Replies to This Discussion

Permalink Reply by Evelyn Santiago on April 10, 2011 at 2:28am

The short sale certification courses as well as the BPO courses are a joke for the most part.  Just another way for companies to make money off realtors.  Once you figure out how a bank wants you to submit a short sale package and they actually acknowledge the package is in their system and assign a negotiator the rest is a matter of communication between you and the negotiator.  The BPO course I took was $400 bucks after my "special" discount and it was a joke. Same for some of the short sale training.  Numbers backing up the offer, listing history, etc. and an analysis on whehter it makes more money for the bank vs. foreclosure and its still  up to the bank's negotiator and the investors on what they want to do.  Now the MI companies are having the final say and that is another posting in itself.

 

Equator BPO's are a joke since after doing it I was unable to submit the work, found a workaround and they rejected it because it had to be submitted their way.  Their way did not work with my computer despite the fact that I submit my short sale packages to Equator without a problem yet it was "my" problem and not Equator nor the asset company.  Asset company admited that Equator had a lot of issues but insisted that despite the fact that I had emailed everything via equator that it was not enough!  The whole thing was a total waste of time, gas and computer time. 

 

In my state they are scarying realtors into using attorneys so we don't get sued.  So instead we use attorney's that have to learn the short sale process just like we do.  They are great for delaying the foreclosure but they have to deal with the same negotiators that we do.  I was told at the BOA workshop that negotiators hate 3rd party negotiators and I wonder if they consider attorneys a 3rd party negotiator which makes me wonder if I am better off working the deals directly myself like I have in the past.  No matter how many disclosures we have homeowners sign wether from attorney's or our association or our own company attorney's nothing will stop a homeowner that thinks suing is a way to get some money from some one.

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Permalink Reply by Victoria Frieberg on April 10, 2011 at 2:36am

not picking on you Amy!  but I would be afraid (not that I would not love more referred business).  When I work for the homeowner in a ss, I provide the cma to the lender if required at the time of listing, on behalf of the homeowner...then they corroborate with an independent appraisal or bpo (hopefully with someone who is not cranking out 50 a day as their only source of income).  Although not an adversarial relationship, the fact that I am working for the owner is established, they will not have a suspicion that I work with their lender...they know I had no prior relationship with the lender...other than with prior short sales.  No one trusts the banks anymore, and I would be afraid of guilty by association mentalities...we live in an age of conspiracy theories!

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Permalink Reply by Toby Boyce on April 10, 2011 at 2:56am

I'm a Keller Williams agent and just sat through the "mastery" class that they require and got a little more details.

 

The Citi and KW connection is being overblown when it comes to short sales. Citi already has an agreement in place with ReMax and is simply adding KW to its list. Basically, when a home owner falls behind Citi will send a letter to the home owner suggesting short sales with either 2 ReMax agents and 1 KW agent; or 1 ReMax and 2 KW agents.

 

Based on the Citi representative, there will be no way for the individual agent to know when his/her name has been suggested to a client due to privacy issues. It was over-sold by KW in its marketing for the class.

 

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.

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Permalink Reply by Mark Sawyer on April 10, 2011 at 3:13am

Lenders have no right to direct a borrower to use a specific vendor of any product or service including real estate brokers or agents.  The choice is the homeowner's alone.  Until the contract for the mortgage note and / or deed of trust includes such langquage that in the event of default the borrower must utilize the services of a vendor named by the lender then the lender has no say in the matter.  It is the homeowner's real property to do with as the homeowner enjoys.  The lender has no obligation to approve a short sale and has no right to direct a pre-approved short sale to any broker or agent.  In the event that lenders attempt to utilize thistypeof strategy, I would think the litigation potential would be enormous.

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Permalink Reply by Melissa Polce on April 10, 2011 at 3:21am

That is great to know...I am going on the 20th with my partner to the class...we are skeptical...quite honestly, I dont even share this website with anyone around our market center, because it allows us to do our job better...so even though we will be on the list and Citi site as well...I agree with the litigation potential...we take each short sale so serious that we make sure every base is covered...not every person allowed on that site will know the ins and outs of a Citi Short...and I fear for the screw-ups...quite honestly, I would rather Citi get hooked up with Equator...and have an Equator preferred agent site...mmm-maybe a good idea...thanks for sharing!!!

 

Toby Boyce said:

I'm a Keller Williams agent and just sat through the "mastery" class that they require and got a little more details.

 

The Citi and KW connection is being overblown when it comes to short sales. Citi already has an agreement in place with ReMax and is simply adding KW to its list. Basically, when a home owner falls behind Citi will send a letter to the home owner suggesting short sales with either 2 ReMax agents and 1 KW agent; or 1 ReMax and 2 KW agents.

