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.
say what?? what URL did they give you to upload your offer? good grief. another twist every day. is this HAFA? a GSE?
This sounds just like Nationstar and Auction.com . Now that Ocwen has purchased all of the IndyMac / OWB MSRs, I expect all of the OWB short sales will go tthe same way.
If you have a signed contract between seller and buyer, Ocwen is interfering with that contract. They have to decline your short sale offer in order to entertain other offers.
Well, I have in my listing contract now on short sales that once a contract is accepted that the agent shall discontinue marketing the property. Some will disagree with that approach, but that is how I handle these tactics. Of course, I suppose OCWEN can say if you don't we will decline the file.
this was a HAFA file but who knows now??
that's what I thought too Thom. doesn't seem to be legal as there is a fully executed contract in place and the homeowner has agreed to the terms. I will update this after I speak with the department on Monday. They close at 5 pm EST so I wasn't able to get any more information today.
You need to know the following;
1. Type of loan
2. Investor name
3. Is this a REO? This could be the reason why they are asking to do such a thing otherwise there is a conflict of interest. Could you get us the webpage to consider pls?
I just today received this email from OCWEN:
"In order to increase fairness and transparency in the traditional short sale process, Ocwen has developed the Assisted Short Sale Program. Ocwen has contracted with Altisource to perform a full title search, and where permitted*, negotiate all junior liens. The program will place the property on the Hubzu® real estate marketplace and manage all offers to facilitate approval for closing. These services help to ensure that the sale of the property located at ************************** adheres to all government regulations, is prepared for a timely closing, and best serves borrowers and investors.
To begin the program, three forms must be signed and returned to Altisource:
1) The Third Party Authorization Form signed by the seller
2) The Lien Negotiation Authorization Form signed by the seller
3) The Short Sale Agreement for Broker Services signed by the listing agent"
More or less, the Listing Broker ends only getting 2.5 % with this company getting a 1.5 % fee, and the Buyer's agent only getting 2 %. I have yet to begin the process, but will try to keep everyone updated. I am going to talk to my attorney, but I do not think Ocwen can legally do this.........
Sounds like the Nation Star - Auction.com fiasco all over again. On those we simple cited our listing contract was an exclusive right to sell. My opinion is Ocwen can not interfering with that relationship. I would talk to your to you legal counsel, your State Assn of Realtors legal as well as NAR.
But we all need to realize is that, like driving in the United States, Short Sale is NOT a right, it is a privilege offered by the bank on a case by case basis, in which they never are OBLIGATED to go through with or complete.
I was notified the same this week on a SS w/Ocwen and wondering the same on whether this is legal. On the surface, is appears that this new program dictates the agent fees and cuts out the existing short sale processor. Sounds like another way for the bank to get squeeze more money out the the process.
What is even worse is that I am in IL, and the Broker Agreement sent by Ocwen aka AltiSource is signed by a GA agent, who legally can not be paid on the HUD.
OK, that counts me out of any OCWEN short sales. I have zero desire to beat my head against the wall and no desire to jump through there hoops. If they want to make sure they are getting market value for the property, ORDER A FREAKING APPRAISAL! Stop thinking that every short sale is a scam and start doing your due diligence OCWEN!
Like the listing I showed today. Listing says Bank Owned. Checked with the County Recorder and nope it is not. It is still owned by the homeowner. Was assigned from HSBC to Ocwen. Was assigned for foreclosure to Boyd Law firm 4/26/12; was release from MERS 4/30/12. Whooops, did we get things out of order? Then reassigned to Boyd Law firm in Sept 2012. No trustee sales scheduled. No Trustee Deed recorded. Yet is is listed as Bank Owned and to submit offers to Hubzu.com. Something really wrong here! Is this a short sale in disguise or what?