BOA Please Learn what a Non Arms Length Transaction Is...really
Replies to This Discussion
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Permalink Reply by Justin Berry on
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It sounds like a potential conflict of interest to me. If I'm reading this correctly, you say you are the Listing agent and you are related to the buyer? How can you remain impartial and/or keep the seller's interests ahead of your own?
Please clarify if am misunderstanding but it doesn't sound clean to me.
Justin
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Permalink Reply by Christina Conrad on
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No...this is the situation...a real estate company has hired our firm to do the negoitations on their short sales..we set up our own Equator file....BOA doesn't like for attorney to initiate ss on Equator, they prefer to work with licensed real estate agents. The listing agent that work for the realtor (not us) is related to the buyer...
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Permalink Reply by Jeff Payne on
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I think it is another one of those things that honest people get punished for all of the dishonest activity that has happened with short sales. here in Florida we have seen every trick in the book and every illegal thing that could transpire. Now the lenders are much more cautious as to how they are proceeding. Like I said it sucks for the honest people like you. There is a thought in the banks minds that something could be manipulated by the listing agent if they are related to the buyer. I have an easy way around this, Bank of America should have 2 appraisals done and set the price at the average of the two and not worry about who is related to the listing agent, worry more about the value of the property.
Christina, have you had any conversations with the leadership at BofA? Might want to seek them out.
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Jeff, I don't have those kind of connections as BOA...they are the thorn in our side...we have been black listed with them because they don't like attorneys initiating ss in Equator..so don't really have anyone I can turn to
Jeff Payne said:I think it is another one of those things that honest people get punished for all of the dishonest activity that has happened with short sales. here in Florida we have seen every trick in the book and every illegal thing that could transpire. Now the lenders are much more cautious as to how they are proceeding. Like I said it sucks for the honest people like you. There is a thought in the banks minds that something could be manipulated by the listing agent if they are related to the buyer. I have an easy way around this, Bank of America should have 2 appraisals done and set the price at the average of the two and not worry about who is related to the listing agent, worry more about the value of the property.
Christina, have you had any conversations with the leadership at BofA? Might want to seek them out.
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I think you may be pleasantly surprised at how much the right person at BofA would help. Twitter is your friend and calling the executive resolution department is where I would start. Maybe have your attorney contact BofA legal department. The folks from BofA that we have met with in the past have been helpful.
Christina Conrad said:Jeff, I don't have those kind of connections as BOA...they are the thorn in our side...we have been black listed with them because they don't like attorneys initiating ss in Equator..so don't really have anyone I can turn to
Jeff Payne said:I think it is another one of those things that honest people get punished for all of the dishonest activity that has happened with short sales. here in Florida we have seen every trick in the book and every illegal thing that could transpire. Now the lenders are much more cautious as to how they are proceeding. Like I said it sucks for the honest people like you. There is a thought in the banks minds that something could be manipulated by the listing agent if they are related to the buyer. I have an easy way around this, Bank of America should have 2 appraisals done and set the price at the average of the two and not worry about who is related to the listing agent, worry more about the value of the property.
Christina, have you had any conversations with the leadership at BofA? Might want to seek them out.
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Do you have phone numbers for any of these individuals?
Jeff Payne said:I think you may be pleasantly surprised at how much the right person at BofA would help. Twitter is your friend and calling the executive resolution department is where I would start. Maybe have your attorney contact BofA legal department. The folks from BofA that we have met with in the past have been helpful.
Christina Conrad said:Jeff, I don't have those kind of connections as BOA...they are the thorn in our side...we have been black listed with them because they don't like attorneys initiating ss in Equator..so don't really have anyone I can turn to
Jeff Payne said:I think it is another one of those things that honest people get punished for all of the dishonest activity that has happened with short sales. here in Florida we have seen every trick in the book and every illegal thing that could transpire. Now the lenders are much more cautious as to how they are proceeding. Like I said it sucks for the honest people like you. There is a thought in the banks minds that something could be manipulated by the listing agent if they are related to the buyer. I have an easy way around this, Bank of America should have 2 appraisals done and set the price at the average of the two and not worry about who is related to the listing agent, worry more about the value of the property.
