Every Realtors association should take this case to their state Attorney Generals and legislative lobbyists.
As a buyer. THANK YOU
done. everyone here needs to get involved. spread the word on your facebook pages too. Get this out to the world!
Same situation with the auction.com requirement on my listing (where I also have the buyer). See my post from a couple of weeks ago with phone numbers & contacts that may help some of you. I'm still fighting this and have not been given an opt out despite knowing another agent has gotten an opt out letter from nationstar. The opt out does exist! Keep fighting...and yes, NAR and your local/state boards need to know about this. Contact them - we can't sit back and wait for "someone" to do something. YOU are that someone. I am that someone. Here is the post:
If you professionals dont get together and help yourselves you will continue to get victimized
All it takes is one person to call or write a letter to legislators or your Attorney General to start something.
After 10 months of negotiating, sellers attorney wrote a letter requesting we be exempt from this new “procedure” and it was approved. We need to stop letting the banks give us the runaround and start fighting back harder! I am really getting over short sales........Hope this little piece of info helps.
Folks - Unless you have a written 3rd party authorization from the owner of the property, you should not talk with Auction.com or any entity for that matter. If Auction.com calls you about a particular listing / short sale simplt tell them you are not authorized to speak with them (if you are not). When they say Nationstar has engaged their services, tell them to go back to Nationstar because you are not authorized to speak with them.
If you do speak with them and you do not have the owners written authorization, isn't that a "problem" ?
Your argument will be the seller authorized the lender etc so the lender authorizes them.
Its your reverse third part authorization.
So the lender pressures the seller to give the additional authorization.
So Tom approach it as a buyers agent who has a valid contract and no agreement with the lender other than the SSA. How would you approach the situation as a buyer agent? Im a big believer in giving the buyers agent a limited 3rd party authorization to talk to the lender. But that aside theres little the BA can do. Youre being prohibited from representing the best interest of your client ethically. You need outside help they control the cards.
No, my argument is the owner never authorized anyone to speak with Auction.com . If Nationstar has a relationship with Auction.com, that's terrific for them. BUT, no Listing Agent or 3rd Party Negotiator can speak with anyone unless the owner has authorized it.
I respectfully disagree that any Buyer's agent should have a 3rd Party Authorization. For what purpose? The Listing Agent and/or the 3rd Party Short Sale Negotiator are the only people that shouls have that authorization. Why should a Buyer's Agent have the ability to speak for the Owner/Borrower?
An authorization to disclose is good for any party with the authorization. So if I authorize you and you need to disclose to do your job Im in effect allowing the disclosure.
For what purpose? Why not? A buyers agent has the duty to represent the buyers interest. How can you limit that right? A limited authorization to obtain updates etc harms no one and improves communication.
I can relate one incident of the title company sending the comps in not following up and the lender allegedly closed the file. The property could have been sold at auction and the buyer not even known. Another the comps have been at the lenders investor for a month and after a month the buyer was told the comps were unreadable. Please thats hardly true. The sellers agent has abdicated his duty to communicate and left it all to the title company the buyers agent powerless to get any info.
No one said anything about speaking for seller I dont know where youre getting that from as Im talking about authorization to obtain information on status etc. There is no logical reason not to make that limited authorization a practice. Lenders are more than happy to provide whatever info is requested as long as the disclosure is authorized.
agreed thom. if you do not have written authorization you should not be speaking with them. my authorization is good for nationstar and any of nationstar's associates, partners, assigns, blah blah blah so it generally covers it but truth is it should say auction.com specifically.
i would not give buyer's agent "limited" authorization to speak to short sale servicer. updates come through me. too much private info of seller at risk. and i definitely don't trust the servicer's reps to know the difference and comply. Their sole purpose is to get the most they can. it is an adversarial relationship. remember the lender owes my client NOTHING!
Why shouldn't the Buyer be able to know what is going on? And why should you, as the listing agent, be allowed to see my, the Buyer's private info, without my authorization?