Banks Starting To Assign Short Sales Directly to Brokerage Firms?

Hearing through the RE Grape Vine, these are coming...we were sent a review from Citi in conjunction with Keller Williams that they were partnering on Short Sale/delinquent homeowners...heard also BofA is partnering with Re/Max....

 

What has everyone else heard? What are your thoughts? I prefer BofA shorts...I dont want to compete with Re/Max agents just because of a partnering...I have a short now witha Re/Max agent...its now on month 6....I would guess they would not want that agent...  

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We spoke with Citi and BofA about this and they are not going to direct their homeowners to specific agents due to the liability of telling a homeowner to use a specific agent. I know Re/Max is talking to BofA and Citi is sponsoring our Short Sale Mastery Tour at Keller Williams.  These lenders are looking to companies to try to put on a good face and to ask for help in training agents on the short sale process.

I do believe that agents are going to use it as a marketing tool.   "underwater on your Citimortgage home loan?  We are preferred agents with Citi"or something like that.  

There could be some advantages for buyer's agents here.

 

As it is I LOVE LOVE LOVE to pick on out of town agents who have REO's here in SF!  They don't know our customs, they don't understand our pricing and they're easy pickings for my clients.   Lenders/Asset Management companies who assign an out of area agent to properties in our marketplace haven't figured it out yet.  So if they want to 'assign' shorties to out of area agents - be my guest.  I've always got buyers who'd love to take advantage of a deal/steal!  (As long as the agent/negotiator knows what they're doing... and that's a whole 'nother story!)

 

I've heard some rumblings of this in my area as well.  A contact of mine that used to work for my company, then went to work as the VP of Loss Mitigation for a bank that will remain nameless, has since left there to help with a start-up company called PREO.  From what I can tell, the owner is using his prior high-level lender contacts to set up relationships where the short sales are funneled to his company, "pre-approved" to be sold.  I don't have all the details yet as to how this works, but when I started this business of negotiating short sales for homeowners and Realtors, it crossed my mind that an "easier" way to drive serious volume would be to have the lenders refer the homeowners directly. 

 

I have an appointment to talk with my former colleague about the details and will share once I know more.

 

I also understand the point that there would be a liability issue referring to specific agents / companies.

Gotta do some more digging.


Amen Brother...although those are the ones with multiple offers...or...GHOST TOWN(way overpriced) and no offers at all...Cheers!


Michael Ackerman, CRS, SFR, said:

There could be some advantages for buyer's agents here.

 

As it is I LOVE LOVE LOVE to pick on out of town agents who have REO's here in SF!  They don't know our customs, they don't understand our pricing and they're easy pickings for my clients.   Lenders/Asset Management companies who assign an out of area agent to properties in our marketplace haven't figured it out yet.  So if they want to 'assign' shorties to out of area agents - be my guest.  I've always got buyers who'd love to take advantage of a deal/steal!  (As long as the agent/negotiator knows what they're doing... and that's a whole 'nother story!)

 

YEP...WE HAVE TO HAD COMPLETED 5 SHORT SALES...I DONT KNOW THAT 5 IS ENOUGH TO SET YOU LOOSE ON A WEBSITE AS A PREFERRED AGENT HOWEVER...WE WILL SEE! :D

 

Brian Avery said:

the Keller Williams / Citi is happening. Keller is requiring the participating agents to go through some type of training. I do not see this being much different than REO shops....
Melissa. My thoughts are that the lander does not own the property and cannot force a seller to use a specific broker. Now they may very well offer some incentives to a seller for using one of the select brokers BUT if they don;t do their jobs the sellers will still be hesitant to use them. Having said that I have no doubt in mind that the lenders will try to control this process.
I have been directly involved in the kw citi talks and it has never been said that citi is going to direct sellers to keller williams. Matter of fact citi won't do that due to the liability of suggesting a paticular agent. Citi is more interested in streamlining their process thru better educated agents and they are testing it out with kw because of the kw university connection. Bank of america and wells echoed the same sentiment, hope that helps
BTW Bryant you will be officially citi qualified after the short sale mastery tour in orlando on the 22nd
Lol. He is already certifiable :-) now he will qualified and certified

I agree Bryan...if one dope gets the listing and the home forecloses, now you have an agent and the bank that led you to that seller and you know they will want someone held responsible...I liked it much better when good ol' fashioned experience stood out more, but banks are going to want to get more cross-over product business..and I think this tactic will help??

 

 

Bryant Tutas said:

Melissa. My thoughts are that the lander does not own the property and cannot force a seller to use a specific broker. Now they may very well offer some incentives to a seller for using one of the select brokers BUT if they don;t do their jobs the sellers will still be hesitant to use them. Having said that I have no doubt in mind that the lenders will try to control this process.

Certified! Wow. Will that make me smarter?

I am looking forward to meeting you in a couple of weeks Jeff. It should be fun.

I've heard something similar from a blast email campaign from Remax.  They are only giving the leads to individuals who have some type of certification (SFR, CDPE, I forgot the other letters).  I will take the cheapest course so that I can qualify.

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