WILL WACHOVIA (or any other lender) HAVE PREFFERED SHORT SALE AGENTS??????? TRUE OR FALSE?~

**(BY THE WAY, FYI ONLY, THERE IS A NEW GROUP RECENTLY OPENED CALLED "WACHOVIA" SO EVERYONE CAN STOP TALKING ABOUT WACHOVIA IN THE WELLS FARGO GROUP~)

 

**With all these short sale incentives ( I beleive they will/MUST get better later), it makes me nervous that lenders will start picking and choosing their real estate agents (like REO's) to refer these borrowers who are in default to.MONOPOLY? I went broke last time I played REO Monopoly~

Anyways, I can see that coming. Monday, I spoke to a short sale manager at Wachovia here in Southern California. I asked her " What will be your procedure with this new HAFA program (cause I beleive it will be the lender that requests/SUGGESTS that the borrower do a short sale,but thats just my opinion) do I need to do to get on your list of prefferred agents?" for short sales? If you in fact have one.
She said~ We will be referring to these borrowers in default, 3 agents (in the area of the borrowers home) from 3 different offices. Once you have closed a short sale with us, you are automatically on this list. This is as a LISTING AGENT only in the transaction, and on Wachovia portfolio loans only.
I just though Id mention that to you all. Dont know if all I say is factual (as I am only asking 1 person these questions, (and you know I could call back, speak to someone else, and get a totally different story) Go Get THOSE WACHOVIA PORTFOLIO LISTINGS!!!! (if in fact thisis true???)

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This is very interesting information, Shannon. I will dig for more info in my network and see if I get the same.
There is a company out there, I will not mention names, tried to get us to pay them $1500 and a 25% referral to all business generated from 3 major banks, the referral agreement was really crazy - did not protect our previous clients if they had a mortgage from one of the 3 banks. Needless to say, we did not agree. There has been info through the grapevine that Wachovia/Wells Fargo are giving 3 names on a letter, but the letters I see are to find a local specialist in the area...and that is where we need to promote ourselves locally. I do not think any REO agent has the time to successfully do Short Sales, so just keep giving your business to your local branch and perhaps, they will give your card out. It has worked for me on occassion - best of luck!
It makes me nervous also. I'm trying to build our reputation and size lately, in order to try to get lenders to send borrowers to The Short Sale Specialist Network in order to find an agent in there area. I've had some luck with a couple smaller servicers and asset management companies, but its very tough to get in there with the large ones.

It is very appealing to use an organization like us to find an agent, as there is no cost to the lender or the borrower, and we can also insure a standard level of service and communication as well. There is a liability issue for the lenders, that's why they are against it.

I was able to get a conference back in November for the department heads at J.P Morgan Chase, and the liability issue is the biggest thing. What they COULD do however, is suggest a company, but to "force" a homeowner to use a specific agent or company would not only be unethical, but also a huge liability for the large lenders. Not to mention, they don't actually OWN the properties, and can't make decisions like the seller/owner can.
FYI... EVERY agent who completes a short sale with Wachovia is put on that list, and the do send out three suggested agents on a round robin basis. Once you complete one, If I'm not mistaken you are on that list.

I'm really going to be working hard later this year to get a few lenders/servicers to suggest our organization to a homeowner in need of a local short sale agent. Let's hope I can find a couple good partners!
I think the key words here are "Portfolio Listings". Wachovia may have a lot of portfolio loans, being that they were big into the Option ARMs. However, I would not worry that much about being on a "preferred agent" list. I mean, I've done hundreds and hundreds of short sales and I've only been handed 2 Wachovia files (both of which closed in less than 45 days--start to finish).

If you are coming across a lot of Wachovia files for your area (and this is possible), then I think it's time to start ramping the local marketing in your area. Because, let's face it...when someone says "Short Sale", they are going to contact the most known person in the area regardless of what a letter says.

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