I took a short sale class today and the instructor Scott Thompson said there is proposed legislation in California to make it illegal for the agent who does the BPO to get the REO listing due to conflict of interest.

 

I emailed him to clarify and make sure I heard correctly and will follow up when I hear.  Has anyone else heard about this?

 

Also wanted to ask if anyone has taken this training?  I was told it is now the 'pre-training' to qualify for PAS training: http://www.realestateeducate.com ?

 

Thanks!

 
Posted by Christina Pilgrim on 01/15/2008 04:54 PM   Comments (3)   reo, short sale, bpo, california  
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3 Comments on Proposed CA Legislation

JAN
15
2008
536,210 Points 38 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Christina,

Calafiorina always knows best.

It sounds like they'd restick lenders from using the brokers they trust.

One has to wounder what is behind this. I wounder who they think they're protecting?

On the other hand, they're sticking it to those lenders who helped so many!

Thanks for the heads up.

There is no need to settle the writers strike, they couldn't possibly come up with this stuff!

Bill
5:07pm • #1
2 Featured Posts
Well I do not think that the state can govern who hires who. I would love to know the states legal basis for this proposed law. The lenders are all private companies.  the conflict of interest is not with the bpo agent but with the previous listing agent if any.  The bpo agent has a fiduciary responsiblity to the lender, the short sale agent to the seller or prior owner. 
9:55pm • #2
JAN
16
2008

SB 1054: The first provision gives DRE the ability to ban individuals who have been found guilty of violating the Real Estate law from taking a real estate-related job with a company that has a different regulator. The second provision prohibits a real estate professional who gives an opinion of value on a property to a mortgage lender from acting as the listing agent on that property for a period of one year.  

 
3:35pm • #3


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Christina Pilgrim

Folsom, CA

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Weichert Pacific Equity Properties

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