I am a third party negotiator that the agents and homeowners select to assist with the short sale process. For a year I have been negotiating with lenders through the Equator system, this past week I was told that I was not an agent or attorney and that I was not allowed to be working on the short sales. Has anyone else encountered this? Also how is Bank of America able to tell the homeowner whom they can have negotiate the short sale for them as long as I abide my our state laws (which I am). Most agents don't want to spend the extra time it takes to get a short sale approved and closed and that is why they come to me. I had 4 BofA short sales that have been being worked on for 3 months get denied and closed due to me not being an agent. I think that if the government investors were aware of this issue they would not be ok with it.
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As a third party negotiator, I have been saying this for awhile. From what I have heard from several industry sources, BOA wants only licensed agents doing short sales because they are most easily controlled and manipulated...
Bank of America is now allowing non-licensed support staff of the licensed designee. Here's the newly updated B of A 3rd party Authorization Form.
Thanks Smitty, I agree completely. :)
I would do a Co-Listing Agreement with the homeowner and the Listing Agency.
I actually find your post ironic because last time I checked, Titanium Solutions was contracted by Bank of America to contact home owners for Short Sale Initiation / Loan Modification and they were to be the 3rd Party Negotiator on behalf of the Borrower.
Just curious...WHO pays your fee?
At a meeting here in Las Vegas, B of A was asked about 3rd Partycompanies. The rep said they at B of A had no problem with it...but they wouldn't pay for the 3rd party. I'm curious...can you not work as a NON-LICENSCED assistant to the RE agent? (I'm sure this would vary from state to state and could potential be a Broker's nightmare. So hope I don't get bashed for even bringing this up.)
In CA, you must be licensed to work on short sales and there must be Disclsoures between all parties and Negotiator, between Brokers and Negotiator and the Fee (and who pays) must be Disclosed to all parties.
For me, the 3rd Party Fee is paid by Listing Broker/Agent from the Listing Side of the commission.
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