Bank of America Short Sale!

[Ayo F.]

Hello BP Experts,

I am about to start a BofA short sale. The property is a 4/2/2 in a good neighborhood. The balance on the loan is $97,000 and the house is worth $100,000 after repair. It will need some updates. I have not gotten an estimate. Seller is 4 months behind and wants to do a short sale. It is a conventional loan.

Please, I need some guidance with the listing and drawing a purchase agreement.

It is my understanding that BofA requires offers be submitted via an agent through a system called Equator (whatever that is).

1) Do I get the house listed by an agent BEFORE i draw up any purchase agreement or should I get the purchase agreement signed first then get an agent to get it listed?

2) Who does the negotiation in this case? Me or the Agent? I prefer to do the negotiation but will the agent agree and will the bank agree?
3) Whose name should be on the authorization to release loan info? Agent or me?
4)Does it make sense if an agent says, the bank determines what the listing price would be on the MLS?
5) What is the general consensus as to... does the agent present a higher offer to the bank or withholds that offer? Is that hiding facts that can influence the bank's decision as to whether to accept or decline my existing offer? Will this be fraud?

Thank you.