Hearing through the RE Grape Vine, these are coming...we were sent a review from Citi in conjunction with Keller Williams that they were partnering on Short Sale/delinquent homeowners...heard also BofA is partnering with Re/Max....
What has everyone else heard? What are your thoughts? I prefer BofA shorts...I dont want to compete with Re/Max agents just because of a partnering...I have a short now witha Re/Max agent...its now on month 6....I would guess they would not want that agent...
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I have also wondered and heard whisperings. I have had several conversations with attorneys and in a nutshell, the lenders would be violating the privacy act if they gave a debtor's info to an agent. They also would be openinng themselves up to all kinds of liability if they suggested an agent and the deal went sideways. I have personally negotiated and brought to closing over 90 short sales since the fall of 2007 and believe that would be dangerous. At this point in time, debtor's should do their due diligence and make sure they are using an agent with a deep understanding and vast experience in short sales. The short sale ship has sailed and you either have the experience or not. Inexperienced agents should be referring the deal out. No offense.
I am sure it is down the pike, for many reasons. I don't believe it is a good thing at all, that being my first reason it will fly. Second, it is more control on their part, to partner with those who don't know a thing, then they can deny even more of them, third, it will work in their favor.
OK, that all sounds very jaded. My guess would be that any truly successful short sale agents will not be on their list.
The issue is, however, the house does not yet belong to them, they aren't entering into a listing contract, and they would have to provide more than one agent, brokerage, etc.
What next?
I disagree with the statement "Second, it is more control on their part, to partner with those who don't know a thing, then they can deny even more of them."
In my experience, I am seeing the lenders/servicers begging to get the job done. The approvals are getting easier every day. They are begging the homeowner to list and short sale their home. I am closing 7 transactions this month and all of the short sales were a breaze. I am not experiencing any pushback from the debtor's lenders. Once they see my package, they feel they can make a swift decision. Suntrust is the only one who still has a "sense of urgency," issue.
The privacy act will prevent agents from receiving leads from the lender. Making a list of "preferred," agents will create a dangerous "partnership," and the debtor's attorneys will be all over this.
What I am seeing is the lender strongly suggesting the debtor seek out an experienced short sale agent in their local market.
BOA has been having a serious of workshops in my area to help us get better results on our short sales. It's typical corporate propaganda and after the 1st one I don't want to drink the cool-aid (don't want to infringe on copyright sp wrong on purpose). The banks idea of stream lining the process is to agree with them on their reasons as servicers for the denials that they give us based on their internal process. The difference they claim between hardship and "inconvenience" is very interesting. The process is getting better on submission of paperwork but since we are rarely able to discuss with the negotiator the deal its even more difficult to get them to agree.
More and more of short sale listings are asking for "preferred lender" approval. Do you know of any agent that is working with a buyer that has not been pre-approved by a lender before they even show them a house? This is just another way for the banks to try to lure the buyer to an inhouse lender so they can continue making money off the house. The greed continues just in another form.
They get bailed out, they are making money, they took risks like everyone else but they continue to find ways to get more money from everyone while still cutting our commissions despite the fact that we are the ones that find the buyers for them to get rid of their bad performing asset with more money instead of going into foreclosure. Banks never lose...only the homeowner and real estate professions by spending time and money helping them get rid of their bad performing inventory.
I don't see this happening for liability reasons although I'm sure the waters will be tested and some deal will be cut.
Tom
PS - I've completed well over 100 short sales and some take longer than others. This is not a brand-specific issue.
M&T gives us homeowner name, phone #, contact. We don't get paid for the cma/bpo, it is provided to the lender as part of the process and to the homeowner if they are considering a short sale or they request it. We only get paid if & when a house closes. The agents who choose to work on short sales, paid for their own training, their is an additional webinar on their process & neither provide certifications. I took the additional trainings prior to this relationship due to the # of short sales I was encountering. I paid for those trainings myself. They don't reduce the commission. As a matter of fact, there is a minimum commission $x or the standard %, whichever is higher. I have started seeing this with other lenders as well.
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