Nationstar and Xome for Short Sales

Call your local MLS and see if this is a supported practice. In our state it is not. MLS will not allow advertising of 3rd party sites:

We negotiate and are educators in Massachusetts and New Hampshire but I would imagine this goes for all MLS platforms.

SERVICE
ANNOUNCEMENT
ATTENTION: ALL REAL ESTATE BOARDS, BROKERS, & SALESPERSONS

We would like to alert you to a serious conflict we have seen recently while negotiating short sales on behalf of our homeowners, agents & attorneys.

This practice involves an agent who has a short sale listing, and the negotiator is negotiating that listing with the lender “Mr. Cooper” (Formally known as “Nationstar”). Whereas Mr. Cooper IS NOW REQUIRING the agent to advertise their auction site, XOME, on MLS (even if already under contract with a buyer, and listed on the MLS).

If the agent has a property under agreement with both buyer and seller at the time of submission of the short sale packet to the lender, MLSPin has confirmed that it is not acceptable and against their rules to also advertise on a third party auction site (XOME / Auction.com / HUBZU.com). MLS has also confirmed that if Mr. Cooper tells the agent to end or withdraw the listing while it is under contract with a buyer and seller, that it would also be a violation of MLS rules, as an agent is required to report listings accurately when they go under agreement and sell.

The lender “Mr. Cooper” (formerly Nationstar) is inserting themselves between agents and their sellers, and sellers and their buyers.

We are alerting all real estate boards, their members, and Broker offices to this practice and asking they relay this to their members so they can avoid fines from MLS, as well as be aware this is happening. They may contact their local MLS to confirm this information.

Nick Aalerud, Managing Member, AA Premier Properties, LLC
Director of Education, Short Sale Mitigation, LLC

Continuing Education Instructor

Maryann Little, Director of Mitigation, Short Sale Mitigation, LLC

Continuing Education Instructor

Course Creators:

RE78R13 – Short Sales in Today’s Marketplace (MA)

E2053 – Opportunities in Short Sales (NH)

E2070 – Getting Short Sales Done (NH)

Replies

Smitty May 16, 2018 at 3:52am

Call your local MLS and see if this is a supported practice. In our state it is not. MLS will not allow advertising of 3rd party sites:

We negotiate and are educators in Massachusetts and New Hampshire but I would imagine this goes for all MLS platforms.

SERVICE
ANNOUNCEMENT
ATTENTION: ALL REAL ESTATE BOARDS, BROKERS, & SALESPERSONS

We would like to alert you to a serious conflict we have seen recently while negotiating short sales on behalf of our homeowners, agents & attorneys.

This practice involves an agent who has a short sale listing, and the negotiator is negotiating that listing with the lender “Mr. Cooper” (Formally known as “Nationstar”). Whereas Mr. Cooper IS NOW REQUIRING the agent to advertise their auction site, XOME, on MLS (even if already under contract with a buyer, and listed on the MLS).

If the agent has a property under agreement with both buyer and seller at the time of submission of the short sale packet to the lender, MLSPin has confirmed that it is not acceptable and against their rules to also advertise on a third party auction site (XOME / Auction.com / HUBZU.com). MLS has also confirmed that if Mr. Cooper tells the agent to end or withdraw the listing while it is under contract with a buyer and seller, that it would also be a violation of MLS rules, as an agent is required to report listings accurately when they go under agreement and sell.

The lender “Mr. Cooper” (formerly Nationstar) is inserting themselves between agents and their sellers, and sellers and their buyers.

We are alerting all real estate boards, their members, and Broker offices to this practice and asking they relay this to their members so they can avoid fines from MLS, as well as be aware this is happening. They may contact their local MLS to confirm this information.

Nick Aalerud, Managing Member, AA Premier Properties, LLC
Director of Education, Short Sale Mitigation, LLC

Continuing Education Instructor

Maryann Little, Director of Mitigation, Short Sale Mitigation, LLC

Continuing Education Instructor

Course Creators:

RE78R13 – Short Sales in Today’s Marketplace (MA)

E2053 – Opportunities in Short Sales (NH)

E2070 – Getting Short Sales Done (NH)
Fiel Barrow August 29, 2016 at 10:50am

Hi Kelly,

My only advice is to document each error and delay caused by Xome. Use those problems as your justification for having the property excluded for the auction platform. I had to do that with several listings when Nationstar first made adding properties to auction.com mandatory.

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