At last - lender-initiated short sales!

By
Services for Real Estate Pros with PartnerFirst

For agents who have struggled to find viable short sale listings— and then struggled to get the attention of lenders—the latest news from the field is welcome indeed. 

At last, proactive mortgage servicers are initiating the process of approaching delinquent borrowers with the short sale option, and then connecting them with qualified agents to make it happen.  The results: real leads, resulting in real listings. That’s the news from agents on the ground who are following up on PartnerFirst’s Fannie Mae Short Sale Initiative.

In that campaign, homeowners are approached by mortgage servicer outreach representatives who present the various options and inquire about the borrowers’ intentions.  Those who express an interest in the short sale option are then referred to the PartnerFirst agent network as listing opportunities. Agents who are PartnerFirst members are notified, based on their ZIP Code preferences, and can then pursue listing appointments.

Early results are encouraging. Wendy L (Keller Williams , FL) was given the names of six distressed homeowners in her area. “We were able to contact five homeowners so far,” Wendy says, “and four of them have agreed to list their property for short sales.” 

Real estate professionals in other areas are reporting similar results. Mickey P. of Chicago describes the homeowners he encountered as “motivated sellers, ready to list and sell.”

But that’s just the beginning. Similar stories are coming in from California, Nevada, Georgia, Arizona, and Washington DC that validate the top-down, lender-initiated short sale model. And the campaign is starting to spread to the rest of the country. The short sale freeze is far from over, but a spring thaw is definitely in the air!

About PartnerFirst:

PartnerFirst has been at the forefront of the default services industry with its innovative agent management services platform. By training and certifying real estate agents to serve the specific needs of distressed homeowners, PartnerFirst provides the missing piece for servicers’ homeowner outreach efforts. 

The PartnerFirst agent database serves as a brand-neutral, nationwide resource that mortgage servicers and component servicers can use with confidence.

The Find-an-Agent homeowner referral database serves the same function on the consumer side—connecting distressed homeowners with local real estate agents who can help them.

Find out more: partnerfirst.org.

Posted by

PartnerFirst
Nationwide Real Estate Network
www.partnerfirst.org/members


 

Comments (3)

Tni LeBlanc, Realtor®, J.D.
Mint Properties, Lic. #01871795 - Santa Maria, CA
Tenacious Tni (805) 878-9879

I don't know how I feel about this if there is a cost to agents. 

Real estate agents pay for so much already, margains are tight right now, and short sales are a lot more work than traditional transactions to begin with.

Mar 31, 2011 06:49 AM
Fritz Barnes
BizProMedia - Aberdeen, NC

Short sales are not a lot of work when the note holder initiates the short sale. :-)

This is one of the exit strategies for note investors that makes so much sense. We buy a note, we are the lender, we can suggest and facilitate a short sale because we came into our position at such a discount that we are still making a healthy profit.

Mar 31, 2011 08:39 AM
Jackie Connelly-Fornuff
Douglas Elliman Real Estate in Babylon NY - Babylon, NY
"Moving at The Speed of YOU!"

I have a new short sale listing. Their bank, Chase, was going to refer them to their list of agents and the homeowner decided to search Google. They found me and had me list their home.

Mar 31, 2011 09:27 AM