Short Sale Negotiator Quit......Help Please!
Hello,
I am a real Estate agent that had a client with a negotiator (she was the CEO of the title company) She became so busy that she basically gave up on our short sale. I have decided to take over the negotiation portion myself and then just use her for title since the buyers money is in escrow there. I have never done a short sale before and will be using Equator as BOA has the first and Chase has the second.
Not that it is what we initially wanted, but I have gotten the seller to agree to remain attached to the second (Chase has not been willing to forgive the loan (250K) with the 50K alloted in the purchase price and BOA does not want to give 50K to the second, they want the whole purchase price)!
SO now I am wondering if I must have the old negotiator (head of the title company) close out her file and start a new one of my own, or if there is a way to reasssign what she has already inputted and worked on to my account?????? Any ideas? Also, where can I find BOA's 3rd party Authorization form??
Thanks!
Replies to This Discussion
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Permalink Reply by Jim Schneider on
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Kimberly, BofA does not require a specific letter of authorization. You can have the seller sign a short note that you are authorized to talk to any lien holder(s) on their property. Make sure it mentions the address of the property, sellers' names, mailing address, social second #'s, and loan number(s); and is signed by everyone on title or on any mortgage.
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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
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If this short sale is currently in EQUATOR under the Title Company persons account, you will need to talk with BofA to see if they will re-assign to your account - likely not.
As for BofA giving Chase $50K - that won't happen - they'll get either $3,000 or $6,000. Will the selling price, less costs, cover the 1st with BofA?
If the property is located in CA, contact me directly - I might be able to assist you.
Thom Colby
Broker / Negotiator
Newport Beach CA
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Permalink Reply by Kimberly Bernheim on
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Thank You!!!!
Jim Schneider said:
Kimberly, BofA does not require a specific letter of authorization. You can have the seller sign a short note that you are authorized to talk to any lien holder(s) on their property. Make sure it mentions the address of the property, sellers' names, mailing address, social second #'s, and loan number(s); and is signed by everyone on title or on any mortgage. -
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Permalink Reply by Lori Young on
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Take your business to another title agency. You can always request the escrow be moved. You have to stant a new file on your own.
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Permalink Reply by Nathan Watanabe on
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Kimberly, go to this site http://realestateagent.bankofamerica.com/ and go through it, it has a lot of information about Equator. If you have not done shorts sakes before I think that you should fine someone who who has closed short sales to help you. It is best to send in the correct paperwork, especially to Chase. You will need a lot of patience to work with with BoA and Chase.
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You can get file reassigned to you by setting up Equator account at www.equator.com and then have your seller call BofA short sale customer service at 866-880-1232 to request agent change. Seller must have your email address used for your Equator log in to provide BofA when they make the call. When deciding what Chase may get from proceeds, check if mortgage has FNMA or Freddie Mac as investor. Websites to do so are:
https://ww3.freddiemac.com/corporate/
http://www.fanniemae.com/loanlookup/
If the investor is FNMA, Chase can get 6% of the UPB which would be $15,000. If investor is Freddie Mac, Chase can get 10% of UPB or $3,000 whichever is lower. So, in this case it would be $3,000. If it is private investor,
try 6% and BofA negotiator will let you know if it is allowable or not.
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