For those of you who think that the BANA's (Bank of America, N.A.) new Third Party Authorization is harmless and "business as usual", should really read this article.
Are you really willing to take on that much legal responsibility for your listings? Do what you want, but make sure you have all of the facts and your ducks all in a row before you start signing such an open-ended, vague legally binding agreement...
Real estate agents (and attorneys) soon will be held legally responsible for reading the corporate mind of Bank of America. Fortunately for everyone else, they will not be allowed to even communicate with Bank of America, much less be required to read its mind. Unfortunately, all of this will further harm distressed borrowers and suffering neighborhoods by discouraging short sales and increasing foreclosures.
This all results from a new “Third Party Authorization” form (TPA) which reportedly is mandatory on all Bank of America short sale files as of April 14, 2012.
How are you? You are correct that the new Third Party Authourization is mandatory on all BOA Short Sales, but I have read the document, and I don't see anything unreasonable in there that would scare me away.
What specifically troubles you about this new document?
read the article by attorney Ron Ballard. basically it shifts your duty from seller to BOA.
Very scary indeed. I agree.