Thom Colby CA Brkr 888-391-5245
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Thom Colby CA Brkr 888-391-5245's Discussions

Commisssion Reduction Requests

Started this discussion. Last reply by Tara Samney May 2, 2013. 10 Replies

General Questions; Since 2006 when Short Sales the norm;1) Have you been asked / told to cut your commission?2) Did you agree to do it?3) How much income do you estimate you have been denied / lost…Continue

Nationstar / Auction.com

Started this discussion. Last reply by Brian Avery Dec 20, 2013. 347 Replies

What's your story?  Is your client being forced into Auction.com?Continue

Tags: Nationstar, REDC, Auction.com

Do you record telephone calls with Servicers / Lenders ?

Started this discussion. Last reply by Thom Colby CA Brkr 888-391-5245 Feb 4, 2013. 11 Replies

For quite some time now I selectively recording telephone conversations with Servicers / Lenders.  In CA, we must notify of recording.  I notify in writing directly on the 3rd Party Authorization so…Continue

 

Thom Colby CA Brkr 888-391-5245's Page

Latest Activity

Thom Colby CA Brkr 888-391-5245 commented on Wendy Rulnick's group Wells Fargo Short Sales
"At the end of the day, as I've said before, she is an equal owner and a 100% borrower.  At some point you must have all got along because she agreed to be a borrower and sign on the loan.  It doesn't sound like she was a…"
Jun 30
Thom Colby CA Brkr 888-391-5245 commented on Wendy Rulnick's group Wells Fargo Short Sales
"Jenny,  Since your mom is also a borrower on the loan, she is 100% responsible for repayment just as your husband is 100% responsible for repayment.  I would strongly suggest you do whatever you can to move this forward WITH your mom.…"
Jun 28
Thom Colby CA Brkr 888-391-5245 commented on Wendy Rulnick's group Wells Fargo Short Sales
"Jenny, also check with your Broker, as your E&O may not cover a non-arms-length short sale."
Jun 27
Thom Colby CA Brkr 888-391-5245 commented on Wendy Rulnick's group Wells Fargo Short Sales
"Elizabeth - I can't remember but can Jenny represent her husband / her mother on this sale?  If she can, will she be allowed to collect a commission?"
Jun 27
Thom Colby CA Brkr 888-391-5245 commented on Wendy Rulnick's group Wells Fargo Short Sales
"I've only had ONE out of hundreds of short sales I've completed where one person would not participate.  The wife was so angry she filed BK, divorced him and moved out of state which forced the husband to file BK.  The guy…"
Jun 26
Thom Colby CA Brkr 888-391-5245 commented on Wendy Rulnick's group Wells Fargo Short Sales
"The co-borrower is equally 100% responsible for repayment of the loan as well as responsible to participate in the short sale process.  If they do not participate, there likely will be no short sale."
Jun 26
Thom Colby CA Brkr 888-391-5245 commented on Mayra Espinosa CDPE, HAFA, SFR's group SPS Select Portfolio Servicing, inc
"That used to be a practice here in CA but was ruled to not be allowed as it is truly "extra commission".  If it were me, I would drop the Broker Fee and be thankful they are allowing you to receive both sides of the commission."
May 9
Thom Colby CA Brkr 888-391-5245 commented on Mayra Espinosa CDPE, HAFA, SFR's group SPS Select Portfolio Servicing, inc
"Kimberly S. Ruley - what EXACTLY is the "Broker Fee" for?"
May 9
Myrtis Brown liked Thom Colby CA Brkr 888-391-5245's group Auction.com / REDC
Feb 23
Thom Colby CA Brkr 888-391-5245 replied to Erinn Frisbie's discussion Pay off 1st in full and short 2nd and 3rd? in the group Bank of America Short Sales
"Since the 3rd is so large is it an SBA loan?"
Jan 23
Thom Colby CA Brkr 888-391-5245 replied to Erinn Frisbie's discussion Pay off 1st in full and short 2nd and 3rd? in the group Bank of America Short Sales
"Good luck with PHH.  It took me almost 2 years and 4 buyers to get a deal closed with them - they are extremely difficult to work with.  That said, you cannot short the 1st if the proceeds would cover what they are owed (balance plus…"
Jan 23
ANA BOHABOT liked Thom Colby CA Brkr 888-391-5245's discussion Is your Seller being forced to use Auction.com / REDC ?
Dec 26, 2016
ANA BOHABOT joined Thom Colby CA Brkr 888-391-5245's group
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Auction.com / REDC

