The powers that be at Bank of America must spend their time trying to figure out what other wrench they can throw into the FHA Short Sale process. After almost a year of dealing with one of my FHA Short Sales I now have another negotiator that appeared to have a common sense and let's get this done attitude.
Unfortunately, when I opened this morning's "secure email message" from BOA I almost blew an artery. Besides insisting that they would not pay a $3 mandatory policy fee in my state which I eventually won, they now want both realtors to sign the PURCHASE AGREEMENT!
Yes, I need to sign the contract between the buyer and the seller because BOA says so! Then to make it even more interesting they also want the individual realtors name on the Hud-1 commission section. Of course, since the HUd-1 is used to disburse funds I ams sure my broker and State of IL DFPR would love the fact that my name is on the commission check.
I tried to explain why we could not comply with the request. I informed the negotiator that in IL all commissions must be paid to the Brokerage firm that sponsors us per State Law. She says it does not matter BOA needs to have our name on the HUD-1.
My local board said no on signing the contract, and is forwarding it to the State Association. I have sent CFPB an inquiry asking for clarification of the RESPA rules regarding individual names as it pertains to real estate commissions. I have also sent an email to the supervisor of the negotiator but that response will have to wait since he is out of the office.
Anyone else get this request from Bank of America on their FHA Short Sale?
3/14/2013 - Here is the latest update to this story...can approval letter be close?