I am a third party negotiator that the agents and homeowners select to assist with the short sale process. For a year I have been negotiating with lenders through the Equator system, this past week I was told that I was not an agent or attorney and that I was not allowed to be working on the short sales. Has anyone else encountered this? Also how is Bank of America able to tell the homeowner whom they can have negotiate the short sale for them as long as I abide my our state laws (which I am). Most agents don't want to spend the extra time it takes to get a short sale approved and closed and that is why they come to me. I had 4 BofA short sales that have been being worked on for 3 months get denied and closed due to me not being an agent. I think that if the government investors were aware of this issue they would not be ok with it.
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Just curious...WHO pays your fee?
At a meeting here in Las Vegas, B of A was asked about 3rd Partycompanies. The rep said they at B of A had no problem with it...but they wouldn't pay for the 3rd party. I'm curious...can you not work as a NON-LICENSCED assistant to the RE agent? (I'm sure this would vary from state to state and could potential be a Broker's nightmare. So hope I don't get bashed for even bringing this up.)
In CA, you must be licensed to work on short sales and there must be Disclsoures between all parties and Negotiator, between Brokers and Negotiator and the Fee (and who pays) must be Disclosed to all parties.
For me, the 3rd Party Fee is paid by Listing Broker/Agent from the Listing Side of the commission.
I would do a Co-Listing Agreement with the homeowner and the Listing Agency.
I actually find your post ironic because last time I checked, Titanium Solutions was contracted by Bank of America to contact home owners for Short Sale Initiation / Loan Modification and they were to be the 3rd Party Negotiator on behalf of the Borrower.
Thanks Smitty, I agree completely. :)
Bank of America is now allowing non-licensed support staff of the licensed designee. Here's the newly updated B of A 3rd party Authorization Form.
To all three that have questions concerning my reasoning for helping homeowners with their short sale:
First, I don't want to be a licensed real estate agent,sure it may be easy for anyone to go take a test and become licensed but I have no desire to sell real estate, Second,they don't teach anything in the real estate courses that pertain to my job. So there is not a need for me to hold the license. I do not sell real estate I simply help homeowners and real estate agents work with lenders because they cant or wont.
As for the laws in Georgia, I don't live in Georgia and I don't negotiate short sales in Georgia. I live in Indiana and have done everything required by my state to negotiate debt on behalf of homeowners. And, if you have read through this previous discussion you will see that in our state, real estate agents are NOT allowed to negotiate debt themselves.
If I ever choose to venture into Georgia, I will make sure that I get the proper licensing required.
The Equator issue, the only bank that makes you prove you are a licensed agent is Bank of America, and don't get me started with them. That is a huge liability at least in our state where agents arent supossed to negotiate debt but Bank of America is making them. But within our company we have an attoreny on staff and we use his log in since their rules are licensed agent or attorney.
Thanks everyone!
I agree with what Kristin said 100%. Selling real estate and negotiating short sales are two very different professions. What I will say is that having a thorough knowledge of real estate does assist with negotiations. I've been able to talk to the banks lenders and tell them things about an area of that community, town, or house that may affect the value. Now, I certainly can get that from a knowledgeable agent, but I have actually worked with MANY agents who are CLUELESS about how to properly value a property, deal with a bpo agent, fill out short sale paperwork etc., so I guide them. On the flip side, I PREFER to work with an agent who does know a bit about short sales because it makes my job easier. I can't tell you how many times I've had an agent price a property for lets say $160,000 and then take a $100,000 offer???? Ok, I get that investors want a deal, but WHAT is the property actually WORTH? When you tell them to take the market value and deduct the repairs, their eyes glaze over.
Ok, I'm rambling and off topic, but I don't think you need a real estate license to be a great short sale negotiator. There should be a separate license all together for short sale negotiating.
As a third party negotiator, I have been saying this for awhile. From what I have heard from several industry sources, BOA wants only licensed agents doing short sales because they are most easily controlled and manipulated...
how were you on equator before? A license was always required...
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