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New Bank of America 3rd Party Authorization Form. Not Licensed? No Authorization For you!!!

By
Real Estate Broker/Owner with Tutas Towne Realty, Inc and Garden Views Realty, LLC BK607690

That's right. As of 14 April ONLY licensed real estate agents, real estate brokers and attorneys will be able to talk to Bank of America about Short Sales. And they must be licensed in the State where the property is located.

Now since I personally handle all of my own Florida Short Sale negotiations this will not be an issue for me. But what about others that have assistants or staff that communicate with the lenders on their behalf? What about 3rd party negotiators that work in multiple States where some may not require licensing to negotiate short sales?

The new Bank of America 3rd Party Authorization Form is causing quite the stink in the short sale world. It will be interesting to see how it all plays out.

Check it out and let me know your thoughts.

By the way, I AM a licensed Florida Real Estate Broker and CAN negotiate any of your Florida Short Sales with Bank of America or any other Lender. Call me.

 

BofA 3rd Party Authorization

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 Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales,  Orlando Florida Short Sales, Celebration Florida Short Sales, Windermere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

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Comments (14)

Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County

I don't have any issues with this. It just means that although I do not negotiate I will use the title company that has attorney staff to negotiate and not use the others.

Mar 24, 2012 01:16 AM
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

Gary. The problem is that the attorney's staff will not be allowed to commiunicate with Bank of America. The way it is written only the attorney will be able to. That's the issue.

Mar 24, 2012 01:36 AM
Cathy McAlister
Cathy Ashley McAlister, GRI CDPE - Broker / Sacramento - Sacramento, CA
Sacramento DRE#00648507

I will be watching closely to see if other lender's follow suit.  BB, did you hear any more details on this while onboard the short sale cruise?

Mar 24, 2012 01:37 AM
Harry F. D'Elia III
WEDO Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

It is about time that only licensed people negotiate short sales.

Mar 24, 2012 01:39 AM
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

Cathy, I didn't. I was too busy partying!!

Mar 24, 2012 01:46 AM
Kathryn Maguire
GreatNorfolkHomes.com (757) 560-0881 - Chesapeake, VA
Serving Chesapeake, Norfolk, VA Beach

Ooh!  this is not a good development.  The attorney that I work with has an excellent paralegal who expedites short sales.  Definitely will impact my approach and partnership with this attorney.

Mar 24, 2012 02:17 AM
John Pusa
Glendale, CA

Bryant - Thank you for sharing detailed quality information on new Bank of America 3rd part authorization form, only licensed real estate agents/broker and attorneys are able to talk to BoA about short sales.

Mar 24, 2012 02:50 AM
Karen Hurst
RICOASTALLIVING.COM - Warwick, RI
Rhode Island Waterfront!

I can definitely see this being a problem for many.  As Kathryn says above, there are many atty's with great paralegals, that, if truth be known, actually do all the work!!    Should be interesting to see how this plays out.

Mar 24, 2012 06:21 AM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Thanks for the info Bryant.  Hadn't heard about this one, but I think in the long run it's probably beneficial.  

Mar 24, 2012 09:22 PM
Cal Yoder
Keller Williams Elite - Lititz, PA
Homes For Sale in Lancaster PA - 717.413.0744

Might be a good reason for the paralegal to become a licensed agent. Since it takes next to nothing to get a real estate license, what's the big deal? :) Shall be an interesting development to watch.

Cal

Mar 24, 2012 09:27 PM
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

You beat me to it on this one. I wrote my blog post and have is ready for later in the week. Good stuff for short sale agents to know.

Mar 24, 2012 11:40 PM
Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

My attorney office that handles our short sales told me about this new BOA form.  Seems like an idea that is way overdue.  There are so many unlicensed people out there negotiating short sales and taking all that personal data from individuals.  Hopefully they will find a workaround for the staff of the licensed people.

Mar 25, 2012 01:44 AM
Todd Clark - Retired
eXp Realty LLC - Tigard, OR
Principle Broker Oregon

It will be interesting to see how many people here realize that when their negotiators aren't allowed to negotiate anymore. I was smart, both my negotiators are licensed in the state where I work. 

 

Mar 25, 2012 12:42 PM
Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

BB - this is long overdue and should be done across the board. I don't understand why people that don't have a license can do some of the things they are allowed to do. I see errors in the MLS all the time and receive wrong paperwork from 'assistants' of the agent on the other side of deals I work. Have an assistant but make sure that assistant has a license and knows what the heck they are doing!!!

My daughter is a school teacher (I used to be years ago) and I am having her get her license this summer, once her wedding is past (getting married in June is keeping her busy enough right now) - I want her to work for me parttime, as an assistant, but without a license I would not consider it. MY name and license are on the line and MY reputation if she makes mistakes. Getting a license is vital and NO Realtor should let anybody represent them that doesn't have a license!

While many will moan and groan about BOA's move, it is long overdue!

 

 

Mar 28, 2012 11:58 PM