Why would I want to list properties for Nationstar? They just listed a property in my local MLS, and are offering 1% to selling agent, list agent gets a whopping 1.75%, meanwhile they get 3% referral and get this, they charge a 5% premium of the purchase price to the winning buyer. Offering 1% to local realtors is not going over well, many pissed off realtors. Not only that, it despite what the BPO's said (at least mine and the listing agents) they underpriced the asset by at least 20,000. I say why not price it right and offer a commission that won't make agents hate you?
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This is not for normal listings. Most are in not the best of shape. but to take pics, enter a small description and up load to their auction site. Unlock the doors two Saturdays for puplic showings.
Cash or Conv offers only. Priced for quick sale
Nationstar Posts $48M Loss, Announces SolutionStar Transformation
Nationstar.pdf
Some people say they must be exempt. I say they are flying under the radar. I think it is only a matter of time before we see these spin offs caught and severely fined.
Altisource has their own agent in house as most of us know. The one for Ohio services 5 states. For the first five years he was in an office in Steubenville Oh and all phone calls went directly to Altisource. He did not have a broker in his little office at that time by the way and He had no Brokers license at that time. They used an affiliate disclosure with Ocwen. Then people began questioning things and he got his license and the Brokerage name changed to what it is now. He claims no connection with Altisource and claims to be independent. Yea well we all know that is silly BS.
As far a NS goes I sold many NS properties. All of the addendums were BAC addendums. Now why is that? Same with Champion and a couple of other companies. All BAC addendums.
Ocwen and NS are "servicers." The law was to keep banks out of Real Estate. These spin off "servicers" who are affiliated with these lenders are now in Real Estate big time. The idea is when a lender is allowed to broker Real Estate the public is not being given a fair and independent transaction.
So lets see..... NS services , also forecloses and then sells the REOs. Ocwen services many other lenders loans, then also handles the foreclosures and then also sells the REOs .
Many of the loans originated when Ocwen WAS the lender in 2005 and before are now REOs and Ocwen is now selling them as REOs.
No way is all of this ok. No matter what anyone wants to believe or say BANKS are now in Real Estate in a big way. BAC does mortgage loans and also sells REOs. How can we say it isn't so when many of us have sold BAC in the last few years?
That's correct, Hugo. Ocwen gave up being a bank a long time ago due partly to the banking regulations. Of course, due to the new regs on servicers, this may no longer be the case. They spun off Altisource as a wholly 'independent' company to handle their REO but had interlocking directories. That finally got the attention of the NY attorney and started all of these investigations. And both of the stocks have lost a ton of value.
Thanks Cece.
Solutionstar is an affiliated with NS. The have been affiliated for some time and I posted this a few years ago.
The news is really that they are now going to introduce a new will "revolutionize the way real estate
transacts."
The statements below are from the announcement.
"Nationstar further announced plans to rebrand the Solutionstar segment as Xome, fitting in the with company's efforts
to rethink the residential real estate marketplace. Xome focuses on the digital experience for residential real estate,
comprising a search platform, data that includes more than 85% of all active MLS listings and a transactional
marketplace.
The Web and mobile platform will also aid consumers in finding an agent, procuring a mortgage and closing
transactions. Nationstar added that it hopes to integrate a home valuation model into Xome as well.
Nationstar chief executive Jay Bray said that the company believes Xome will "revolutionize the way real estate
transacts."
So it is not that they are going to stop the insanity ......they are just going to add to it. With the statement of the 85% of all MLS listings etc. ... with that NOW NAR / the MLS will get involved...now it is this big profitable giant who's income is going to be touched not just some little ol REO agents . I think I see litigation in the future here just like the Zillow case. I could be wrong but we will see.
Do you thnk it is a coinencidence that Solutionstar is switching from Equator, owned by Altisource, to a ne site Cascade next week ?
I think none of it is a coincidence. I just can not believe these companies/ lenders / servicers are getting away with all of this. Is the Fox guarding the Hen house ?
Ok now we all need to calm down and play a little nicer here. Lets try and avoid the name calling and slamming as we are professionals here, (or at least we are licensed like it ) It can be a good experience to be here or at times depending on how we respond a not so pleasant one. If we get offended by everyone who disagrees with us or by every one we disagree with .... this may not be the best place to choose to share.
comments like
"And on top of it several other "Realtors" supporting you. I guess I should not be surprised as I've come across more that my fair share of people who have no business holding a Real Estate license."
Are a little too haughty and widely judgmental IMO They really do not help here. Obviously that statement is meant to insult the rest of the people when the situation already needs a little water on the fire, It is also mean to shut down and back off the supporters ... which is just wrong in my opinion.
I myself am not trying to disagree with anyone here to put them down. I am here as I have repeated 1000 times for truth,
Every commission we take , every buyer agency we have signed by any buyer is putting our interest ahead of the buyer or seller. We are making a living from the transaction. We are not doing this for free. Every buyer and every seller would pay less or net more if a Realtor was not involved. This is why there are FSBOs, limited service companies and a lot if site for owners to sell with out a commission exist. Where the fiduciary comes in a way that addresses the commissions is meant in an entirely different way. There are many examples available.
Not showing an REO due the low commission and the liability of this type of transaction is not a violation of anything here or in Calif. Again if we are going to make bold comments, insult others or open our at times large mouths and make big bold and undeniable statements we SHOULD ALWAYS CHECK OUR FACTS.
Every time we set an appointment for OUR schedule are we putting our best interest ahead of the clients...yes we are but that is not a violation. Every time a client calls and wants to see a property and we are not available because of a pre school play or a baseball game or a family function we are putting our best interests ahead of our clients but it is not a violation. There are dozens of examples of putting your own best interest ahead of a clients that happen every day but are not a violation and not what the code or rules were created for. We are not intentionally harming the client for our own financial gain.
Anytime a client wants to see a home that an agent does not want to show them that client can see the home with another agents if they so desire. They are not harmed by the agents refusal to show the REO asset. Of course we know that the buyers agent will not be paid a commission if the buyer writes an offer for the REO with another agent, But this is not a violation of the fiduciary or the code or the rules,
How about a FSBO that a buyer sees and wants to write on, The seller makes it clear there will be no commission paid no matter what. Does the agent have the obligation to show the property and write the contract with out compensation for this buyer? The answer is of course no, Is refusing to do so a violation, of course not,
The code of ethics is not meant to seek out reasons to punish realtors. The code is to protect peers and the public from unethical Realtors. There are dozens of examples involving commissions that the code does speak to and if anyone wants some I have many. If anyone cares to share a few please do so,
"I don't care how you spin it" either or even what you try and make fit here. IT is not a violation to refuse to show an REO because the commission is to low.
Before anyone makes statements they may later wish they had not made , PLEASE get some outside knowledgeable legal or well informed information on the issue being discussed in the area that is being worked in. or use the delete button if you feel it is best for the comment to disappear.
Thank you and as far as I'm concerned end of any discussion with Dennis. He obviously just wants to cause trouble. He is not anyone I care to converse with any further.
I am in total agreement with you Barbara. It all makes perfect sense to me. Have a fabulous day everyone!
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