BrokerBryant.com: Did You Know Asset Companies Are Hiring Agents for Short Sales?

Did You Know Asset Companies Are Hiring Agents for Short Sales?

Kissimmee Florida Short Sale

Go figure. They don't own the property but still they are hiring listing Brokers. I know this because I was hired last week to list a Kissimmee Florida Short Sale. Now technically the owner is the one hiring me but the reality is the entire transaction is being managed by the asset company.

From what I have been able to gather it seems these asset companies are approaching the lenders and are cutting deals to handle distressed properties before they are even foreclosed on. They agree a NET figure with the lender then contact the delinquent borrower and offer to help them out with a low documentation short sale. The only catch is that the borrower has to use their services. Then the asset company locates a Broker in the area to list the short sale and find a buyer. They found me through Equator.com

Now folks I have mixed feeling about this. My first thought is "What the hell? Just what we need. More folks jumping between us and our sellers!!"

My second thought is "Hmmmmm. So I can sell a short sale and get paid without having to deal with the lender? Sweet!!"

Why is this happening? Well it makes sense. These asset companies already have relationships with the lenders through their REO departments. Who better to step between us and the consumer?

And I'm sure Lenders are fed up with dealing with agents that are clueless about short sales. I mean let's be honest, we had our chance and we blew it. Almost 5 years into this mess and the bulk of agents still don't know how to handle a short sale transaction. But of course that doesn't stop them from listing them. They list them. Then they submit shit to the lenders. The lenders get frustrated (as do the agents that know what they're doing) and start looking for solutions. They get approached by companies they already have relationships with and BAM!! ....we get booted.

I don't blame the asset companies one bit for taking advantage of this. They saw an opportunity and they seized it. That's what businesses do

Our opportunity is to start building relationships with asset management companies. I know I am. Are you?

Are you facing foreclosure in Florida?

 

Contact Bryant Tutas

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

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Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

The BIO for Bryant Tutas

 

 Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales,  Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

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18 commentsBryant Tutas • May 22 2011 09:53AM

Comments

BB:  Suggestions on how to do that?

Posted by Lyn Sims, Schaumburg Homes (RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago) over 3 years ago

The reason why I picked the short sale niche is because I did not want to kiss a$$ to asset managers. .I guess I  will have to get in line now. . 

 

Posted by Fernando Herboso - Broker for Maxus Realty Group, 301-246-0001 Serving Maryland, DC and Northern VA (Maxus Realty Group - Broker 301-246-0001) over 3 years ago

Lyn. Do a Google search. There are 100s of them. Then start contacting then with your resume.

Posted by Bryant Tutas, Broker/REALTOR, Tutas Towne Realty, Inc (Bryant Tutas-Tutas Towne Realty, Inc) over 3 years ago

Fernando. It sucks doesn't it? But what can you do? Better to be prepared to play in the game than to be forced to sit on the sidelines.

Posted by Bryant Tutas, Broker/REALTOR, Tutas Towne Realty, Inc (Bryant Tutas-Tutas Towne Realty, Inc) over 3 years ago

Questions:  Who signs the Listing agreement?.... How accurate is the pre-determined Listing price?.... What IF the Borrower doesn't WANT to use them?

Please keep us abreast on how this transaction progresses.....

Posted by Kathy Opatka, Serving Ocean City, MD, & The Delaware Beaches (RE/MAX CROSSROADS) over 3 years ago

The listing agreement is between the seller and the broker as ussual. The pricing is based on 2 BPOs. One was done by me. If I'm not happy with the pricing then I will dispute it. I'm sure the borrower could use someone different if they wanted to.

Posted by Bryant Tutas, Broker/REALTOR, Tutas Towne Realty, Inc (Bryant Tutas-Tutas Towne Realty, Inc) over 3 years ago

Very interesting to say the least. I have mixed thoughts about this, time will tell. On the surface it sounds like a win/win situation actually.

Yes, agents did not do all they could to learn, I agree. Makes me angry.

Lenders did not do all they could to make it work either. They actually did the opposite.

For those of us who are not in the market you are in, who do not have the exposure to the sheer volume of short sales you do, I cannot get the experience you have had.

Time will tell, and I will follow you closely with your success and thoughts on this one. I have a few more thoughts but will keep them to myself until I understand how it translates to my market.

