What's your story?  Is your client being forced into Auction.com?

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The Buyer SHOULD be informed regularly as to what the situation / status is - by their agent.  I don't know what "Buyer's private info" you're referring to.

i don't know why a buyer's private info would need an agent's authorization!  lol  maybe the buyer's authorization but we are not party to the transaction either.  :-)  same cofusion problem banks are having...

I completely agree Thom! I am nearly 70 days into a short sale with BofA and auction.com. My agent is also the listing agent, and the only information I could get out of her was "we are waiting on the bank". After I myself escalated the transaction, and a manager at the auction.com short sale dept got involved, I found out that 33 of the 90 Equator tasks were completed within 2 business days of his/her involvement, and only after those tasks were completed was the status changed to "Offer Analysis".

Gregory, that is a problem with your agent. I would suggest that you get another agent that understands how to navigate through this crazy process.

The agent should have been on the phone moving this forward for you. That is their duty to you.

Heres my gotcha Judi thats why a buyers 3rd party authorization would be very helpful. To do what you said. ;)

3rd party authorization should never be given to a buyer....it is the same as saying that if you were the seller, you would give the buyer permission to all of your information on your standing with your bank or your loan.

That would be illegal in all sorts of ways.

Look, I totally understand the frustration from the buyers side of these sort of transactions. It takes a lot of patience and even more education with this sort of thing to make these transactions close.

That said, in the transaction, the seller is asking their mortgage holder to accept a lessor amount than is owed on the loan to be accepted.

It has nothing to do with the buyer of the property at all in the same way that it is not the sellers business who the buyer uses for their new loan to purchase or the terms that the buyer agrees to of that part of the transaction.

Please.

3rd party authorization should never be given to a buyer....it is the same as saying that if you were the seller, you would give the buyer permission to all of your information on your standing with your bank or your loan.

A limited third party authorization stops what you just described."Gregory, that is a problem with your agent." Giving the BA limited auth ends that

That would be illegal in all sorts of ways. Please. Authorization is legal access.

I explained how the authorization can be limited its very easy. There is no way a limited auth entitles a BA to get fiduciary information if restricted,

None. JFoille BA/R ****LIMITED AUTH/UPDTES ONLY****

          JFoille BA/R  ****DISCUSS COMPS ONLY***

Thats how easy it is. Why should a BA have to wait for you especially when you had nothing to do with it take the comps for example.

Theres no risk of any disclosure as its not on the authorization. Its not a question of who you trust its a question of the practicality of a limited authorization and what the authorization says.

Its not an adversarial relationship its a valid executed contract awaiting approval. If the lender wont approve thats out of the sellers hands and the buyers agent certainly has the right and one might argue the duty to have the right to negotiate directly with the lender and the lender and the buyers agent are in control of the sale.

Its all easily done with the appropriate authorization and cooperation of the agents. I thought the object of the exercise was getting the seller out of a jam not controlling minutae that doesnt matter? Both agents should be working together to get the deal done. Its not adversarial it helps the buyer and the seller as the seller wants out and the buyer wants the house.

 

 

 

bill maybe we are speaking of two different things. there is risk of disclosure.  the negotiator could easily disclose info they shouldn't.  they are not properly trained in fiduciary/disclosure etc.   the relationship between the seller and the servicer is adversarial.  there is a debt.  they are a debt collector.  i don't mean adversarial as in argumentative.  we also might be in different states with different laws but the buyer having the "duty" to negotiate directly with a non party to the transaction and be "in control" of a property none of them own is certainly interesting.  

Short sales can hardly be called a real estate transaction because youve been deprived of the right to do what you do. Its sad that a lender has been given so much power over a contract without rules or clarification. A buyers agent is merely a spectator having been taken out of the equation.

 

What debt? Its all being forgiven. In all seriousness what could a negotiator disclose about a seller? If its not pertinent to the transaction there simply is no authorization. The authorization allows me the BA to call the lender and inquire about a/b/c period. Done. The duration of the auhorization is until x date or date of approval. Done Thats it.No info other than a/b/c. There is no fiduciary authorization or information needed.

 

The BA has the duty to represent the best interest of the buyer and to satisfy the ethical requirement should be allowed to talk with the lender about negotiation, price, updates, inspections et al. Do it in a conference call with the SA if you want but it should be permitted.

 

Were all adults. You want to sell a house we want to buy a house the lender knows what they need. Who determines the sale? The buyer. Let the buyers agent represent the buyer directly. Whats the harm? There is none. If both agents worked together from the start once the contract is signed things would go a lot smoother. You guys would establish your own standards like in how long a BPO takes and then how long at the investor. When to escalate?

 

 

 

 

 

Bill, you assume the servicer actually reads the Authorization each time someone is on the phone with them - THEY DON'T.  When the Written 3rd Party Authorization is received the Authorized Party's Name and contact info is entered into their database and nothing else.  Everyone's authority is the same.  Unless the 3rd Party asks the representative to specifically look at the actual written authorization, they do not.

Good idea, but not practical in their world.

T Colby ***LIMITED AUTH/UPDATES ONLY***

I appreciate your comments and enthusiasm but thats how easy it is.

Most of the time the info the buyer wants is available through the customer service 800 # theres little need to go furher until a counter is received and/or theres argument over that or the BPO/Counter.

 

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