Why would I want to list properties for Nationstar? They just listed a property in my local MLS, and are offering 1% to selling agent, list agent gets a whopping 1.75%, meanwhile they get 3% referral and get this, they charge a 5% premium of the purchase price to the winning buyer. Offering 1% to local realtors is not going over well, many pissed off realtors. Not only that, it despite what the BPO's said (at least mine and the listing agents) they underpriced the asset by at least 20,000. I say why not price it right and offer a commission that won't make agents hate you?
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Let me save you some time here. Just send anything you feel you wish to Charlie Daniels he is the top person at NAR for these issues. I am as you know in Ohio. I have my picture posted and all of my information on site . I am not hiding from anyone and do stand by everything I post.
I have contacted Charlie about this and he himself stated to me that he met with lending officials and was promised the commissions would not be below 6% for REO properties. Low and behold they are now only 5 % and even far below that ..
I also have an e mail from a very large and prominent lender asset owner. The e mail states" in keeping in line with REO industry standards were are reducing commissions for all REO assets." Now that is real "Price fixing"!!!
What you get paid is strictly your choice. You do not have a fiduciary to anyone if you refuse a listing due to low compensation or too much responsibility.
As for a buyers agent again if she feels any seller is/ are unethical, She can refuse to show that property. We all know the work, liability , responsibility and efforts in general in an REO property are/ can be far greater than other properties. Her services for the buyer are worth more . Fair compensation is also an ethical issue. She can choose to not work with unethical sellers. It is also in her clients best interest not to work with unethical people or companies.
These REO companies force agents to do evictions, CFKs, provide legal assistance (which we are not licensed to preform) The expect us to do valuations monthly which agents are also not qualified to do since they are now the same as appraisals, They force agents to be subcontractors and to pay their bills. They force agents to lend them 5000.00 per asset interest and fee free for months at a time. There are so many unethical and really illegal acts these asset owners are now participating in that it could be a very wise choice to protect yourself and your clients from them. THEY are so unethical at this time that it should offend you and all of us.
Now just because I called you out on the statement " the checks just keep coming in and I don't know what to do with them" don't get all threatening on here. You and everyone should know in today's world there are many ways to check people and their businesses, claims and stories out. Put on your big boy pants and tell the truth to people on these sites who are looking for help and truth. There is no crying in baseball right ...well there is also no lying in Real Estate. I am here for truth. You were caught being far less than honest here while calling me a lair. I proved I am 100% honest and accurate here. You proved your ethics and your claims are in question. You choose to CONDUCT yourself that way no one did it to you.
How right you are Dorothy,
If the pay is low the asset will remain on the market longer and loose value over time. The sales price will be lower in the end , carrying time will be longer and losses greater and we bailed these geniuses out ! They just keep trying harder and harder to loose more money on these REOs and they almost have it down to a 200% loss now.
We should all stop selling and listing these now. Good for you don't show until they decide to compensate fairly.
There are hundreds of agents who support my experiences including Stephan who started this topic. But just to show I do tell it like it really is here (and Do not just complain ... a real Debbie Downer as claimed ) are just a few links to many agents from all over the US who KNOW the TRUTH as I DO. There are sooo many more horror stories and complaints. By the way I really could not find even 1 positive experience comment on NS other than the couple of agents here on this form.
http://activerain.trulia.com/blogsview/4360548/this-is-just-plain-u...
http://www.agentsonline.net/forums/ubbthreads.php/topics/441025/Nat...
http://www.sanduskyregister.com/blog/foreclosure-stories/5938056
http://www.complaintboard.com/nationstar-mortgage-l268.html
https://www.linkedin.com/groups/Nationstar-Wants-MY-Office-Commissi...
You tell it like it is....Debbie downer remark is cute.... Keep up the good work if you need it and like it LIFE is short...So Enjoy.....
I'm in Miami Dade in Florida and I could not find the website to register as an listing agent. Is not nationstar.com because that will take me to www.homesearchauctions.com and other related website. Can you tell me how to register.
Thank you, Claudio
Sounds horrible however it is not. I sell dozens of Nationstar properties . 1% to buyer agents I say great!!! Who needs a buyers agent anyways? Buyers are always better off dealing directly with a listing agent in almost ALL transactions. If a buyers agent doesn't want the 1% send them our way we'll gladly assist them. Or a buyers agent can show their true colors and motivation by requesting their buyer client pay them the extra 2-3%. I love seeing that look on buyers faces LOL. At the end of the day what did the buyers agent really do in the transaction?? We all know the answer.....
Complaining about the workload has some truth but if you manage it wisely you can almost "set it and forget it" as the auction reps do all the paperwork. The commission checks just keep coming in, I don't know what to do with them.....
Oh, and I've never had a maximum commission structure, but they have always had a $600 minimum. So somebody is lying............
I am listing & selling these property. They have great RE Attorneys doing the Title Search and foreclosure. . NS does the re-key, trash out and utilities.. Investors list me as the selling agent. These are not typically "low end" properties in this market. Buyers usually find these properties on-line. HomeSearch advertises the auctions all over the internet. Buyers call the listing agent - ME!
