Just learned something today --- this may not be the case every time....but it's interesting to know.
One of my listings is a property which I tried to sell as a short sale. Problem is, the lender is Downey Savings, and they won't approve ANY short sale.
I followed up today to see if this policy has changed. Nope. No short sales. Since this is going to be foreclosed, I asked if I can list it when it becomes an REO. I was referred to their REO Department. The lady who answered said they have a policy NOT to use the short sale listing agent of a property to be the REO agent of the same property because of potential conflict of interest.
So I asked to be an REO agent for other properties. Unfortunately, they're not hiring any more agents in my area. (I was actually surprised to be able to talk with someone when I called --- no long menus of press this or that!)
But I learned something new:
- Short sale agents won't be hired as REO agents for same property(ies)
- REO agents must be within a 15-mile radius of the service area
- They have a lot of applications --- and one's resume will be placed in a file
- Keep calling for updates in case they are looking to hire more REO agents
- When sending your application or resume, make sure you include your REO experience (writing successful REO contracts would be a plus --- but what if you haven't listed any REOs yet?)
Is this the case with other lenders?
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