Comment

Comment by Don Ferguson on August 2, 2018 at 4:28am

Teresa my answer depends on what type of loan it is. If the answer is its govt backed then I tell them no. Fannie and fha and va allow up to 6%. I know b of a has there own rule about that saying they can reduce. I just went thru this last month with them and they didn't bring this up until the approval was written. I countered back that they were dealing in bad faith since they say the listing when this whole thing started. 2ndly I brought up allowable commision to % and they backed off of the 4% for dual agency and gave us the 6. Sometimes you just gotta puff your chest a little and hit them back with the rules that are already in place

Comment by Brett Goldsmith on August 2, 2018 at 4:17am

@Teresa if you have your broker rewrite the contract for the buyer they may pay 5%. Not sure if that makes sense and be careful as it could delay the file, etc and not sure when your value expires, etc. BOA does like to cut commissions based on a variety of factors.

Comment by Dean E Eshelman, CPA, CDPE, IRES on August 2, 2018 at 3:02am

@Teresa Trigas-Pfefferle Are you the agent on both sides or is someone in your office the other agent? Did you complete a Dual Agent disclosure? Consider being a transation broker. That is how we used to get around this. @Jeff Payne -- can you comment on current status. http://shortsalesuperstars.com/group/bankofamericashortsales/forum/...

Comment by Teresa Trigas-Pfefferle on August 1, 2018 at 3:36pm

I have a dual agency situation. BOA wants to reduce my commission from 6% to 4%.

inexplained that I have a buyer agency agreement and that I am requesting 5% based on that agreement as by law I cannot collect from buyer in a dual agency. The thing is buyer is willing to pay their price. They are saying no. Amy advice? 

Comment by Helena Kaucheck on March 27, 2017 at 3:04am

Jim, if there's a decrease in the Net, the approval will have to change and that's what could take on a new review. Generally, it doesn't take as long as the earlier process but it depends on a few factors. One may be whether the value is expiring. Others are if investor has flexibility in the margins, how long the documents used for approval are considered valid before expiring. However, there are investors who are open to a change in net for material issues - but on a case by case. And will take time to get re-approved as any change again will require the investor to approve.

Comment by Jim Phillips on March 27, 2017 at 2:23am

I represent the buyer in this one.

We received BoA SS approval and started inspections.

6K worth of pest damage discovered under the house.

The sellers' negotiator says that if the buyer requests a credit that she has to start over with BoA.  The first negotiation took 6+ months (2 loans)

Is this true?

Comment by Vikki Lucas on January 24, 2017 at 5:17am

Just started up my first traditional Bank of America short sale post-HAFA. I inquired as to the "RMA" required. Here is the response I got from the negotiator for my file:

As you said since HAFA has gone away we won't have to use the RMA form. You may simply have your Seller create a Hardship letter. The letter needs to be wet ink signed and dated and have the address and loan number of the property.

Comment by Brett Goldsmith on January 13, 2017 at 12:09pm

@melanie BOA still uses Equator. BAC Short Sale Addendum and Authorization can be found on their site.

[email protected]

310-564-6389

www.ishortsalenow.com

Comment by Melanie Ross on January 13, 2017 at 8:14am

 Folks,

Since the link for the forms is not working, where are you all going to get the latest information for Bank of America and all forms? We have a new short sale that is a first. Also they are still using equator?  Thank you!

Comment by Elva Branson-Lee on December 8, 2016 at 4:35am

Thanks, Elizabeth Weintraub, for the form links. I finally got some forward movement on a stalled BofA HELOC short sale (2nd) by using Twitter and Facebook (info has been added above). Unfortunately, it seems to be stalled again. This has been goin on sinvce July 26th. All docs have been completed and returned as requested. Currently working with a short sale/dil specialist II who is not responding to communication. What is a short sale/dil specialist II? Who does this employee report to? I need to talk to someone with juice. Anybody have a corporate contact that could actually get this transaction moving to resolution?

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