I've been contacted recently by a Realtor/Broker on what appeared to me to be a very reputable Loss Mitigation Company. The purpose of the solicitation was to recruit and train CLMS (Certified Loss Mitigation Specialists--a title you earn after a 4 week class) in an effort to preclude a possible foreclosure or prevent the need for a short sale. In the event that this company could not help them, they would then let me know...and I would put the home on the market. The homeowner has spent nothing to find out if they qualify for a loan modification.
What I in saw this was a way for my company and agents to offer what I thought was a much needed service and continue to build our brand in these uncertain economic times.
After all, many homeowners are selling now because they HAVE to, as they can't afford to keep the home. It was my thought that many of these people want to stay in the home until the market rebounds, and not have to take a loss now. I would be able to keep in touch with them, and having helped them STAY in the home, I may gain a referral for a buyer or a listing. Win/Win situations are what I've built my business on. Sounds like an ok strategy, right?
I first contacted the legal counsel of my state association who told me it sounded iok and didn't appear to violate any laws, as long as everything was disclosed BUT to be sure to check with the NCREC to make sure, as well as the Banking Commission.
The legal department of NCREC quickly told me...no way should a NC Real Estate Agent get involved in this! This is to warn others who may have seen this as an opportunity for goodwill to know that this could open them up to multiple levels of litigation as seen by NCREC.
Comments(4)