Auction.com aka REDC, aka Red Crown Realty, aka Lender Must Sell, aka Lender Liquidation, and a new one  - SOLD.comSee More
Dec 26, 2016
Thom Colby CA Brkr 888-391-5245 commented on Wendy Rulnick's group PHH Mortgage Solutions
Apr 12, 2016
Thom Colby CA Brkr 888-391-5245 replied to Shelby Hale's discussion No Imminent Default?? in the group Citi Bank
"I'm interested to hear what other Brokers has to say on this topic.  The fact the owner bought in a less than desirable area at teh top of the market, can afford to make the payments and has no finacial hardship is certainly not a reason…"
Apr 11, 2016
Thom Colby CA Brkr 888-391-5245 replied to Merilee Iverson's discussion Chase shows account closed and zero balance after client completed BK but won't release lien in the group Chase
"Agree they cannot force Chase to release lien, (never said they would) but they can put pressure on them.  I had a similar once recently, made a CFPB complaint and got a call from Chase within 48 hours of the complaint being filed.  Just…"
Apr 4, 2016

Profile Information

First Name
Thom
Last Name
Colby ([email protected])
Are you a...
Agent
State
CA
City
Newport Beach CA
My Profile
I am a California RE Broker working throughout Southern CA. A significant portion of my business for the past 9+ years has been Short Sales. I am both a Listing Broker and 3rd Party Negotiator for various Brokers and Agents. CA-BRE #01398570

Comment Wall (7 comments)

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At 9:48am on August 15, 2014, Linda C. Babbitt said…

 Hi Tom,

Thanks for the validation.  These people need to be stopped!

At 8:45am on July 26, 2013, Michael Hayley said…

Thom: thank you for the Freddie Mac BPO form. Wow. What a time saver. Thank you. 

At 6:50pm on April 5, 2013, Barbara Thomas said…

I saw comments at the Auction.com group -- apparently I have to be "approved" by an administrator to comment there, so I'll comment here instead.

I have my 3rd "Auction.com" auction event happening this weekend.  The 1st 2 were associated with Coop short sales through Bank of America. Mixed results there so far.  I'll save those comments for the BofA lender group.  At least BofA provides this as an option to the homeowner with a financial incentive for participation and successful closing of the short sale.

The most-recent one is a Nationstar short sale.  We had a Seller-accepted offer at the end of January, and then sometime later in February, the Seller and I both received a letter stating that Nationstar had engaged with Auction.com to market and sell this property, and they hoped we would take advantage.  We said "No, thank you", and then we were later told that this was not "optional", but a required part of the short sale process.  When I asked if the homeowner would be offered an incentive to participate -- similar to Bank of America -- I received a rather rude response:  "Short sale is a gift to the borrower so we will not offer an incentive....."

In my opinion, "Auction.com" is very much oriented toward REO properties.  Short sales -- especially when they are still occupied -- do not fit quite so well into their model.  For example, the current Nationstar is for a tenant-occupied duplex.  We were supposed to hold an open house from 11 am to 4 pm both Saturday and Sunday the weekend before the auction event.  Really??

Another observation is that Auction.com has marketed all 3 of the properties so far as "Non-financeable - cash-only".  This has conflicted directly with my MLS comments which also suggested that conventional or rehab financing might work.  And it also strikes me that this moves these short sale properties back into the world of low-balling investors that the banks say they have been trying to avoid because they want "fair market value".

I will just conclude by saying that, so far, I am underwhelmed.

At 12:52pm on January 24, 2013, Duretta Lorang said…

awesome and thank you.   this is a very conscientious homeowner.  serious illness of wife, no insurance for husband and home underwater.  tried to sell a couple of years ago, but no luck and prices only worse.  however, here is my major concern....90,000 in bank and income is good.   They just have reached an age where he can't take care of the property anymore and she has a very bad disease and needs surgery.  He does also and no insurance.   With proper documentation, could this work, Thom?  thank you.

At 9:15am on January 11, 2012, Edward Romero said…

Thom,

Do you work Irvine? I am looking to refer a Buyer for the Irvine area, looking for a short sale. Please advise.

Thanks,

Ed Romero

At 5:08pm on January 8, 2012, Smitty said…

Hey Thom!  You have excellent insight.  I know sometimes we are on opposite sides of the pole, but I have great respect for you.

At 1:07pm on December 21, 2010, Joe B. Bragado, Jr said…

Thom, thank you very much for the information on the BofA counter Offer.

 
 
 

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