Who should Listing Agent be in contact with at BOA?

I am confused the Listing Agent says his contact at BOA is affiliated with these two companies:

Signature Title and Short Sale Services, LLC. And she says " I work for both companies so that in the event we are able to conduct closing I have the file from beginning to end." Her email is with Signature Title and not BOA.

I have not completed a BOA Short Sale. Is this normal? If not how do I get him in contact with someone else. I told him to find someone else in Equator. Your help is appreciated. Margaret C.

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Permalink Reply by Celeste ODea on June 23, 2011 at 1:40pm

Nope, don't think so. I have done a ton of short sale closings with BOA and all my contacts are right from Equator unless, of course, I have to escalate my transaction and I'm assigned someone designated by the escalation department. It sounds like the listing agent is using the Title company to negotiate the short sale transaction and he's not involved. It sounds like he is not an experienced short sale agent. If it's not an FHA or VA loan that the seller has, he must initiate the short sale via Equator and, subsequently, upload all the documents via that route. I have a list of questions you can ask the listing agent to see how experienced he is. Depending on his answers, you may have to find your client another property. My email is theodeagroup@gmailcom.

Permalink Reply by Margaret C. Taylor on June 23, 2011 at 2:14pm

Thank you that makes sense. I have been concerned but didn't realize he was using another party.

Permalink Reply by Celeste ODea on June 23, 2011 at 2:22pm

You're welcome. Stay on top of the agent for updates. Good luck!

Permalink Reply by DoesntMatter on June 23, 2011 at 2:57pm

Celeste is right. He is using the 2 other parties because he is unable to complete all aspects of the SS himself. I see SS's all the time where title company uses a realtor and splits commision with him JUST for the purpose of LISTING the property on MLS. The title company doesnt seem to be aware that they can complete the entire transaction themselves just by having at least ONE licensed realtor in the company to create the Equator account, and list the home.

Now it would be normal for a realtor to use the title company, because most realtors are strictly realtors, and need somebody to close the deal, generate the HUD, wire funds, etc.

The people who you need to avoid are the ones who work in conjunction with a "short sale processor" because all that means is the listing agent is too dense to attempt to learn the system in which he will be using to process the SS, thus pays someone to deal with the task by task work of the SS.

Permalink Reply by Celeste ODea on June 23, 2011 at 2:59pm

DoesntMatter is right on!!

Permalink Reply by DoesntMatter on June 23, 2011 at 3:17pm

thanks celeste

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