Oooppps, BOA walks back the "memo heard 'round the world"

By
Real Estate Agent with Keller Williams Premier Realty M:644919 P:RSR001642

We knew it would happen.  I really didn't figure it would be so fast, but they probably did it to stop every agent, broker, Local Associations, State Assocations, etc. from call them yelling about it.

Three days after the memo went out that caused shockwaves with every agent that does short sale transactions, BOA realized their error of their ways and released an update.  See my post on their accouncement and the impacts it could have had on short sale transactions.

The retraction reads as follows:
"The listing requirement demonstrates that the property was listed on the open market and the offer received represents an open market transaction.  We recognize that listing status classifications may differ by locale and are subject to local or regional MLS requirements.  Brokers should follow MLS requirements at all times.  MLS statuses such as Back Up, Contingent or Pending may be acceptable.  Ensuring that the listing was properly represented and marketed on the MLS will help you show that the property was on the open market."

So everything is alright, right?

Wait...

"MLS statuses such as Back Up, Contingent or Pending may be acceptable."

Should may worry us?  When would those status may not be acceptable?  Is it up to a negotiator that is buried under hundreds of short sale files to make the determination if Back Up, Contingent or Pending may be acceptable for my short sale transaction?

It's probably nothing, but I hate unclear language, especially when the consquences is that my short sale transaction is thrown out and my seller is that much closer to foreclosure. 

Until next time :)

 

 

Comments (1)

Bryan Robertson
Los Altos, CA

BofA likes to call the shots but the MLS systems ultimately rule on this one.  If a contract is deemed accepted by the seller, in most areas, the status must be changed.  Sure wish they'd just be clear.

Feb 22, 2013 01:17 PM