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Has anyone dealt with them under the BOA Cooperative SS program?
I have a client who was contacted by them and he said he does nothing without his attorney's approval. They then went around him (and I) and contacted the listing agent directly without an authorization.
They apparently work with BOA and are giving out leads to Remax agents to contact distressed homeowners to list their short sale. I can't understand how that's not anti-trust by only working with Remax.
They actually don't only work with just Remax. They also have relationship with Keller Williams and other brokers too. Anyone can apply to work with them but they have a waiting list for pretty well every area now.
Michael - DTS actually are passed information on homeowners who are late on their payments from BofA and they in turn pass them to agents that are registered with DTS in that area. The listing agent would not know about your clients arrangement with his attorney, and BofA is using DTS to reach out and offer a short sale solution rather than the homeowner going to foreclosure. SInce they are the ones who are owed the money I think they have a right to try and recover it through their own processes. The homeowner still has the right to say he is not interested to the prospective listing agent. If he does that then the agent will not pursue it and will relay that information back to DTS.
Maybe I have it wrong though.. I wasn't sure if you were an agent or the attorney from your posting!
Thanks. I am an attorney. I have closed hundreds of short sales and nothing about this sounds good to me.
I have asked DTS for clarification and they have ignored me...RED FLAG!
On their website it says you cannot individually apply. I just left Keller Williams for the brokerage I'm with now and never got an offer to work with DTS while I was at KW. Just seems off to me that as far as I know, Remax is the only brokerage being given these leads.
Agree completely. I informed my client I was not comfortable with the way this company worked. They may be fine, but red flags are all over the place.
Well me being a pushy agent I called them and they sent me the application. I work with a broker who is a member and not in KW or ReMax, and a couple of other agents also in our brokerage are working with them. When they have enough agents in a zip code then that is it, no more applications accepted.
Everyone is right to be wary of some third party companies these days because there are always people looking to capitalize on others misery. With regard to DTS their literature is covered in BofA logos, they seem to be well established, and certainly affiliated with BofA from what I can see. I would have thought BofA would be all over them with a lawsuit if they were not a bonafide organization working with their blessing.
I am not saying it is easy to get accepted as an agent, but it has happened -even if you are not KW or ReMax. And whether you like what they do or not they certainly seem to be here to stay. There is a longer thread about them on this site if you want to read more opinions.
I have taken their training through my brokerage. I am going to a meeting today at B of A with regards to being in this program. I think it's legit..I also suspect it may be a way for DTS and B of A to figure out what homes are abandoned, listed with other agents or Sellers just not interested in short sales. Not sure..hopefully will find out more today.
I spoke with them today and was told they rarely give out Short Sale Listings .. they are looking to process short sales.