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
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