Yes, apparently they are now requiring all authorized people be licensed real estate agents. What does this mean for those of us that use assistants? Any ideas on how to get around this?
"Stinks" is a very lady-like word for it.
This "change" has NO impact me - we're all licensed.
Agree. I've requested this requirement to be reviewed.... waiting for the word. I don't want to send my assistant to school to just be able to take a message for me or make one administrative phone call....
What do you mean - reviewed by whom? BoA? Maybe if they get enough complains, they'll change the requirement back.
I hate to give the solution - I relish the thought of lawyers having to be on the phone with the bank instead of paying their backroom to do it. I get clients from people who didn't quite get responsive action when they first went to a lawyer. But being licensed is better, right? HA! These $300/hr lawyers having to work on a short sale - that ain't gonna happen.
OK, well, I was chatting with a rep about this on Saturday - If you attach a letter signed by your seller with your assistant's name on it as authorized to talk to the (uh licensed??) bank employees, and submit both that and the official BOA authorization, they will take it. I happen to have such a form - it is our current authorization form.
That BOA and their April Fool's jokes - ya gotta love 'em....
I might see what they do when I submit a power of attorney. The reps or at least their supervisors know better than say no to a POA. It could be interesting to see if suddenly they now feel that they can bypass a legal POA because it doesn't have a license number on it... After all, we have already seen that BOA ignores judges..
Thanks for the idea, Joe. I might just try that - sending both the new auth form and the old one we used as well. Hopefully it works.
This change is worse than just the license requirement. A California attorney I work with has written an insightful article that some agents may find helpful:
http://www.californiashortsalelawyer.com/2012/04/high-risk-bank-ame...
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