Hi, Is anyone aware of banks selecting agents to list short sales for their "borrowers" and then giving giving them a lockbox?
I'm showing a Bank of America short sale today, and I needed to call for a code. The agent explained it was the Bank's lockbox they wanted used and gave me the code. I said I was confused, was it a REO? He said no, the banks sometimes give listings to agents to short sale for their "borrowers".
Has anyone seen this? I can understand they recommend agent to them, perhaps off Equator. I don't understand why they would be using their box though. Is the agent then representing the Bank's interests?
Thanks!
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Hi, I don't know all the details about when the banks give the listings to the agents-but I do know that if the house is vacant often times the bank will do Property Preservation-winterizing and securing the property against vandals and that usually involves changing the locks-so I'm thinking that may be what is going on.
Hi Selina, yes I've had that happen. That is a property preservation company. He said the bank told him to list it and use their lockbox. You are right, maybe he is using a preservation company box and they gave him the code. Weird, I just didn't know they solicited the agents for the borrowers in some cases.
Yeah, it seems to be a new thing-I know Bank of America was doing that to some extent.
Thanks Selinda. I think the lockbox may have been put there by whoever winterized it. The agent said it's not uncommon for them to give them directly to the agents. I guess I've missed this.
Perhaps a realtor within the area can help you find the listings that you need. They had the valuable connections. My realtors helped me when I seek for housing list..
I don't fully understand it either- but apparently it is something Fannie Mae is doing through Bank of America, referring the short sale directly to an agent.
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