Replies to This Discussion

Permalink Reply by Brad Hatton on April 2, 2012 at 9:52am

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?

Permalink Reply by Wendy Smith on April 2, 2012 at 9:52am

"Stinks" is a very lady-like word for it. 

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on April 2, 2012 at 9:58am

This "change" has NO impact me - we're all licensed.

Permalink Reply by Wendy Rulnick on April 2, 2012 at 10:04am

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....

Permalink Reply by Brad Hatton on April 2, 2012 at 11:18am

What do you mean - reviewed by whom? BoA? Maybe if they get enough complains, they'll change the requirement back.

Permalink Reply by joe beauchamp on April 2, 2012 at 12:02pm

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..

Permalink Reply by Brad Hatton on April 3, 2012 at 7:46am

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. 

Permalink Reply by Rolando Parada on April 3, 2012 at 3:39pm

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...