 

Based on the Citi representative, there will be no way for the individual agent to know when his/her name has been suggested to a client due to privacy issues. It was over-sold by KW in its marketing for the class.

 

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.

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Permalink Reply by Natasha Pilgrim on April 10, 2011 at 3:27am

I am a KW agent and I just took the Short Sale Mastery class on 4/7.  As another individual indicated the partnership with KW will get agents who are "qualified" inluded in mailings to distressed homeowners.  There will be 3 agents who are included in the mailing and it is based on area.  The ratio of KW agents to Remax agents remains a little unclear.  The only notification we will receive is when a perspective client makes contact from one of the mailings.  The class itself was really informative even if you have done shorts before.  I took away many tid bits!  I work with a team that manages BOA foreclosures and those accounts are given to individual agents among many different brokerages.  I cannot speak on the BOA Remax short sale partnership but I'm greatful for any leads that are going to be thrown my way.  The KW class was low cost and informative. One last note...the statistics showed that 700,000 homes went into foreclosure last year without ever being listed.  The bank would rather do a short than a foreclosure and so this is a win win for all players in a transaction.

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Permalink Reply by Victoria Frieberg on April 10, 2011 at 3:34am

Devils advocate..is your name on the Cit/other lender  site advertising for you without compensation?  and, when you are notified that you have been selected due to your inclusion in the mailing, are you not know considered 'beholden' to the corporation that put you out there, whether true or not..perception?

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Permalink Reply by Pam Martin on April 10, 2011 at 3:35am

I just completed the KW Mastery Tour. This is happening Citi has partnered with both KW and Remax. A letter goes out to borrower with 3 agents names from KW and Remax. The borrow can call either or all the agents names on list and pick what ever agent the want to do the short sale. They do not have to use KW or Remax they can use another agent if they wish. The agent is not given the borrowers contact information its up to the borrow to contact you. Citi is just giving the borrowers as much information as they can to reach out with hopes that the home owner will be proactive and avoid letting the home go into foreclosure. You have to complete the KW Mastery Tour and submit 5 short sale listings you have closed in past year to be on the list. I think the lenders are just getting all this is place and will be tweaking the process and my guess is all the big banks will be doing this. They are trying to spread things out and its not going to be like it was with the REOs,they said they your name will only be sent out in your area on a round robin bases.

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Permalink Reply by Kathy Wegwert CDPE on April 10, 2011 at 3:39am

IS Citi going to KW on a national level or only specific regions/market centers?  I am a CDPE agent in Naples, FL and have not heard about this. I agree that banks cannot mandate a homeowner to go t a specific/broker/agent; however  the bank can help the homeowner with offering incentives to use a specific broker. That would be allowed.  Very interesting; have to watch to see how tis plays out. 

Melissa Polce said:

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.

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Permalink Reply by Natasha Pilgrim on April 10, 2011 at 3:39am

Victoria,

 

You raise an excellent point!  It was my understanding that the only advertising of agents would be in the mailings.  It would be my assumption that if a persons likeness or other information were to be used on a lender site that there would be a release that needed to be signed.  This would make it unlikely that the agent was unaware.  Also, based on the class the inclusion in the mailings will be done on a round robin basis. 

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Permalink Reply by Natasha Pilgrim on April 10, 2011 at 3:46am

Yes the partnership is being done on a national level.  If you are CDPE certified then you already meet the criteria for inclusion.  They are currently doing the short sale mastery tour, I am not familiar with FL but I just cheked and they have stops in Tampa and Orlando on 4/21 and 4/22.  I also noticed they will be in Boca Raton on 5/5. If you are a KW agent you should be able to register via the KW intranet.

Kathy Wegwert CDPE said:

IS Citi going to KW on a national level or only specific regions/market centers?  I am a CDPE agent in Naples, FL and have not heard about this. I agree that banks cannot mandate a homeowner to go t a specific/broker/agent; however  the bank can help the homeowner with offering incentives to use a specific broker. That would be allowed.  Very interesting; have to watch to see how tis plays out. 

Melissa Polce said:

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.

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Permalink Reply by Victoria Frieberg on April 10, 2011 at 3:56am

Wasn't it just a few years ago that NAR was fighting Banks getting into real estate?  As realtors fight perception issues as a whole, the perceptions alone could be costly.  Leaving aside RESPA..one thing we are taught from the beginning...in a dual agency situation...you have entered into dual agency when the buyer/seller perceives that you are working on their behalf.  Even though the agent is not technically working for the lender, they have had advertising, referral potentia, training and potential collusion...lender states that they will pay %...is that percieved  commission fixing, not allowed between brokers.  An agent could be percieved to set the cooperative compensation now dictated by the lender, what if the seller says they will pay 8%?  Love working the brain on a Sunday morning!

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