I am in the listing/marketing phase in equator even though i had submitted a contract/pof and hud statement.

no one has responded since feb 6th.

i have been trying to get this boa short sale to the point where boa will reject the offer. I need to go to a new broker.

when boa rejects the buyer's offer and my seller cancels their listing with my current broker, where does that leave me with boa and this short sale?

any suggestions?

thank you.

johnna

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Replies to This Discussion

You should call their customer care center, they may want the Sellers to call, I am thinking you would have to send them over all the disclosures and listing information with the new brokerage as well as sending over their form where the Seller gives you authorization to convey information that has your new brokerage information. The associates at the Customer Care Center are very helpful.

hi ann, i am looking for a customer care number. What number might you have? i have the short sale department number would that be the same that you would be referring to?

Yes, they have it posted on their site and all the forms needed are there too. Good luck to you and your clients.

Are we being "punked"?  This is a joke, right?  I'm shocked that anyone would write this question on a public forum posted on the Internet.  Why would you put the client's transaction in harms way so that an agent can change Brokerages? 

You do understand the Listing Agreement is owned by the BROKER, right?  The Broker can terminate your affiliation at any time and keep the Listing Agreement in force.

What is so compelling - in the client's benefit - that any agent would derail their own transaction?

Unreal......

Thom Colby is right about several things but you probably don't want to hear about that. However, if your broker lets you take the listing, I would just upload the new listing and TPA to Equator and tell them you changed brokers. I would not under any circumstances hope that Bank of America would reject the short sale. You have a buyer, a buyer's agent, a title company -- and let's not forget your primary fiduciary, the seller -- all counting on you to process, negotiate and close this short sale in the most expedient manner possible. If you need help, you can call 866.880.1232.

"...when boa rejects the buyer's offer and my seller cancels their listing with my current broker, where does that leave me with boa and this short sale?....any suggestons?"

Prayer for one.

If you are seriously looking to pull the plug on an existing short sale review, you will end up at the end of the line, should you reapply.

Now, if the account has had a NOD issued, or, even worse, an actual sale date scheduled, then the clock begins to tick at the moment that it left off.

You will want to be careful also that BoA hasn't or is not in the process of doing a service release on the mortgage. If that happens, then you will find yourself in the unenviable position of possibly having the entire process declined.

Before getting licensed to sell real estate in California, I spent four years starting in 2009, working at BoA, finishing up in the "Office of the President" and am very familiar with the process.

Be careful that you don't put your client in harms way here.

thank you all.

i have been trying to get this short sale to a point where i could hand it over before i left but i have an inexperienced negotiator and short sales are not desired by all agents to hand over to since it is a lot of work vs commission.When i hand it over, I want to be at a stage where it is ready to close.

I had thought i could have handed it over in the beginning of January but it keeps going on and on at snails pace. It used to be i could leave the broker but still work the short sale but the broker changed their parameters.

they have turned down this buyer several times now but mostly from the negotiator inexperience, like asking for the hoa liens to be removed and hoa fees..finally got this resolved this week.

Best!

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