawsuit waiting to be filed.  Just my opinion.

 

Good luck!

Permalink Reply by Christina Conrad on August 9, 2011 at 5:36am
Is this an Equator short sale?  If it is an Equator account you have to upload the MLS...and my experience is if you have listed lower, they will throw a fit...just my experience...I had a listing agent that listed a property lower because he truly thought it was worth what he had it listed at...when it came down to the offer being approved BOA rejected and said that it was even listed at the price that it was suppose to be listed at, so they rejected the offer.
Permalink Reply by Jessica Anaya on August 9, 2011 at 5:58am
Thank you both for your valuable input. The last thing we would want to do is sabotage our transaction. I will pass that information along to the Realtor I work for. - Jessica

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