steven vanderlaan
  • Riverton, UT
  • United States
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Kevin - Greenville, SC commented on steven vanderlaan's blog post Homeward Residential Sends approval and Hires it's own company (Power Reo) to Assist in the sale taking almost 40% of the sales agents commission in the process.
"Just received a HAFA Approval from them the other day.  6%"
Feb 3, 2013
Pat Perrotta commented on steven vanderlaan's blog post Homeward Residential Sends approval and Hires it's own company (Power Reo) to Assist in the sale taking almost 40% of the sales agents commission in the process.
"Just got an approval from Wells Fargo in 15 business days paying me 6% as I have both sides and a $2050 attorney fee!  Of course, this property has had 2 other offers, one considerably higher than this one and were both countered way…"
Jan 28, 2013
Pat Perrotta commented on steven vanderlaan's blog post Homeward Residential Sends approval and Hires it's own company (Power Reo) to Assist in the sale taking almost 40% of the sales agents commission in the process.
"As if it only takes half the work!  It's actually harder when you are on both sides, as you have to juggle the buyer and seller.  Too bad they don't understand that!"
Jan 28, 2013
steven vanderlaan commented on steven vanderlaan's blog post Homeward Residential Sends approval and Hires it's own company (Power Reo) to Assist in the sale taking almost 40% of the sales agents commission in the process.
"I just received another commissionectomy from BofA.  They are only allowing 4% commission because I represent both sides of the transaction!!!  These banks are scoundrels.  So frustrated."
Jan 28, 2013
Pat Perrotta commented on steven vanderlaan's blog post Homeward Residential Sends approval and Hires it's own company (Power Reo) to Assist in the sale taking almost 40% of the sales agents commission in the process.
"I have a short sale where Seterus is the servicer.  Loan Resolution said they would take 1% of my commission to get the short sale through or I could go directly to Seterus, but would take longe.  I called Seterus, and was routed to Loan…"
Jan 28, 2013
Cyndi Carver commented on steven vanderlaan's blog post Homeward Residential Sends approval and Hires it's own company (Power Reo) to Assist in the sale taking almost 40% of the sales agents commission in the process.
"I just received to approvals from Homeward Residential and they only took 1/2 % on both of them. Power REO also told me that they were just purchased by Ocwen. So I think they are planning on doing the same thing with their short sales as they are…"
Jan 26, 2013
Eloise P Wexler II commented on steven vanderlaan's blog post Homeward Residential Sends approval and Hires it's own company (Power Reo) to Assist in the sale taking almost 40% of the sales agents commission in the process.
"While we're on the subject of Realtors voluntarily giving their money away.... Question:  How does everyone out there feel when the lender decides to 'allow' even less commission (as if that's possible) because the listing…"
Jan 25, 2013
Sonda Hilario commented on steven vanderlaan's blog post Homeward Residential Sends approval and Hires it's own company (Power Reo) to Assist in the sale taking almost 40% of the sales agents commission in the process.
"Wow, great info here, thanks to everyone for sharing. We just picked up one from Homeward and are about to list another Monday. I have never dealt with them previously. However after seeing this email I contacted my Broker's Short Sale…"
Jan 25, 2013
Ben Benita commented on steven vanderlaan's blog post Homeward Residential Sends approval and Hires it's own company (Power Reo) to Assist in the sale taking almost 40% of the sales agents commission in the process.
"KNOW THIS - banks have teams of attorneys working around the clock to get as much money as possible for their Investors.....some it is just "dirty dirty tactics".....like circumventing an agent on an approval letter.....legal I assume, BUT…"
Jan 25, 2013
Eloise P Wexler II commented on steven vanderlaan's blog post Homeward Residential Sends approval and Hires it's own company (Power Reo) to Assist in the sale taking almost 40% of the sales agents commission in the process.
"Shouldn't this practice by these thieves be considered a RESPA violation?  Why are these snakes (all of them) always rumbling around in the REALTOR's pockets?  If it weren't for US they wouldn't even have a deal! …"
Jan 25, 2013
Ben Benita commented on steven vanderlaan's blog post Homeward Residential Sends approval and Hires it's own company (Power Reo) to Assist in the sale taking almost 40% of the sales agents commission in the process.
"The ONLY reason ANY bank will take your commission is if you let them. If I was working on this for you it would not happen. As with ANY negotiation, remember YOU HAVE THE LEVERAGE HERE.  YOU and your client decide whether or not to agree to…"
Jan 25, 2013
Steve Shoemaker commented on steven vanderlaan's blog post Homeward Residential Sends approval and Hires it's own company (Power Reo) to Assist in the sale taking almost 40% of the sales agents commission in the process.
"I say you might want to do your own negotiations with the servicer, especially if you don't have many short sales. "
Jan 25, 2013
Sonia Shanahan commented on steven vanderlaan's blog post Homeward Residential Sends approval and Hires it's own company (Power Reo) to Assist in the sale taking almost 40% of the sales agents commission in the process.
"I would tell them that the seller has the right to choose the Realtor of their choice and they have chosen you! This is ridiculous, we work too hard to share the commission!"
Jan 25, 2013
Tricia Magin commented on steven vanderlaan's blog post Homeward Residential Sends approval and Hires it's own company (Power Reo) to Assist in the sale taking almost 40% of the sales agents commission in the process.
"I am just starting a short sale with this bank Homeward Residential. I hope they don't try any of this with me. I have never delt with them before. "
Jan 24, 2013
Andre Hooks commented on steven vanderlaan's blog post Homeward Residential Sends approval and Hires it's own company (Power Reo) to Assist in the sale taking almost 40% of the sales agents commission in the process.
"I have seen this before with other companies.  I have typically found this type of thing with companies that provide leads to agents, I am not sure if this the case here.  Paying referral fees is only legal when paying it to a licensed…"
Jan 24, 2013
Cindy Billman, CDPE, SFR commented on steven vanderlaan's blog post Homeward Residential Sends approval and Hires it's own company (Power Reo) to Assist in the sale taking almost 40% of the sales agents commission in the process.
"Joseph is correct - Power REO is located not far from me - their parent company is Homeward, formerly AHMSI - their address is 1525 S Belt Line Rd., Coppell, TX 75019 - Phone 877-314-6200. The have their Texas State brokerage license. So,…"
Jan 24, 2013

Profile Information

Occupation
Real Estate Broker
Areas You Service (be VERY specific specific and include ALL counties, cities, states, and towns you service!)
salt lake county, utah county
Website
http://nextutah.com
Short Sale Designations and/or Special Training
CSSS (Certified Short Sale Specialist), Equator Certified
Short Sale Transactions Completed
50-100
Do you have any experience in Commercial Real Estate? If so, do you have the CCIM or any commercial designations? How many commercial transactions and dollar volume have you CLOSED?
yes, no i have closed 8 commercail transactions 4.5 million
About Me/Profile of yourself: - Please add your Brokerage Company name also!
Next Real Estate Broker
Put in todays date! This is to help stop spammers!
May 1, 2012
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i agree

Steven vanderlaan's Blog

Homeward Residential Sends approval and Hires it's own company (Power Reo) to Assist in the sale taking almost 40% of the sales agents commission in the process.

Posted on January 18, 2013 at 2:15pm 30 Comments

I just received a letter approving a short sale with Homeward Residential.  The approval states that they are also hiring there own real estate company to assist in the transaction at a cost of over 40% of my commission.  I looked to see if they had a real estate licence in my state.  Nothing.  Is this legal?  What would your response be?  Thanks

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