Posted by Andrea Swiedler, Realtor, Southern Litchfield County CT (Berkshire Hathaway HomeServices New England Properties) over 3 years ago

BB,

I too have mixed feeling about it. While I'm certainly not opposed to this happening I'd hate to see the ss asset mangers or lenders fall in to the same ilk of some the the REO agents out there. And I think everyone out there know what I'm talking about.

When it comes to short sales in general I think the right or wrong agent can also make or break a deal. We do a large number of them in my own office and some agents partner with another to offer a great level of skill and knowledge in the ss arena. Let's hope anyone undertaking this role is really on top of what they're doing...and also those who "assign" these listings.

Posted by Lynda Eisenmann, Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co (Preferred Home Brokers) over 3 years ago

An REO agent told me the same thing. He hates short sales but will have to do them to get to the REO's.

Posted by Dave Halpern, Louisville Short Sale Expert (Keller Williams Realty Louisville East (502) 664-7827) over 3 years ago

I'm all for proactive banking, but this seems to be the bank telling selected debtors to give up! If the bank were serious about helping the debtor why the third party? What can they possibly add to the transaction?

Bill

Posted by William J. Archambault, Jr. (The Real Estate Investment Institute ) over 3 years ago

Bill. According to the asset company I spoke with these borrowers have already given up. The property I'm lsiting the seller has already moved out and hasn't made a payment in over a year. Foreclosure is inevitable unless we do the short sale. In fact they already told me that the foreclosure is still moving forward and if it doesn't sell before it goes to auction I will get the REO listing

Posted by Bryant Tutas, Broker/REALTOR, Tutas Towne Realty, Inc (Bryant Tutas-Tutas Towne Realty, Inc) over 3 years ago

BB, I think that anyone that's been active in the distressed side- reo, short sale- will find themselves getting these calls- it's true that it's easier on the transaction for there to be Realtors familiar with the processes.

Posted by Laurie Mindnich over 3 years ago

Anything which streamlines the process and rids or can at least diminish this inventory is a good thing.  The effectiveness makes sense but it's motive remains suspect to me BB.

Posted by Kevin J. May over 3 years ago

Bryant - It does seem like it would be better not not have to deal with the lender for the short sale, and you're right the asset companies saw an opportunity and jumped.

Posted by Chicago Real Estate, Goran Utvic (Goran Utvic | Chicagoland Brokers Inc, Chicago IL 60656) over 3 years ago

This is interesting. Getting a foot in the door with REO listings is awesome for any agent.  But I'm wondering where are short sale listing agents headed?

According to Lynn's blog we chimed in on last week, the banks are already lining up their "preferred" short sale listing agents to entice home sellers.  Once that is in full swing and marketed on a very grand scale, will the asset companies (who need the lenders cooperation) end up having to use their suggested preferred short sale listing agents list as well?  The banks appear to already be rolling out the other solution that places them more in control of the entire transaction.  They are now going to give that up to a 3rd party?  If they were to allow the asset companies to make some choices, I would think the choices would still be limited to what the banks would allow i.e. their preferred listing agents.

Oh and don't get me wrong, the idea that the short sale time will be cut to nil with an approved sales price, commissions and most admin terms worked out ahead of time is a wonderful and beautiful thing.  I'm all for streamlining the process.

Posted by Andi Grant, First Time Home Buyers Los Angeles, Long Beach (310-508-4354 | FirstTimeHomeBuyerRealEstate.com) over 3 years ago
Bryant - I was contacted by one of these companies for a remote area near me, but the referral fee was exorbitant.
Posted by Wendy Rulnick, Destin FL Real Estate (Rulnick Realty, Inc.) over 3 years ago

Interesting. One thing about the business world, when an opening presents someone will be there to take advantage of it.

Posted by Gary L. Waters, Broker Owner Waters Realty of Brevard, LLC, Personal Service, always. (Waters Realty of Brevard, LLC) over 3 years ago

Lots of people are looking at Equator to obtain information about agents. I'm not surprised. My REO account came from an asset manager who found me on Equator.

Posted by Melissa Zavala, Broker, Escondido Real Estate, San Diego County (Broadpoint Properties) over 3 years ago

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