I had a short sale in progress with Ocwen and was just told that they want me to list my offer on their website and if no one offers a higher number then they will work with my buyer but if someone does offer more they will work with that buyer.... is this even legal??? has anyone else had a similar experience? any advice would be appreciated.
Dean, that is the problem, HUBZU is designed to daze and confuse. Like I said, I will pass on any HUBZU short sales
Offer was verbally approved by OCWEN on one of our short sales...expecting written approval by THIS Friday. Just got off the phone with OCWEN and Altisource...OCWEN has now rejected the short sale and we have to work with Altisource for the short sale and list the property on HUBZU where all the offers on the property will be submitted....they said they will be negotiating the entire short sale. I asked what they needed the listing agent for then...their reply, was to put the property in MLS. I am so sick of all of these changes at the drop of a hat! AHHHHHHHHHH!!!!!!
Altisource owns hubzu.com and is also in the process of acquiring Equator. Looks like we haven't seen the last of them. Very curious to continue to hear others' feedback on this headache.
Corinn, I can say I have seen the last of them because I simply wont work a file that is required to go on dumbzu.
I agree!! I will not go there. Enlist NAR, CFPB, AG or your State, State Assoc of Realtors. Your listing contract is with the seller not Altisource, Ocwaqueen. Ocwaqueen role is to review and approve not to insert itself in the listing contract. Nip this in the bud just like Nationstar - Auction.com
Just need language from your Association legal to protect the seller - agent relationship in the listing agreement and to limit marketing once/ backup contracts once an offer is accepted by the seller and buyer.
If Ocwaqueen's sole reason for declining the short sale is not promoting on their web site and using their Altisource negotiator, is this arbitrary, and self serving, lacking arms length resulting in harm to the seller of the property -- extended deadline, dealing with foreclosure extension dates, additional interest, late charges, fees etc -- that will ultimately result in a higher net requirement to be met.
What say you!!
I would love to see some lawsuits come out of this by sellers who had a contract, were forced to use DUMBZOO and then lost their buyer due to the silly process on DUMBZOO. Why OCWEN thinks this is a good process is beyond me. I just looked at a short sale on HUBZU that had one picture and it was a google maps picture. That is great service.
Too bad OCWEN,you were just starting to get it too.
I am thinking that every realtor needs to fill up OCWEN CEOs email box every hour of every day letting them know that HUBZU, Altisource and their network of brokers SUCK
Be glad too. Do we have an email address!!
Just what makes them think they know the market better than the local realtor!!
Jeff, I was blindsided yesterday by Ocwen. I've been working this short sale since March (lost the first buyer and started over) and was just emailed yesterday by Altisource, and Hubzu that they are basically taking over the deal. I was told by Ocwen one week ago we were in the final stages, "go ahead and offer xxx to the second trust lender, we have everything we need and you should have your formal letter within a week".
I'm torqued off for all the obvious reason -my time wasted and a buyer that has waited for a couple of months only to be told they have to go online and now bid for the property but also because I paid for a formal appraisal of the property and SO DID Ocwen. Ocwen has stated THEY AGREE WITH THE VALUE on the contract. Bottom line, they have in hand an offer that they know for a fact is at market value. I can't grasp why they would delay the entire process and start again with an online bid.
I would not intentionally work anything on HUBZU but it appears Ocwen is going to let us work these deals to completion and THEN snatch them out from under us at the last minute. I plan to email NAR and cc Ron Faris and Katie Brewer (thanks to Nolberto's supplied contacts) but I doubt I'm going to get anywhere. I may try to cc the attorney general in Virginia also, but I'm probably continuing to work for nothing.
I am curious how hard Altisource works with my clients second trust lender to get a release of the debt as well as the lien. This is another issue that upsets me. I work hard on these deals to make sure my clients are not going to be pursued after the deal is done and I seriously doubt Altisource gives a damn about my client liability in the future.
Diane, I feel your pain and empathize with the hard work & dedication we put into our short sales. I happen to be one of those people that actually does fax (politicians) and send emails to let my voice be heard. To be truthful, it's always a lot easier to do so when the content & fax #s are provided...
that said, I am wondering if we put together a draft letter (to be personalized by each Realtor), provide the fax #s, do you think we can flood the CEOs office, our respective AG offices, media? --
If we Realtors only protest on forums like this - there will be no change. What Ocwen is doing here is wrong, probably illegal, on so many levels....
Anybody else interested in orchestrating some "noise" e.g. voicing our objections, etc?
If yes, email me. You've heard this before, right?
There was an important job to be done and Everybody was sure that Somebody would do it.
Anybody could have done it, but Nobody did it.
Somebody got angry about that because it was Everybody's job.
Everybody thought that Anybody could do it, but Nobody realized that Everybody wouldn't do it.
It ended up that Everybody blamed Somebody when Nobody did what Anybody could have done