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rellis
33 Posts |
 Posted - 08/28/2008 : 4:24:31 PM
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I have a realtor contact who has been attempting to gain listings from lenders such as Countrywide on their owned properties. He said that when he's contacted them they tell him he has to be referred to them by another lender. He (and I) have no idea how this occurs.
My interest here is many local realtors are requiring buyers to at a minimum speak to a preferred lender when putting in an offer on their bank owned listing (this is where I would come in).
Any suggestions or experience in how a realtor can obtain bank owned listings would help a bunch. |
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ritabradley01
3160 Posts |
Posted - 08/28/2008 : 4:28:31 PM
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quote:
Originally posted by rellis
I have a realtor contact who has been attempting to gain listings from lenders such as Countrywide on their owned properties. He said that when he's contacted them they tell him he has to be referred to them by another lender. He (and I) have no idea how this occurs.
My interest here is many local realtors are requiring buyers to at a minimum speak to a preferred lender when putting in an offer on their bank owned listing (this is where I would come in).
Any suggestions or experience in how a realtor can obtain bank owned listings would help a bunch.
He needs to contact REO Asset Management Companies. They are usually the ones that assign agents. |
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rellis
33 Posts |
Posted - 08/28/2008 : 4:41:35 PM
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| That's where I think he's had trouble, the REO company is telling him he can't get signed on unless a lender refers him to them. |
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success07
639 Posts |
Posted - 08/28/2008 : 4:48:13 PM
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| so how would you get the refers? Through the DRE? How would someone make themselves stand out for that? |
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Mandyvilla
3405 Posts |
Posted - 08/28/2008 : 5:11:00 PM
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You are getting the run around. You won't be the designated lender unless you go work for Countrywide. This was the #1 gripe when I was at BofA. It works like this: CW loan officer gets 20 foreclosures to farm out to realtors of his/her choice. The smart ones will go to the broker managing the RE office and work the process hard. All the potential buyers must be referred back to that loan officer to be pre-qualified. But they cannot require you to use them.
The agents do get a report out weekly and monthly how many referrals are going back to CW, what percent are captured, who is captured that didn't buy a CW foreclosure.i Their commission is tied to who the buyer goes to and they leverage CW heavily to qualify for the bonus.
What is really sad, once the buyer is on board w/ CW - under contract and loan app on file, no one really cares when it closes. BofA and CW were still battling this one out when I left, BofA was not included, lol, in the preapproval by seller's lender. |
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success07
639 Posts |
Posted - 08/28/2008 : 9:51:24 PM
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That makes sence i see your point so kinda like the table turned on this one where the loan officer needs to find a realtor instead of the loan officer looking for a realtor to do business with. Man I would be very picky LOL.
quote:
Originally posted by Mandyvilla
You are getting the run around. You won't be the designated lender unless you go work for Countrywide. This was the #1 gripe when I was at BofA. It works like this: CW loan officer gets 20 foreclosures to farm out to realtors of his/her choice. The smart ones will go to the broker managing the RE office and work the process hard. All the potential buyers must be referred back to that loan officer to be pre-qualified. But they cannot require you to use them.
The agents do get a report out weekly and monthly how many referrals are going back to CW, what percent are captured, who is captured that didn't buy a CW foreclosure.i Their commission is tied to who the buyer goes to and they leverage CW heavily to qualify for the bonus.
What is really sad, once the buyer is on board w/ CW - under contract and loan app on file, no one really cares when it closes. BofA and CW were still battling this one out when I left, BofA was not included, lol, in the preapproval by seller's lender.
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KHufford
5940 Posts |
Posted - 08/28/2008 : 10:18:26 PM
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Hey Rob,
I am in AZ too, I work with 3 agents that do nothing but REO's. They get all the bank listings from certain banks, all different. I dont know exactly how they got in with the bank, I asked before but its complex and I forget.
I would say I would help you out,but looks like we are competetors! Sorry! JK...what co. do you work for?
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rellis
33 Posts |
Posted - 08/29/2008 : 11:05:20 AM
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quote:
Originally posted by KHufford
Hey Rob,
I am in AZ too, I work with 3 agents that do nothing but REO's. They get all the bank listings from certain banks, all different. I dont know exactly how they got in with the bank, I asked before but its complex and I forget.
I would say I would help you out,but looks like we are competetors! Sorry! JK...what co. do you work for?
Kyle - ha, that's funny:)
I work for Envision Lending, prior to that I was a broker for 7 years, needed FHA though (like everyone else) so I had to make a move.
Anyway I'm always under the impression there's enough business to go around for all of us considering most of our competitors lack a certain modicum of professionalism, I also am part of a small master mind group (5 of us) here in the valley with other mortgage professionals and the stuff we've learned from one another has been quite helpful.
I'd love to pick your brain on how you established relationships with these agents and any recommendation you'd have on how to establish new relationships. |
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bmoran
1162 Posts |
Posted - 08/29/2008 : 11:15:09 AM
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Rob I have a real estate sales company that started working with REO's earlier this year
If you like give me a call and I can give you some tips. There is no one simple answer |
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KHufford
5940 Posts |
Posted - 08/29/2008 : 11:26:46 AM
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Sure man, lets chat sometime...end of month today is nuts, maybe next week.
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rellis
33 Posts |
Posted - 08/29/2008 : 11:40:20 AM
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Thanks everyone, Bill & Kyle I'll definitely give you both a call next week.
Enjoy your weekend! |
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ritabradley01
3160 Posts |
Posted - 08/29/2008 : 12:08:16 PM
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quote:
Originally posted by rellis
That's where I think he's had trouble, the REO company is telling him he can't get signed on unless a lender refers him to them.
Most of the reo companies are run independently. There are tons of them, large and small. Your friend should try a bunch them and keep trying. |
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rellis
33 Posts |
Posted - 08/29/2008 : 1:46:05 PM
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quote:
Originally posted by ritabradley01
quote:
Originally posted by rellis
That's where I think he's had trouble, the REO company is telling him he can't get signed on unless a lender refers him to them.
Most of the reo companies are run independently. There are tons of them, large and small. Your friend should try a bunch them and keep trying.
Thanks for the advice; any idea on how to get a list of the REO company names & contact info? |
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ritabradley01
3160 Posts |
Posted - 08/29/2008 : 3:49:51 PM
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try googling reo asset management for starters. If you call somewhere and they can't help you, ask them if they can give you the contact infor for somone who can.
This one looks decent too...http://bpo4agent.com/bpo-one.html
Like someone said earlier, there's no one way to do get this kind of work...no clear path. Keep asking and best wishes to you.
Also, if you accidentally end up getting agents on the phone that handle REO properties (rather than the mngmt company themselves) see if they'll refer you to who they are working for. You can also ask appraisers that do this work who they work for. |
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BankNegotiator
171 Posts |
Posted - 08/29/2008 : 5:52:19 PM
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Countrywide is the only bank I know of that requires the buyers to be preapproved through them before submitting and offer.
If you fight hard you can get around it. Some buyers do NOT like their credit run multiple times. Esp if they are going with their brother come hell, high water, and double-fees and rate. |
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