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I am a realtor so I will definitely be waiting to see it pop up on mls. I might call and try to get the listing myself, if that is at all possible. I noticed there a select couple of people who seem to get all the Reo listings. This property sat on the market for a while and no one was interested, so I not worried about someone else trying to buy it, I just trying to do the best for my client
I think the only time I'd consider representing a buyer is if the property were listed on MLS or auction service that cooperates (pays commission to brokers). Most short sales release the borrower from any potential deficiency. sale timeline in Loss Mitigation and inbound inquires likely in the REO department do not always flow well. They are supposed to have a single point of contact now per Dobb Frank, but I digress.
In order to become the REO agent, you would need to be an approved REO agent by the Mortgage Servicer. No small task if you have no experience working with REO in the past.
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been about 3 4 months. The property has been off the market. At first they had no information for me to try to negotiate with them and then no one returned my calls. I sent over a purchase and sales on June 5th and called a few days later and come to find out there is an auction the 11th. Me and the buyer went and it was sold back to the bank. So I called the servicing company again today and they said the home is repossessed and a short sale can not be negotiated now.
I been representing a client the last few months on a property that we been trying to negotiate a short sale on with a mortgage servicing company. It Nike Leggings With Mesh
Cory E. I think this to be a great thread and learning experience for you. Hopefully, you'll leverage this experience into profitable transactions in the future.
Most banks will not even consider a short sale that close to the sale date. I have closed more than 130 short sales and this is usually the case. There are always exceptions, but usually not too likely. Their position is that the seller had plenty of time to do this, and now they are just stalling. The bank that foreclosed might or might not be the owner of the property now. Most of the loans are insured and will be re conveyed back to the insurer (Fannie Mae, Freddie Mac, FHA etc.). Many banks also service for other banks. Their job unfortunately is not to communicate with you. It is your job to stay on top of them. Your client will be able to make an offer on the property if and when it goes on the market. They usually will not sell their foreclosed properties, not even to cash buyers. The bank might list it right away or it may be months or years. I hope this helps.
Go put your card in the door and on it, put you have an offer. The agent is already assigned, likely was assigned after it reverted from sale. There may be barriers due to mandated marketing times to ensure fair market value but it may help to be first in line.
You might want to see if you can find out who the property will be conveyed to. That will help you, Nike T Shirts Basketball because for example : If it is HUD, then you know it will show up on the HUD website, and that is where all offers are made. You will need to obtain your HUD NAID if you are a broker/agent and do not already have one. I believe that most list on the MLS, but offers must be made online, not through the listing agent.
In my personal experience, most of the "former" B of A Loans serviced by Green Tree were Fannie Mae loans. It isn't always the REO department. Being that it is Green Tree, it is highly unlikely that they own the loan, so the property will be sent somewhere else and not sold by them. If you have the last 4 digits of the former owners SS, you can always check both the Fannie Freddie sites to see if they were/are the investor. If so, at least you know where it will eventually end up, and you wont have to go to the servicer for the info.
I agree with Wayne that you've got this reversed. I would start with a listing (the property owner in default) and try and control the sale of the asset.
an idea where it will pop up.
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Sounds like you got the process a little backwards. Also, on most short sales, there is no "negotiation" or meaningful short sale process initiated until After the purchase agreement and short sale package, with associated documents, is submitted to the bank. Now, you'll simply have to wait for it to be listed. As said, if you find out Pants Nike
My question is why didn they ever try communicate with me? I called so many times.
short sale question
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