From a Selling Agent's point of view to An REO Listing Agent's point of view

By
Real Estate Agent with Keller William- Victor Valley Market Center

Things that use to make me mad.... cross-qualifying with Countrywide and Wells Fargo and different bank owned properties. It was really frustrating because by the time I would finaly get my cross- qualification letter the house, we were going to offer on went pending.Or the loan officer denied me because my client didn't want to talk to him, she supplied all of her information by fax but just didn't want to talk to any other loan officer. She was comfortable with her Loan officer, so her cross-qualification was denied. This was happening in the middle of 2008, I have since viewed a change from the Listing agent's point of view.

I'm still doing some research. I understand that this could be a RESPA violation but I'm not sure.

Now that I'm a recent REO agent, I can understand why the asset managers want to make sure that this transaction will not fall out of escrow and they have now wasted 30 days. I've been noticing a 25% fall out of escrow rate in the High Desert. Which is not good for the listing agent and the asset manager and ultimately the banks who owns these REOs.

Does anyone have any ideas to facilitate this process?

Comments (5)

Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Hi Antonia,

Good perspective on your differing points of view. Some times is just depends on what hat you are wearing, right?

As for 25% fall out, I would have imagined it would have even been a little higher. As we all know some times the fall-outs happen because lenders at time take so long to get things done. You're in escow at one price (waiting for signed documents) and then another 2 blocks away is $40,000 less, how could anyone blame a buyer.

When having dual pre-qual's how does/could that be a RESPA violation? I'm curious, I follow it pretty well, but that's a new one to me. I'd love to hear more.

 

Feb 12, 2009 02:59 PM
Nina Erbst
Keller William- Victor Valley Market Center - Victorville, CA
Real Estate Manager "Team Leader"

Thanks for your comment. I was really being nice with the 25% fall-out. But you are right it's taking the lenders longer to get these buyer's approved. 30days escrow are running more like 45+ days escrows. I will forwarded to you the information from the office regarding cross-qualification.

Feb 12, 2009 03:16 PM
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Hi again,

Thanks so much for the fast response. I look forward to hearing more. Keep up the good work!

Feb 12, 2009 03:18 PM
Judy Jennings
Top Agent Plus - Middleboro, MA
Tap into Judy's real estate expertise & resources.

Antonina,

I always wondered if there was a line being crossed on cross qualification requirement.  I sent Jeff Belonger an email asking if he could shed some light. Hopefully he will stop by and respond.

By the way, welcome to Active Rain.

Judy

Feb 13, 2009 12:22 AM
Winston Westbrook
Westbrook National Real Estate Co - Victorville, CA

Nice post. I wish there was a central place with wells or chase that one could go and enter info and get a pre-approval in seconds. That way deal wont get lost.

May 13, 2009 02:07 PM

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