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BofA Yet Again Now Demands Short Sale Listing Violate MLS Regulations

By
Real Estate Broker/Owner with Atlanta Homes ODAT Realty - Love our Great City - Love our Clients! Buckhead - Midtown - Westside

BofA yet again now demands short sale listing violate MLS regualtions

ON THIS SAME SUBJECT:  Check out Kathleen Daniel's post for some well-considered thoughts. 

ON THIS SAME SUBJECT: Check out the REVERSAL by Bank of America posted by AR Member Christine Donovan.  

 

Bank of America Yet Again
Now Demanding Short Sale Listings
Violate MLS Regulations

Yesterday I received an email from Alex Charfen’s CDPE organization. They do a great job of keeping their members up-to-date on changes. Sometimes, however, Bank of America makes it IMPOSSIBLE to figure out what possibly could be going through the minds of people at Bank of America.

Bank of America Now Demanding
Short Sale Brokers to Violate MLS Listing Regulations


In Atlanta, ODAT Realty Services, Inc. respects other Real Estate professionals who respect our time. What does “respect” mean?

RESPECT means ACTIVE Listings are really ACTIVE Listings not ones Pending Lender Approval, Contingent or anything else.


BUT what if the Lien Holder tells the Listing Agent to LIE about the status?

Bank of America is Now Demanding
Short Sale Brokers to Violate MLS Listing Regulations


SEE THE LETTER BELOW.

TO:  Lynn B. Friedman, REALTOR® - CDPE Advanced -
                                     Broker/Owner - Atlanta Homes ODAT Realty Services, Inc.


“On February 13, 2013, Bank of America distributed new MLS requirements regarding short sale transactions. The screenshot below illustrates a statement that we've contacted the bank to clarify.
As many of you know, MLS rules in most markets prohibit the use of "Active" status for properties that are under contract. Bank of America has assured us that they are aware of this matter and will be clarifying this requirement soon.

We know many of you work with Bank of America short sales on a daily basis, and want you to be aware of how to correctly maintain your listings. We value your membership and strive to keep you informed of the latest lender developments!

Please stay tuned as we will make you aware when Bank of America distributes more information on the matter.

Sincerely,
CDPE Member Services”

First of all - saying ACTIVE when the Listing isn’t Active wastes EVERYONE’S TIME. That includes the Client looking at Listings on a website, the Agent/Broker putting together a list of possibles and the office folks who have to verify status that should be updated immediately if it changes.

Second of all,posting deliberate false status violates MLS Regulations and Guidelines. In Atlanta, FMLS has the authority to issue fines for Listing Violations. How often do they do that? I don’t know and I don’t want to find out. I have no personal experience with violations because I follow the FMLS Guidelines.

Third of all,now Bank of America is Demanding that Short Sale Brokers Violate MLS Listing Regulations by stating that the Agent is required to keep a property in ACTIVE even when it is PENDING LENDER APPROVAL.

Inaccurate and incomplete Listing information, in my opinion, is disrespectful behavior. That it is demanded by an unsavory Lender is reprehensible. We are supposedly adult professionals and yet Bank of America, without any remorse or shame, says, “Our BofA CONVENIENCE is all we care about.” If an agent would be in violation by misrepresenting the property status, it seems Bank of America doesn’t care.  

CDPE is contacting Bank of America for clarification.
Let’s hope it comes soon.


Have a happy day -
Lynn

Carol Zingone
Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL
Global Realtor in Jax Beach, FL - ABR, CRS, CIPS
Lynn - good morning! There is no content other than the one line, did an attachment not upload perhaps?
Feb 13, 2013 07:48 PM
Lynn B. Friedman CRS Atlanta, GA 404-617-6375
Atlanta Homes ODAT Realty - Love our Great City - Love our Clients! Buckhead - Midtown - Westside - Atlanta, GA
Concierge Service for Our Atlanta Sellers & Buyers

Dear Carol,

That is a default when the title isn't entered - the post goes to PUBLIC!
Sorry for the inconvenience.
The post is there now and the graphics will come later!

Have a happy day -
Lynn

Feb 13, 2013 08:39 PM
Allison Stewart
St.Cloud Homes - Saint Cloud, FL
St. Cloud Fl Realtor, Osceola County Real Estate 407-616-9904

Lynn our Board has an "Active with Contract" catagory for this purpose.

Feb 13, 2013 08:47 PM
Tracy Oliva
West USA Realty - Arizona - Fountain Hills, AZ
The Oliva Team Arizona Agents

Lynn:  This is some very Interesting news,  keep up the good work and good luck with your business in 2013,  E

Feb 13, 2013 08:53 PM
Rebecca Gaujot, Realtor®
Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Lynn, This is the second time within 7 seven days I've heard bad things about BofA. Please keep us informed when if you hear from BofA.

Feb 14, 2013 03:16 AM
Lynn B. Friedman CRS Atlanta, GA 404-617-6375
Atlanta Homes ODAT Realty - Love our Great City - Love our Clients! Buckhead - Midtown - Westside - Atlanta, GA
Concierge Service for Our Atlanta Sellers & Buyers

Allison - Not acceptable in the BofA requirements as of 2/13/13. ACTIVE - no qualifiers - ACTIVE

Ed & Tracy - Thanks for the good wishes.

Rebecca - You will have to go LONGER than that to hear anything good about BofA from me.

Have a happy day everyone -I appreciate your visits VERY MUCH!
Lynn

 

Feb 14, 2013 03:04 PM
Roy Kelley
Retired - Gaithersburg, MD

Thanks for sharing this information.  Do not worry.  When BOA stops using agents to sell REO properties, you will no longer face these issues.  

Feb 14, 2013 09:28 PM
Jordon Wheeler
The Jordon Wheeler Group - Fairburn, GA
J W Group Real Estate Sales and Service

Hi Lynn,

I got an email directly from Bank of America with the MLS Requirements for Short Sale Listings.  Apparently Bank of America got some of the feedback from agents because I received another email yesterday 'clarifying' the MLS Requirements sent the day before.  I will post both emails on my blog.  It is hard to understand how B of A comes up with some of the stuff they do.

Best of success to you this year!

Feb 15, 2013 04:46 AM
Hella Mitschke Rothwell
(831) 626-4000 - Honolulu, HI
Hawaii & California Real Estate Broker

Lynn: I am seeing some other weirdness that pertains to the MLS. It is almost as if the MLS is the LAST place to look if something is under contract or not. I wrote about HOMEPATH, for example, where something is listed there as under contract, but not on the MLS.

Feb 15, 2013 11:14 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Lynn,  Thankfully BofA was appropriately admonished for their over-stepping short sale update [mandate] and they did, for the most part, retract it.  That said, BofA has NO BUSINESS in this arena in the first place.  Let's hope it will be a good lesson learned for BofA. Thank you for the mention in your updated post as well. I greatly appreciate it.

Feb 16, 2013 08:32 AM