Underwater Homeowners and Short Sale Sellers: Beware of Bank of America and Titanium Agents

Write-up by Petra Norris

Interest Lakeland FL House owners! Do you have loan via Financial institution of America or is your loan servicer Financial institution of America and you are contemplating a quick sale. This fantastic article from Elizabeth Weintraub is a should study for everyone since you may possibly assume you will be represented fair and honestly, believe yet again…

Financial institution of America is in affiliation with Titanium Remedies who has only one particular thing in thoughts… loyalty to Financial institution of America and not you, the Lakeland FL house owner who is trying to sale the home as a quick sale. While it may possibly appear at very first to the consumer that they (genuine estate agents, not permitted to disclose that they are actual estate agents) are right here trying to help homeowners’ with the documents, it would appear to me false hope for the representative hoping they would achieve a listing and then have Titanium (hired by BoA) be the third celebration negotiator on behalf of the seller. I do not believe so. This is not a win-win situation for homeowners.

If I have been a homeowner facing short sale I would rather negotiate my very own brief revenue or have an experienced attorney negotiate short revenue, not some outdoors company and its representatives who was sent by the financial institution/mtg. servicer.

There is only a single factor to say, “Financial institution of America consumers be mindful and do not hire just some agent who functions for Bank of America, hire your own experienced Lakeland FL Quick Sale Agents.

Via Elizabeth Weintraub, Sacramento Short Sale Agent, Land Park, #00697006 Lyon RE (Lyon Genuine Estate #00697006):

Financial institution of America is possibly going to place a huge black mark following to my name for this weblog. But who truly offers a rats? I close a lot of Financial institution of America short sales. I am just a Sacramento quick sale agent who is hunting out for her customers.

Which is more than I can say about your financial institution. Banks have one consumer, and it is not you. It is their shareholders. If you have a loan with Bank of America, and your home is underwater, Bank of America desires to do something about it.

If you have not previously heard from Financial institution of America in August, you almost certainly will. Bank of America is functioning in affiliation with Titanium genuine estate agents. I caution homeowners against hiring a true estate agent who is affiliated with their bank. I also wonder how a true estate agent can preserve a fiduciary relationship with a property seller when their parent organization is tangled up with Bank of America.

This is the August maneuver presently underway by Bank of America and Titanium agents. Bank of America is sending out FedX packages to house owners who personal underwater households and may possibly be a good candidate for a brief sale. A Titanium agent is needed to adhere to up with the homeowner, shoot photographs of the house and send back a report, the photos and the homeowner’s FedX package to Bank of America. Never think me? Sound also Big Brotherish to you? I have a confidential copy* of the memo that went out to all Titanium agents.

If you are a Bank of America brief sale candidate, cease and assume. Ask by yourself these three inquiries:

Do you want to hire a contractor for Financial institution of America to represent YOU as YOUR actual estate agent?Do you feel a loyalty to Bank of America?Do you assume Financial institution of America and its third-party agents at Titanium have your best interests at heart?If your solution is yes, then by all indicates, work with that Titanium agent. I’m right here to tell you that Financial institution of America is banking on your naivety and ignorance. So far, it is been carrying out a quite great occupation.

If your solution is no way, Jose, then locate yourself the greatest short sale agent in your region and employ that person as an independent party to operate with you. Whether or not you understand it, you still own your property, you still contact the shots. Don’t hire some agent who operates for your financial institution. Employ an agent who will perform solely for you. Since the agent’s commission is paid from the sale proceeds and authorized by the bank — that commission is not coming out of your pocket. Since you are not personally doling out the commission, you might as nicely employ the greatest. The greatest is most likely not your financial institution. Beware.

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