Short Sale Companies Sign Up: Show Me The Money

When the REOs started hitting the market 2 years ago, the supply on the listing side was overwhelming REOs. This caused agents being solicited by companies offering the secret road to obtain REO. Not only that but some REO companies also saw an opportunity to have extra revenue to their bottom line by charging a fee to be in their list. Now that the lenders are realizing that the best way to maximize their profits is short sale, the REO inventory has decreased. And believe it or not, due to increase in short sale supply, there are already companies charging a fee in exchange for short sale business. Do you think it is worth?

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Comment by Karen Mathers on November 13, 2009 at 6:12am
If it is a bank owned property then the bank can choose who to give their listings to. A short sale is not a bank owned property. I would think they could get into trouble by directing their distressed homeowners to certain agents. I am seeing loan modification companies trying to get a referral fee for sending short sale prospects to agents. In Florida we are only able to pay a referral to licensed real estate brokerages. I am sure some agents might be paying for any referrals but I think this can come back to haunt them later.
Comment by Elaine Edwards on November 9, 2009 at 7:04pm
Yes banks should hire short sale realtors this would help slow down the number of foreclosures might level the playing field REO companies are assigning multiple listing to very few agents here in Kingman Arizona the agents are overloaded do not answer their phones, do not submit offers in a timely manner, causing much frustration, Agents now have another opportunity to survive in this market. Everyone is in need of Revenue, Realtors, Lenders, Sellers.. Short Sale agents are a special breed, educated....designed to handle the process. I have been sending letters to lenders across the states asking them to streamline this process and make shortsalesuperstar realtors part of this process. The lender that starts this process stands to gain financially as well as the sellers and agents....Win Win situation for everyone!!! The Foreclosure process is an extreme drain on our economy!!!


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