Comment

Comment by Uilani De Motta on March 14, 2012 at 2:30pm

I was told by multiple csvc agents that by April 12th all files needed to have the new Third Party auth uploaded in EQ.

Comment by Thom Colby CA Brkr 888-391-5245 on March 14, 2012 at 2:27pm

Has anyone else attended the most recent "Bank of America Short Sale Forum" ?  I attended in CA today. 

1. The presenter was very pointed at saying these are not Short Sale Real Estate Transactions, they are in fact "Debt Settlement Transactions".
2. There are only two issues that determine short sale eligibility justified by all the other documents they collect;
   1. Net Proceeds
   2. Hardship
3. The new Authorization form will be the only Authorization Form accepted starting very soon.
4. All Negotiators / Authorized Third-Parties MUST BE licensed in their state.
5. "Wet Signatures Only" - no more digital signatures are allowed. 
6. Back-up buyer substitution is changing from 8 days to 5 days
7. The biggest problems they see is incomplete Purchase Contracts - with the #1 issue being Agents / Brokers not signing or providing incorrect info.
8. Second biggest problem is wrong address, no buyer names, incorrect spelling, etc.

There was a lot more discussed in this 2.5 hour session.  I fyou get invited to one of these sessions, GO - find the time and GO.  There are some benefits to attending - a new Short Sale Escalation Process specifically provided for those Agents and Brokers who attend - accessed by UserID and Password but only provided a week after your attendance is noted at the event.

 

These transactions are going to really speed-up and will be rejected if documents and contracts are not complete and correct.

 

Get ready folks, I think we're going to be busy the remainder of 2012.

 

Thom

 

Comment by Smitty on March 14, 2012 at 1:47pm

I agree with Ben. Most of this is already covered because you have to be licensed for access to Equator  I know for a fact many attorneys don't get on the phone with BOA and have an assitant do it, so I don't see the big deal if a big brokerage also has an assistant (that knows what they are doing) do this.

 

All our LOA's are on the old form.  This one is new.  Were you asked to sign this Wendy by BOA? BOA is just CTA's ;)

Comment by Krissy on March 14, 2012 at 12:32pm

My husband is the listing agent on the SS we are doing now with BofA and the negotiator had no problem speaking to me on his behalf on the phone, so maybe it really depends on who you get. He has provided verbal authorization when we were on 3-way one time to let her speak to me, and ever since then she's been calling me instead. Hope that helps.

Comment by Ben Racela on March 14, 2012 at 11:17am

This is an interesting issue with this BofA authorization.  I do not see anything wrong with providing the agent authorization to the file.  At this current time I am submitting our own LOA granting our associates the ability to discuss the account and it is currently working.

 

The real question is if BofA is allowed to control who they are willing to talk to about Your clients loan then how many short sales can an agent effectively take on?

SILLY Move by BofA!!

Comment by Wendy Rulnick on March 14, 2012 at 8:55am

@Tara - My team speaks with BOFA all the time, unlicensed....  so if this is a new policy, it can certainly cause some issues...  You cannot have an assistant call to see "was the fax received", etc....

Comment by Tara Polley on March 14, 2012 at 7:13am

To my knowledge, that has been the case for a very long time. Perhaps they are just now putting it on the authorization form so there is no confusion

Comment by Wendy Rulnick on March 14, 2012 at 7:10am

Check out the new BOFA Letter of Authorization ONLY licensed agents or attorneys can be authorized on the accounts now? No assistants, title agents, etc? COMMENTS?

Comment by Wendy Rulnick on March 14, 2012 at 4:41am

New Bank of America Buyer Acknowledgment form. Required for short sales......

Comment by Thom Colby CA Brkr 888-391-5245 on March 13, 2012 at 8:54am

Debra - 

You are correct.  You, Julia and I all are subject to CARETS Rules (OCAR and PWR - we all became CRMLS participants when SoCal MLS died this past year).  We are required to change the status to "Back-up", "Contingent" or "Pending" upon execution of the RPA. 

 

That said, if there is a Lender Purchase Agreement Addendum or Lender Listing Agreement Addendum required by the lender and signed by all parties stating we must submit all offers to them for consideration, then we have to send them along to the lender. 

 

The bank then has the ability to decide whether to revoke the first offer / approval or to proceed. 

 

IMHO, I think now that values are rising in some areas, more approvals are going to be revoked or withdrawn as higher offers start coming in. 

 

We all need to be prepared !

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