Underwater Homeowners and Short Sale Sellers: Beware of Bank of America and Titanium Agents

Bank of America is probably going to put a big black mark next to my name for this blog. But who really gives a rats? I close a lot of Bank of America short sales. I'm just a Sacramento short sale agent who is looking out for her clients.

Which is more than I can say about your bank. Banks have one customer, and it's not you. It's their shareholders. If you have a loan with Bank of America, and your home is underwater, Bank of America wants to do something about it.

If you haven't already heard from Bank of America in August, you probably will. Bank of America is working in affiliation with Titanium real estate agents. I caution homeowners against hiring a real estate agent who is affiliated with their bank. I also wonder how a real estate agent can maintain a fiduciary relationship with a home seller when their parent company is tangled up with Bank of America.

This is the August maneuver presently underway by Bank of America and Titanium agents. Bank of America is sending out FedX packages to homeowners who own underwater homes and might be a good candidate for a short sale. A Titanium agent is required to follow up with the homeowner, shoot photographs of the property and send back a report, the photos and the homeowner's FedX package to Bank of America. Don't believe me? Sound too Big Brotherish to you? I have a confidential copy* of the memo that went out to all Titanium agents.

If you are a Bank of America short sale candidate, stop and think. Ask yourself these 3 questions:

1. Do you want to hire a contractor for Bank of America to represent YOU as YOUR real estate agent?
2. Do you feel a loyalty to Bank of America?
3. Do you think Bank of America and its third-party agents at Titanium have your best interests at heart?

If your answer is yes, then by all means, work with that Titanium agent. I'm here to tell you that Bank of America is banking on your naivety and ignorance. So far, it's been doing a pretty good job.

If your answer is no way, Jose, then find yourself the best short sale agent in your area and hire that person as independent party to work with you. Whether you realize it, you still own your home, you still call the shots. Don't hire some agent who works for your bank. Hire an agent who will work solely for you. Because the agent's commission is paid from the sale proceeds and approved by the bank -- that commission is not coming out of your pocket. Since you're not personally doling out the commission, you may as well hire the best. The best is probably not your bank. Beware.

*media copy available

Photo: Adam Weintraub

Disclaimer: My personal investment portfolio contains shares of BAC stock. That small percentage does not influence how I represent my short sale sellers in Sacramento.

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Certified HAFA Specialist

 

My Sacramento Real Estate Listings

Elizabeth Weintraub is an author, home buying columnist for The New York Times-owned About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout Sacramento. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.

The Short Sale Savior, by Elizabeth Weintraub, available at Amazon.com.

Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.

The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate.

Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.