Replies to This Discussion

Permalink Reply by Tara Nagelhout on February 4, 2012 at 9:40pm

Exactly. I love it when somebody else says what i was trying to say but does it so much better.

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Permalink Reply by Steven Gomez on April 14, 2012 at 10:14am

Whom you represent is the one of the most interesting facets of this discussion and it is at the heart of so many of the challenges we are facing in the mortgage crisis. If the idea of "fiduciary duty" could be grasped by the banks they might not have gotten into so much trouble. 

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Permalink Reply by Denise Hippert on February 1, 2012 at 2:31pm

I totally agree Rhonda!  Kind of like calling an electrician to repair a plumbing problem.

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Permalink Reply by Mike Linkenauger on February 1, 2012 at 12:15pm

The key with this program guys is that this agent got 66 Bank of America short sale listing assignments DIRECTLY through Bank of America (NOT Equator), all at the same time. 

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Permalink Reply by Rick Devine on February 4, 2012 at 8:43pm

It is since 99% of them were not in the home and had no working number or did not want anything to do with it. I have a team and in one day we made all the calls and in 3 we visited every house. We are set up to do high volume. That was why they sent them to me.

 

 

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Permalink Reply by Dawn Maloney on February 4, 2012 at 8:46pm

Rick, that is EXACTLY what happened here. However, Sherry seems to have a great system, and I for one will try again if possible. I think there are a ton of problems with the current program, but hopefully we can work out the kinks. We had to bail too. Plus DTS was not cooperative...I think they are working on that.

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Permalink Reply by Joanne Finochio on February 1, 2012 at 12:22pm

Handling Short Sales and REO inventory is very different.  Just handing over short sales to agents who are use to dealing with no seller are not familiar with the  compassion that is needed to deal with short sale sellers and the position they are in.

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Permalink Reply by Rose Mencia on February 1, 2012 at 12:22pm

how will he possibly support good work, customer service and the extensive follow-up required...... what a waste.... what a poor decision...... ouch!!!

 

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Permalink Reply by Rick Coco on February 1, 2012 at 12:24pm

Sending them to REO agents sounds scary to me. Most big REO agents that I deal with are arrogant, don't allow you to speak to them, have one to a few pictures, scant descriptions, and incorrect information in their listings. What are the banks thinking? These agents hurt our market by improperly pricing them and having no regard for how it affects neighborhoods, appraisals, etc., and we get stuck defending our regular sales for current value.

 

So, my question is, how do we inform these lenders of this, and how do we participate in these listings, where we would market them and take care of these sellers as the clients that they actually are?

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Permalink Reply by Patti Guilford on February 1, 2012 at 12:26pm

When you have a new B of A short, initiate it in E and then call to request a 'no doc' short sale.

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Permalink Reply by Dawn Maloney on February 1, 2012 at 12:28pm

Not sure if it was the same thing you were talking about, I was in a program through BOA/DTS and opted out. They want us to dig up the MIA homeowners, with no guarantee of the listing, and nearly all the homes were in utterly awful shape. The ones where the homeowners were available...the homeowner was working on a loan modification, and they were extremely unhappy about being contacted for a short sale! Add the 6% commission even on a $7500 listing...not even a positive choice. We checked, there is no minimum commission, such as on a HUD home.

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Permalink Reply by Brian Curtis on February 1, 2012 at 12:31pm

Does anyone know how to get on the "list" to get direct assignments?

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