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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The short sale certification courses as well as the BPO courses are a joke for the most part. Just another way for companies to make money off realtors. Once you figure out how a bank wants you to submit a short sale package and they actually acknowledge the package is in their system and assign a negotiator the rest is a matter of communication between you and the negotiator. The BPO course I took was $400 bucks after my "special" discount and it was a joke. Same for some of the short sale training. Numbers backing up the offer, listing history, etc. and an analysis on whehter it makes more money for the bank vs. foreclosure and its still up to the bank's negotiator and the investors on what they want to do. Now the MI companies are having the final say and that is another posting in itself.
Equator BPO's are a joke since after doing it I was unable to submit the work, found a workaround and they rejected it because it had to be submitted their way. Their way did not work with my computer despite the fact that I submit my short sale packages to Equator without a problem yet it was "my" problem and not Equator nor the asset company. Asset company admited that Equator had a lot of issues but insisted that despite the fact that I had emailed everything via equator that it was not enough! The whole thing was a total waste of time, gas and computer time.
In my state they are scarying realtors into using attorneys so we don't get sued. So instead we use attorney's that have to learn the short sale process just like we do. They are great for delaying the foreclosure but they have to deal with the same negotiators that we do. I was told at the BOA workshop that negotiators hate 3rd party negotiators and I wonder if they consider attorneys a 3rd party negotiator which makes me wonder if I am better off working the deals directly myself like I have in the past. No matter how many disclosures we have homeowners sign wether from attorney's or our association or our own company attorney's nothing will stop a homeowner that thinks suing is a way to get some money from some one.
I'm a Keller Williams agent and just sat through the "mastery" class that they require and got a little more details.
The Citi and KW connection is being overblown when it comes to short sales. Citi already has an agreement in place with ReMax and is simply adding KW to its list. Basically, when a home owner falls behind Citi will send a letter to the home owner suggesting short sales with either 2 ReMax agents and 1 KW agent; or 1 ReMax and 2 KW agents.
Based on the Citi representative, there will be no way for the individual agent to know when his/her name has been suggested to a client due to privacy issues. It was over-sold by KW in its marketing for the class.
Brian Avery said:
the Keller Williams / Citi is happening. Keller is requiring the participating agents to go through some type of training. I do not see this being much different than REO shops.
Lenders have no right to direct a borrower to use a specific vendor of any product or service including real estate brokers or agents. The choice is the homeowner's alone. Until the contract for the mortgage note and / or deed of trust includes such langquage that in the event of default the borrower must utilize the services of a vendor named by the lender then the lender has no say in the matter. It is the homeowner's real property to do with as the homeowner enjoys. The lender has no obligation to approve a short sale and has no right to direct a pre-approved short sale to any broker or agent. In the event that lenders attempt to utilize thistypeof strategy, I would think the litigation potential would be enormous.
That is great to know...I am going on the 20th with my partner to the class...we are skeptical...quite honestly, I dont even share this website with anyone around our market center, because it allows us to do our job better...so even though we will be on the list and Citi site as well...I agree with the litigation potential...we take each short sale so serious that we make sure every base is covered...not every person allowed on that site will know the ins and outs of a Citi Short...and I fear for the screw-ups...quite honestly, I would rather Citi get hooked up with Equator...and have an Equator preferred agent site...mmm-maybe a good idea...thanks for sharing!!!
Toby Boyce said:
I'm a Keller Williams agent and just sat through the "mastery" class that they require and got a little more details.
The Citi and KW connection is being overblown when it comes to short sales. Citi already has an agreement in place with ReMax and is simply adding KW to its list. Basically, when a home owner falls behind Citi will send a letter to the home owner suggesting short sales with either 2 ReMax agents and 1 KW agent; or 1 ReMax and 2 KW agents.
Based on the Citi representative, there will be no way for the individual agent to know when his/her name has been suggested to a client due to privacy issues. It was over-sold by KW in its marketing for the class.
Brian Avery said:
the Keller Williams / Citi is happening. Keller is requiring the participating agents to go through some type of training. I do not see this being much different than REO shops.
I just completed the KW Mastery Tour. This is happening Citi has partnered with both KW and Remax. A letter goes out to borrower with 3 agents names from KW and Remax. The borrow can call either or all the agents names on list and pick what ever agent the want to do the short sale. They do not have to use KW or Remax they can use another agent if they wish. The agent is not given the borrowers contact information its up to the borrow to contact you. Citi is just giving the borrowers as much information as they can to reach out with hopes that the home owner will be proactive and avoid letting the home go into foreclosure. You have to complete the KW Mastery Tour and submit 5 short sale listings you have closed in past year to be on the list. I think the lenders are just getting all this is place and will be tweaking the process and my guess is all the big banks will be doing this. They are trying to spread things out and its not going to be like it was with the REOs,they said they your name will only be sent out in your area on a round robin bases.
I agree Bryan...if one dope gets the listing and the home forecloses, now you have an agent and the bank that led you to that seller and you know they will want someone held responsible...I liked it much better when good ol' fashioned experience stood out more, but banks are going to want to get more cross-over product business..and I think this tactic will help??
Bryant Tutas said:
Melissa. My thoughts are that the lander does not own the property and cannot force a seller to use a specific broker. Now they may very well offer some incentives to a seller for using one of the select brokers BUT if they don;t do their jobs the sellers will still be hesitant to use them. Having said that I have no doubt in mind that the lenders will try to control this process.
Victoria,
You raise an excellent point! It was my understanding that the only advertising of agents would be in the mailings. It would be my assumption that if a persons likeness or other information were to be used on a lender site that there would be a release that needed to be signed. This would make it unlikely that the agent was unaware. Also, based on the class the inclusion in the mailings will be done on a round robin basis.
IS Citi going to KW on a national level or only specific regions/market centers? I am a CDPE agent in Naples, FL and have not heard about this. I agree that banks cannot mandate a homeowner to go t a specific/broker/agent; however the bank can help the homeowner with offering incentives to use a specific broker. That would be allowed. Very interesting; have to watch to see how tis plays out.
Melissa Polce said:I agree Bryan...if one dope gets the listing and the home forecloses, now you have an agent and the bank that led you to that seller and you know they will want someone held responsible...I liked it much better when good ol' fashioned experience stood out more, but banks are going to want to get more cross-over product business..and I think this tactic will help??
Bryant Tutas said:
Melissa. My thoughts are that the lander does not own the property and cannot force a seller to use a specific broker. Now they may very well offer some incentives to a seller for using one of the select brokers BUT if they don;t do their jobs the sellers will still be hesitant to use them. Having said that I have no doubt in mind that the lenders will try to control this process.
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