Christina, have you had any conversations with the leadership at BofA? Might want to seek them out.
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Of course I do, I will send to you when I get a chance :)
Christina Conrad said:Do you have phone numbers for any of these individuals?
Jeff Payne said:I think you may be pleasantly surprised at how much the right person at BofA would help. Twitter is your friend and calling the executive resolution department is where I would start. Maybe have your attorney contact BofA legal department. The folks from BofA that we have met with in the past have been helpful.
Christina Conrad said:Jeff, I don't have those kind of connections as BOA...they are the thorn in our side...we have been black listed with them because they don't like attorneys initiating ss in Equator..so don't really have anyone I can turn to
Jeff Payne said:I think it is another one of those things that honest people get punished for all of the dishonest activity that has happened with short sales. here in Florida we have seen every trick in the book and every illegal thing that could transpire. Now the lenders are much more cautious as to how they are proceeding. Like I said it sucks for the honest people like you. There is a thought in the banks minds that something could be manipulated by the listing agent if they are related to the buyer. I have an easy way around this, Bank of America should have 2 appraisals done and set the price at the average of the two and not worry about who is related to the listing agent, worry more about the value of the property.
Christina, have you had any conversations with the leadership at BofA? Might want to seek them out.
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Check your email
Christina Conrad said:Do you have phone numbers for any of these individuals?
Jeff Payne said:I think you may be pleasantly surprised at how much the right person at BofA would help. Twitter is your friend and calling the executive resolution department is where I would start. Maybe have your attorney contact BofA legal department. The folks from BofA that we have met with in the past have been helpful.
Christina Conrad said:Jeff, I don't have those kind of connections as BOA...they are the thorn in our side...we have been black listed with them because they don't like attorneys initiating ss in Equator..so don't really have anyone I can turn to
Jeff Payne said:I think it is another one of those things that honest people get punished for all of the dishonest activity that has happened with short sales. here in Florida we have seen every trick in the book and every illegal thing that could transpire. Now the lenders are much more cautious as to how they are proceeding. Like I said it sucks for the honest people like you. There is a thought in the banks minds that something could be manipulated by the listing agent if they are related to the buyer. I have an easy way around this, Bank of America should have 2 appraisals done and set the price at the average of the two and not worry about who is related to the listing agent, worry more about the value of the property.
Christina, have you had any conversations with the leadership at BofA? Might want to seek them out.
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Permalink Reply by Bryant Tutas on
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Christina, The buyer being related to the listing agent is not an arms length transaction...EVER. Now you may be able to get an exception but I doubt it. This relationship opens the door to selling the property for less than it would sell to regular buyer. That's why BofA and most lenders won't allow it.
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Permalink Reply by Kimberley Kelly on
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Interesting stream. I'm seeing more and more out here in Palm Springs, CA., that ANY relationship between ANYBODY in the Short Sale could tank it. Remember that they have their "Guidlines", and the people on the other end are not going to investigate thoroughly..too many files. Just don't alert them by giving them any ammo at all..keep it simple. If they change their guidelines to help people like you, great! Until then, NO possible relationsips...
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Permalink Reply by Valerie Crowell on
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Wait a minute. If there is a relationship between the buyer and the listing agent, then yes, that looks fishy. There's a relationship between the listing agent and the seller and the listing agent and the buyer. I presume you're the selling agent? I see why BofA has their panties in a twist. Or are you double ending it too? That gets them worked up as well. The buyer has a Certificate of Organization, I assume they are an LLC? Let me guess, there's an agreement for the seller to rent the property back from the new buyer that the bank doesn't know about? That's what the bank is thinking. If it's something else it has to be a lot clearer. This looks like a duck and walks like a duck. One quack and I'd DQ it too if I were the bank.
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Permalink Reply by Alyce Nelson on
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I do not like to side with the lenders, but… on this one… sad to say, if the agent is the buyer it is not an arms length transaction, as I understand it. Every arms length affidavit I have seen clearly included both agents as NOT having any relationship to the buyer/seller (beyond disclosed agency). Recently I have even seen the lenders including the escrow officer and requiring their signature be notarized as well. If you want to purchase this short sale another agent will have to do it for you. That is how I understand it and how the docs I see read. Good Luck!
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