BOA is declining short sale file due to the fact that they could NOT find the address on active status on ZILLOW ?????? I have send the MLS and history showing a continious marketing on the MLS directly from our MLS system.  BOA "complaince department" says that those MLS are NOT acceptable they have to go to what the public site is showing. Is BOA for real?  Please help! I am loosing my cool here...

Thanks for all your help in advance,

Wanda Martinez

850-596-1205

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Hi Wanda -

 

I think it really comes down to the (BofA) negotiators don't have an MLS tool they can use to see comps and if a property is listed.  We're also dealing with the 20-something generation and they are pretty tech savvy - and - they are probably using Zillow to search for property for themselves and migrated to using it for work.

I suggest directing the negotiators to an IDX feed like our own websites or better still to a franchise website or a VOW.

 

They'll get it right sometime........... :-)

 

It boggles the mind, ZILLOW?  And when did it become the business of the short sale approval where the property is marketed?  I’m trying not to laugh out loud at BoA on this one, but it’s too frightening…

My listing was on Zillow but once it became contingent due to a contract, Zillow removes it, Zillow only shows Active Listngs

Hi Donna - Brad from Zillow here. Yes, we do update our site and feeds daily.  Properties listed and shown on Zillow are updated as agents update their status and property details, but even when a listing is sold or withdrawn, the home still remains on our site.

We currently have over 100,000,000+ properties regardless of their sale/sold status.  This leads me to believe that the home in question here IS on Zillow but without an address, makes it difficult for me to research.

For a lender to demand that we involve Zillow is these little dramas immediately suggests the need for us to involve our several representatives in Congress - once again, in a way that should be wholly necessary.  If this continues to be an issue, that is the course we ought to be taking.

What could possibly be the issue here?  The lenders themselves really do not want to see additional offers beyond the one being processed.  Why then would they care? 

They play an on-going game.  They expect us to perform our fiduciary duty not only to our sellers but to them....even as they regularly adopt policies and procedures that are diametrically opposed to those to whom they themselves owe a fiduciary duty:  their investors and stockholders.

When they make irrational demands of this already complex, unwieldy process, it is a constant reminder that the largest among them are not only too big to fail....but too big to be allowed to continue in their out-sized impact on business practices in all aspects of our economy....not just in our own market segment.

"They expect us to perform our fiduciary duty not only to our sellers but to them ..."

That is part of the problem - the banks (or rather the servicers) appear to believe we have a fiduciary duty to them. Do we?  Are they our clients? Nor do we have a fiduciary responsibility to the actual investors.

I'd say that we have a duty to act legally, and be professional and competent. And we have a fiduciary responsibility to our client to try our best make a short sale happen (which usually, but not always, means the best market value possible).

Am I wrong? I suppose an argument could be made that because in effect they are paying our commission, we do, in effect, have a fiduciary responsibility, but it seems a stretch to me.

BofA must own stock in Zillow!

I have been assigned a wonderful person I am supposed to call if I run into problems. I had an offer rejected for the reason " other". I politely sent an email to the brilliant person who pressed that button, but got no response. I finally remembered my advocate and called her. I had to try a few times, but she got me through to someone who could tell me what I needed to do.

It is such a broken system. Does anyone ever listen to suggestions from the pros in the field, like us?

This is why BofA needs to hire a team of short sale pros to straiten them out! If you already had the buyer than what difference would it make that it wasn't on Zillow? Can any of you tell me the last time you sold a home because of a Zillow ad/inquiry? Puh-leeeze!!

I can see the banks using third-party sources to verify the information that an agent has given them.  It wouldn't be hard for an agent to doctor MLS data to make it appear like the home was actually on the market.  In our MLS the Back-Up status is treated like an Active status on Realtor.com so it will continue to receive exposure while we're waiting for the approval.  And I believe other sites treat it the same way.   Give Bank of America something they can verify independently on a website and you should be able to get an approval.  Agents who hide the listing from other agents in the hopes they can sell it themselves are hurting the entire industry by making the Banks go to extra effort to verify whether or not the property was actually on the open market.

Thank you for your insight Meli.  I could see that too,  if the sites were at least 98% accurate and BOA was willing to give a declination letter with that same answer and not just declined by "other".  I know there something else behind that answer b/c the offer is cash and only a few thousand under appraised value.  The conditions of the home has been going down since it home has  black mold and mildew on 1st floor going into 2nd and all 3A/C units had been stolen (police reports filed with BOA and pics send ) .  Our first offer was $1MM 2 yrs. ago and b/c it appraised at $1.15MM BOA declined as well. And here we are!!!

Although everything you have said it could be possible and in my 24 yrs of experience I have seen it happened but it is also againt the law and ethics. Sorry, your market had have that experience; our is small market so not so much yet....   However, the buyer is not mine and neither the agent is from our office at all. So the scenario doesnt fit at all. 

 

Also, why do they have 2 BPO's and 2 appraisals done anyways?

Thanks again Meli for your time!

They (BOA) probably didn't even look-LOL !!!

 

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