Replies to This Discussion

Permalink Reply by Katerina Gasset on May 21, 2010 at 5:13am

I would never give the buyers agent our sellers' information. That is violating the federal privacy laws, the red flag rules and state privacy laws. Very deep water there. You as the buyers agent now has more liability. No amount of commission is worth my license. Also, the bank is also violating privacy laws. Bank of American, VP of short sales in a webinar to the NAR said that they are not allowed by law to discuss the short sales with buyers or buyer agents. Those are not their customers and even an authorization form does not satisfy the rules and laws they are held to in this regard.

Permalink Reply by Kelly Magreevy on May 21, 2010 at 5:17am

Hi,

And that is what I was thinking. But, it is on the listing agent for doing this. If I just sent an e-mail regarding this deal should I be ok?

Katerina Gasset said:

I would never give the buyers agent our sellers' information. That is violating the federal privacy laws, the red flag rules and state privacy laws. Very deep water there. You as the buyers agent now has more liability. No amount of commission is worth my license. Also, the bank is also violating privacy laws. Bank of American, VP of short sales in a webinar to the NAR said that they are not allowed by law to discuss the short sales with buyers or buyer agents. Those are not their customers and even an authorization form does not satisfy the rules and laws they are held to in this regard.

Permalink Reply by Gary Carpenter on May 21, 2010 at 8:35am

Yeah, you'll be fine. The negotiator won't care who gives them the information. If you told them it was today or nothing, I would expect the nothing. 1) The negotiator doesn't know you, 2) They really don't respond to threats of walking away, they have a very cocky demeanor, 3) It's not always up to them to make the decision, 4) they probably want you to go away so they can work on the next file. Sorry for the harsh reality, but these guys just don't care unless you make them. If you sent more information for them process, you should expect about a week or more for a response. It has to be uploaded and then sent to the investor and then approved and then you get approved. This being BoA, you can bet they don't approve you and then just wait for a no response from their contact to discontinue the file. Good Luck though, I hope you get a better response time than I indicated, but I've been dealing with BoA for a while now and just know how they are. If you really want to get this done and the negotiator is dragging their feet, refer the deal to executive resolutions and you will get it done.

Permalink Reply by Gunna Voigt on May 21, 2010 at 9:20am

Without a Third Party Authorization signed by the seller the negotiator cannot talk to you. Also, your fiduciary duty is to the buyer, not the seller, there are some legal implications that IL wouldn't want to be involved in.

Permalink Reply by Kelly Magreevy on May 21, 2010 at 9:24am

yeah, no kidding! I copied and pasted the letter to the mitigator that I sent this morning, modified it to it speaking from the listing agent and sent it to him stating "Send this ASAP to the mitigator and you just put my license and yours in jeopardy by giving me the sellers' information" he responded that he did send it so we will see what happens!

Gunna Voigt said:

Without a Third Party Authorization signed by the seller the negotiator cannot talk to you. Also, your fiduciary duty is to the buyer, not the seller, there are some legal implications that IL wouldn't want to be involved in.