Here is the just-released bulletin from Bank of America clarifying their previous email about MLS requirements.  Is it good enough?  

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Bank of America Home LoansShort Sale Customer/Agent Care
1.866.880.1232 
8 a.m. - 10 p.m., Mon. - Fri., ET
9 a.m. - 5:30 p.m., Sat., ETbankofamerica.com/shortsaleagent

Short Sale Agent Update


February 14, 2013

The following information is to revise and provide additional clarity on the Multiple Listing Service (MLS) Requirements message that was sent on Feb. 11, 2013.

  • Listing the property on the MLS is not a new requirement in the short sale process and has always been a component of our fraud review.  
     
  • The listing requirement demonstrates that the property was listed on the open market and the offer received represents an open market transaction.  We recognize that listing status classifications may differ by locale and are subject to local or regional MLS requirements.  Brokers should follow MLS requirements at all times. MLS statuses such as Back Up, Contingent or Pending may be acceptable.  Ensuring that the listing remains on the MLS until an approval letter is issued will help you show that the property was on the open market.  
     
  • How the property is marketed is a decision determined by the Seller and Listing Agent, however, caution should be exercised in using terms like "cash offers only"or "property is ineligible for financing".  This kind of verbiage can be considered an attempt to exclude a financed buyer and lead to a delay in processing the short sale.  All offers are subject to investor approval and are reviewed on a case by case basis.

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Replies to This Discussion

You would think Bank of America would be more proactive instead of reactive like the have been here yet again.....

I remember the one where no assistants or non-licensed parties could go on the authorization.

You got this faster than I did, Wendy. :)

Good job, Bank of America!

Wow - I received this too.  It is great to feel like we actually have a voice! (if only for 1 day)

Impressive response time to the outcry even if it is reactive.

Great job to all agents and board that contacted BOA on this MLS  requirements that clearly break the NAR code and some state law!!!.

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