Replies to This Discussion

Permalink Reply by Smitty on July 7, 2011 at 1:10am

I haven't heard of this, but boy it would be great right?  I don't think it's up to the agents though, it's up to the seller.  Also, what liability does that bank face by giving out personal contact info with "these people are in default"?

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Permalink Reply by Jeff Payne on July 7, 2011 at 2:16am

Mary Ann, as a Keller Williams Agent you can sign up for Citi Mortgage short sales at the KW site.  Citi will recommend several agents but wont require the seller to use one if they do not want to.  You have to have closed short sales (cant remember the number) , have a certification or have attended short sale mastery with KW. 

To answer Smitty, the banks are not forcing the sellers to use the agents so I dont really see any liability.  BofA and Citi have been doing this for quite some time with Re/Max.  There is no personal contact given out, there is a letter sent to the homeowner telling them of their options and if they choose to short sale, there is a list of potential short sale agents for them but they do not have to use them.

I was on a conference call with Citi VP's a few weeks ago and Citi is trying to be very proactive, especially with their portfolio loans, look for them to follow Chase in offering large $$$$ for sellers to co operate with a short sale.

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Permalink Reply by Smitty on July 7, 2011 at 10:19am

Jeff, I completely misinterpreted the question.  Giving out agent names and number would be perfectly fine in my eyes.  For some reason I read it wrong thinking an agent was trying to get the names of defaulting homeowners through the lenders. 

 

That's a great resource.  Thanks for the info Jeff.

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Permalink Reply by Jeff Payne on July 7, 2011 at 10:29am

Citi is really trying to be proactive, wish they had a larger presense here in Panama City.  I too have no issue with banks giving agents names out, it goes to show that the banks need us and they know it

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Permalink Reply by MaryAnn Dempsey on July 7, 2011 at 2:10pm

Thanks Jeff.  I have already done that in the past.

Jeff Payne said:

Mary Ann, as a Keller Williams Agent you can sign up for Citi Mortgage short sales at the KW site.  Citi will recommend several agents but wont require the seller to use one if they do not want to.  You have to have closed short sales (cant remember the number) , have a certification or have attended short sale mastery with KW. 

To answer Smitty, the banks are not forcing the sellers to use the agents so I dont really see any liability.  BofA and Citi have been doing this for quite some time with Re/Max.  There is no personal contact given out, there is a letter sent to the homeowner telling them of their options and if they choose to short sale, there is a list of potential short sale agents for them but they do not have to use them.

I was on a conference call with Citi VP's a few weeks ago and Citi is trying to be very proactive, especially with their portfolio loans, look for them to follow Chase in offering large $$$$ for sellers to co operate with a short sale.

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Permalink Reply by Jeff Payne on July 8, 2011 at 2:29am

Mary Ann, Are you going to Mega Camp?  I know that Citi will be there and most likely several other large lenders that I wont mention yet.  Citi helped us put on the short sale mastery tour and they were very impressed with the turn out and the caliber of the agents that attended and they want to form a strong alliance with agents.

We will be having our short sale mastermind group meeting at mega camp to talk to some other banks too,

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Permalink Reply by Eric Mieles on July 10, 2011 at 7:35am

Jeff,

 

I just read Citi has now uped there incentive to sellers to $11,000. It seemed they were at $3,000 then $5,000 now $11,000.

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Permalink Reply by Jeff Payne on July 10, 2011 at 9:48am

We discussed it with them a few weeks ago and there were alot of numbers flying around, they really talked 5K but it would not surprise me if they go to 11K to get these done

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