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...

Tags: banks, melissa, polce, sales, short

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Permalink Reply by Michael Ackerman, CRS, SFR, on April 12, 2011 at 11:21am

@Paul,

Ahhhh yes... this move concerns me as well.

I've been in the San Francisco Real Estate Market personally for decades and licensed for 15 years. After that amount of time, you know who actually closes and who doesn't. It is a small community and even a smaller town. A "referral" mailed by any lender gives me grave concern. Perhaps it may be time to contact the negotiators we interact, the direct lenders we refer and anyone else who will listen to get our name out there ahead of those who just took a CDPE, SFR or any other seminar just 'yesterday.'

We reap what we sow and off to work I go. I'm thrilled this morning as I have a new negotiator on a second lien ready to put our file ahead of the queue. I best run to fax some documents off and go look at a few dozen properties. Broker's Tour; It's all in the leg work - literally - Realtor Aerobics! (Especially when just about every home in our town is on a hill or has a flight of stairs or two!)

All my best!!!

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Permalink Reply by Steve Trang on April 17, 2011 at 1:48pm

I cringe every time I hear standard and commissions.

Amy Merrill said:

M&T gives us homeowner name, phone #, contact. We don't get paid for the cma/bpo, it is provided to the lender as part of the process and to the homeowner if they are considering a short sale or they request it. We only get paid if & when a house closes. The agents who choose to work on short sales, paid for their own training, their is an additional webinar on their process & neither provide certifications. I took the additional trainings prior to this relationship due to the # of short sales I was encountering. I paid for those trainings myself. They don't reduce the commission. As a matter of fact, there is a minimum commission $x or the standard %, whichever is higher. I have started seeing this with other lenders as well.