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Bank of America Refuses to Allow Dual Agents on Short Sales.
Posted on 18. Apr, 2011 by ctlms in Foreclosures, My Blog, News, Real Estate, Short Sale
Bank of America does not allow Dual Agents.
This is just a quick update on a new disclosure being required by Bank of America.
Bank of America now requires the agents involved in a short sale to sign a document that states, among other things, that there is no Dual Agency. It also defines dual agency as one agent representing the buyer and seller.
This isn't all that new. FHA has always disallowed this. And in fact, it's just a bad idea to do when your seller is in a distressed sale situation.
Many lenders that do allow dual agency will cut the commission in half when it is done. So once again, not a good idea anyway.
But Bank of America isn't saying they will cut your commission, their saying you just can't do it and do a short sale with them.
Just keep this in mind when dealing with a Bank of America short sale.
Sean Wilder
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Sean Wilder started in the pre-foreclosure business in 2007. Previously he enjoyed successbusiness in the transportation industry, real estate investing and as a licensed Realtor. Sean brought the same determination and work ethic that lead to great success in his previous businesses to Loss Mit Services based in East Windsor, CT. His focus, combined with his drive to succeed, have been essential to his success as one of the area's top short sale negotiators.
Known for finding creative ways to overcome hurdles and never ending persistence; Sean, believes in the power of team. Sean and his team are in the trenches everyday, plowing through challenges and objections while negotiating with various lenders, and finding solutions to difficult problems. It is this daily experience that brings Loss Mit Services consistent success and provides them the knowledge to share.
Sean belongs to a number of industry groups and associations that allow him to collaborate, share, learn, teach and stay updated on the latest changes in the pre-foreclosure industry at the federal, state, local and lender specific levels.
Effective Oct 1, 2009 all debt negotiation companies that offer loan modification, short sale, or foreclosure rescue services needed to be licensed by the CT Dept of Banking. Sean and his company Loss Mit Services were the 1st to be awarded the Debt Negotiation License NMLS # 828273 which can be verified at the CT Dept of Banking Website by Clicking Here. In addition, effective Oct 1, 2011 Debt Negotiators were required to also be licensed Mortgage Loan originators and Sean also has received this license, NMLS# LO-831853.
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