One of the topics that has been coming up quite recently is the fact that a lot of banks are reaching out to homeowners and either suggesting a loan modification or to do a short sale. And in those instances they are actually telling homeowners that if they want to do a short sale they need to contact a certain real estate agent or work with certain real estate agents.
A couple of things about this scenario, first you have to understand as a homeowners you are working against the bank and the banks are not doing what’s in your particular best interest. They were doing what’s in their particular best interest. Some of the problems with banks suggesting which agent to work with is this; One, you may not get assigned the best and most knowledgeable real estate agent. They may not have all the special services or something like that, that my somebody else like myself might be able to provide because short sales are the bulk of my business and what I’ve been doing for seven years. For example, I have services to be able to get short sales deleted from your credit. We have a free tax advisor consultations. We have free Real Estate Attorney legal consultations for clients and we do this for your best interest whereas some of the agents that these banks are aligning with inexperienced agents. They don’t know a lot about short sales, they don’t know about all these different services etc. and so they are trying to get homeowners to use those particular agents.
Another reason that the banks like you to use a certain real estate agent because that agent has been trained to give them all of the specific information about you that you may or may not be wanting or willing to share with the bank. It includes financial information or to tell the bank honestly what’s going on. And in those special arrangements it can be very much a gray area in regards to who the agents were working for the best interest for; Is it the banks? or is it for you as the homeowner?
It’s important to understand that if you ever do get a letter or the bank tells you that you have to use a specific agent, you have to understand that is completely illegal and it’s completely not true. You can choose whoever it is that you would like to work with in regards to being able to get a real estate agent. The other things that happens is many times there are financial arrangements with these banks meaning that if you work with a certain real estate agent they may be able to get them to work for cheaper or work to get money back and save cost etc. You have to understand as a homeowner that is considering to do a short sale that they are extremely difficult and that the entire success of your short sale does hinge on the listings real estate agents ability to be able to get that done. It’s important to understand whether or not you are comfortable working with an agent that the bank wants you to work with or if you’re comfortable working with an agent that you choose and prefer and it’s going to have your best interest in mind.
Thank You very much for listening to my presentation: Is Your Bank Telling You To Use A Certain Real Estate Agent?