REOPro - Real Estate Default Professionals

America's Largest Social Network for Default Real Estate Professionals

With recent news of the foreclosures being stopped in certain states, I'm wondering if the banks will now be assigning "short sales" ??? 

Views: 125

Reply to This

Replies to This Discussion

I heard Wells Fargo is doing that. Meet with their local branch head.
Thanks Zubaria!
I agree, the bank cannot hire someone to sell something that they do not own. There is a lot of hipe about get bank directed short sales. The fact is you can get on a list that the bank may provide to the homeowner, but they have to decide whom they will choose to list thier home. And as you know, everyone knows at least six realtors. LOL!
There are some prenegotiated short sales. The bank has the ability to present agents if the owner would like to select them to manage the short sale. During my most recent short sale with a client they were asked if they would like a representative from the bank contact them about a short sale when he approached them for a modification. If that is the case, that would be the opt-in mechanism.

There are some short sales coming direct from the bank. There are outsourcers ramping up for the load as we speak.
There are RESPA issues and liability issues involved with banks assigning short sale listings.

If the bank assigns an agent to do the short sale listing and they fail to get the job done and the home gets foreclosed on, the homeowner could go after the bank claiming that they were setup to get foreclosed on because of the agent that was assigned to them. I think a few banks are working programs where they will send a list of qualified agents out but steal ensure that the homeowner knows they can use ANY agent they want.

There are plenty of companies out there stealing your money by providing you hope that they will be assigning short sale listing. The fact of the matter is that very few companies are doing this. Rather than spending hundreds, if not thousands of dollars to sign up with these companies, spend the money on direct mail marketing, a website, ... and generate the business yourself.
So it is finally happening. A long time friend called me today to tell me the bank was selling his house as a short sale and sent out an agent to list it. Oh...really? Well, um, YOU are the owner and you can choose who sells your home. He totally didn't get it. He thought and wasn't budging that this agent was the bank's agent and he needed to use her in order to be "blessed" with this short sale....

Yep, years of asking me questions and the whole "if I ever sell.....I will call you" story, just to have whatever bank it is pull this. I am SO mad!

Totally sucks.  I do know that non-GSA servicers can assign an agent to a short sale.  Its the big guys that wont auto assign an agent.  They can give you referrals but its up to the homeowners who they want to use.  Also, if the homeowner checks a box (during the modification process) to have someone call them about a short sale....thats their way of opting-in and can assign at that point.

RSS

© 2019   Created by Jesus (Jesse) Gonzalez.   Powered by

Badges  |  Report an Issue  |  Terms of Service