Replies to This Discussion

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on February 14, 2011 at 9:51am

Typically no, but, in certain circumstances all banks allow their employees to buy some distressed properties only if they have no connection to the Loss Mitigation or Foreclosure Depts.

 

Best of luck,

 

Thom Colby

Broker

Newport Beach CA

Permalink Reply by Suzanne McLaughlin on February 14, 2011 at 9:57am

Thanks, Thom.....that is very helpful.  And it makes sense.  You would think that they would want their own employees to be able to get the inventory off the books!

Permalink Reply by Melissa Polce on February 14, 2011 at 10:15am

NO, not that I have seen here...(NC) they have yet to allow one

Permalink Reply by Nancy Campbell on February 15, 2011 at 7:38am

It has to be brought up front at the beginning and the first thing to be approved. If an Wells Fargo employee does put an offer on the property, the third party authorization would need to be signed with an attachment to the position, supervisor and location included. I was not the one to have the employee, another from my office, and not sure what is becoming of that deal, she did this all two weeks ago.