Bank of America Backs Down on Short Sale Request Due to Social Media

Being persistent is the only way to get short sales to close but when I got BOA's latest request I was floored.

 

Sign Purchase Contract for both real estate agents - No - against contract law in IL

Have individual names on Hud-1  - Against IL Real Estate Act 2000 - only sponsoring brokers can get commission.

 

I posted on this short sale forum and also wrote on my Active Rain blog.   It pays to express your opinion especially when you have the facts to back it up.  Received call yesterday from Bank of America representative who had read one of my blog posts and my case was put into an escalationg team.  Received call from negotiator's supervisor who after many words admitted that we did not have to sign contract since in IL it's against the law.  A compromise was reached on having individual names on the Hud-1 - names will be in parenthesis after our brokerage names.

 

I do everything I can to meet bank requirements on short sale documentation.  I will send the paperwork as many times as they requested even if its a waste of time but I will not break the law for the bank or anyone else.

 

If we don't stand up for ourselves who will?  Bank of America admitted that their checklists are not state specific and that they will work on that going forward as they try to make the short sale experience better for everyone.

Out of curiousity if you know of any state in the country that requires real estate agents to sign the purchase agreement/contract please post as a comment.

 

Use social media to correct issues that you have not reached by normal escalation. 

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SARA,

How did you get their attention?  What did you do exactly?  I cannot get a response?

Go to your Twitter account and go to Direct Message or DM  - It's under the cog wheel symbol right after "edit profile"  use the address that Sara put out or Bryan @BofA_Help and put in property address and your phone number and request for assistance on the short sale.

 

I used them yesterday on a file late in afternoon and recevied a call at 8:00 p.m CDT.  They are on the West Coast.  They are the only thing that has helped move my file.  Negotiator just called me this morning!  Good Luck!

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