Lynn,
That is good to know that they are different in your area. Here agents have to do the re key, pay the utilities and all other expenses. I did notice that NS has 100s of complaints filed across the US for improper deeds. So it is also lucky that they are better in your area. I saw one suite where the buyer paid and closed and the deed was never in NS name. This buyer signed a form at closing not realizing it made him responsible for the liens and other things including fighting the owner for the property. The story and the suite are on the internet.. The last LA I was sent from them was an occupied asset that was auctioned as many of NS's are as occupied. It is up to the buyer to deal with the eviction and all legal issues connected with it AFTER closing. The link I posted shows all of NS auction listings. You can search and see how many areas have mostly low end properties. It is really common in most area for these auction asset to be under 50 K . Even in the State of Alabama the auction listing out of 109 properties only 15 were above 100 K. That is a very low percentage with a commission over 750.00 to the listing agent and still the 450.00 to the buyers agent.There were mostly properties in the lower end there too on the auction site now and since Jan. If you consider that the Auction company collects a 5 % commission from the buyer (plus a fee and 150.00 from the agent) for doing litterally nothing but providing a site it does not make sense. The agent does it all and keeps the asset lights and heat on and gets 1%? I just can not be ok with that but do know there are agents like yourself who are happy with the listings.
Lying is a very strong statement from someone who does not know how NS does things in all areas including mine. I have the L As that you do not evidently, On the auction site it states commissions will not be negotiated, 750.00 or 1% which ever is greater. 750.00 minus the 150.00 fee is 600.00 minimum but also maximum on these low end listings priced below 75 K. No matter how much time or work the agent puts in the max will be 600. It clearly states in my LA that is the maximum the agent will be paid. For a 100K property the 1% is 1000.00 minus the 150.00 so 850.00 max (when you can not be paid more and are paid the most allowed it is considered the maximum you can and will be paid for the job.) for well over 50 to 75 hours of work if they are done correctly and as required. 11.33 to 17.00 per hour BEFORE expenses for gas and everything else is not good money for a Real Estate Agent in my opinion. The end result is 7 to 11.00 per hour.
When you consider the same 100K sale for an owner occupant would be 3000.00 to 3500.00 for the listing agent side only , with far less work and expenses how can you every suggest that 1% is good?
Does NS know how little time you work on these assets? I know they require me to do a lot more than some agents here claim to be providing for them.
Now as to your claim "someone is lying" ....millions of dollars in listings per year? To one agent? The checks just keep coming in??? Really ... well the auction site shows only one auction
property in Northfield, MN. 55057 in 6 months and it did not sell on the auction and the auction was re started again. So we according to NS own auction site in Michael's area NS is not providing millions in commissions.
I found no properties for NS in Meredith and really none in the 03253 area either. I did see 3 pages in all of NH which anyone can see the Listing Agents for on this NS site (link below). )36 properties
for all Of NH and all the agents there is really FAR from a good living .(seems most of the agents only had 1 or 2 listings in the 6 month period for these assets.) Especially considering 4 are active on the auction 8 will start in May and the other 24 begining in JAN are finished with almost all being 650.00 commission. These finsihed auctions are either reserve not met and not sold at yet or sold with the auction.
(https://www.homesearch.com/Browsestatus=&fulltextquery=NH&b...;
occupied=&LotSquareFeet=&yearbuilt=&SqFtLivingSpace=&ForeclosureId=
In Stark County Ohio (with around 900 agents)in the past 6 months 4 agents were assigned a total of 5 listings from NS, 2 failed to sell on auction and were restarted, 2 sold (for under 40 K) and one is pending also under 50K, So where are all of these agents millions and checks rolling in? The auction site is so easy to use to show who is getting listings , how many and what they were offered for. Even if they sold or not. So just go check out the average sale price, time on market to close or re-auction and the agent assigned and everyone can see how many assets NS assigns to each agent in a 6 month time period. Not enough to be all excited about or to even pay the bills in most cases. So yes I do agree someone is lying .... I prefer to use grossly exaggerating
but you call it as you see it and I will choose to be a bit more polite and perhaps a bit more forgiving.
NS is a company I have worked with as a LA for many years. As the LA I must assist in the eviction sending registered letters every few weeks or more often . I have to visit the property every 3 days until vacant and send Status reports with photos on each visit. I also have to offer to pay the occupant up to 2500.00 to move out of my own funds. When the asset is vacant I must have all utilities turned on in my name, pay the bills and agree to have at least 3 open houses , 6 hours each on a time specified by the auction company. Schedule all showing and show the asset when ever anyone calls of course. Send reports of all inquiries and showings with the names and numbers of all agents and potential buyers weekly. I have to send weekly reports with 4 side photos and at least 4 BPOs prior to the auction and every 4 weeks during and after. I have all of the same tasks I am required to do in any REO as well with these auction assets. All of the assets that are selected for auction are low end in my area ( 50,000.00 tops) assets so the commission is never more than 600.00 after platform fee no matter how much work or how long they take to sell. As far as the paper work well I do it all including for the auction company. From postings to contracts and all addendum they all are my responsibility. The auction company provides some of the forms but I have to do all of the work. The auction company does none of it for me on any sale or offer.
Buyers pay a 5% buyer premium minimum 1500.00 and a 250 to 450 buyer fee. The buyer's agent gets 400.00 nothing more. It is pretty hard to get a buyer to pay more to an agent on top of what they already are required to pay to the auction company. Here it is hit or miss if the property gets sold to the highest bid as these are not absolute auctions here in Ohio. Investors Here hate these auctions for the most part. They take too long, cost them more than normal REO listings (where there are no additional fees or premiums) and so many times they go back on auction or on the market even after a buyer thinks they have bought it through the auction with the highest bid. For a side note all of my investors HATE these auctions and most refuse to buy this way. Most normal buyers feel these auctions are scams and often complain about their experiences. So most people here don't want to buy this way.
Here NS does not assign a couple of million in listings a year to all agents in the state combined. As I have mentioned, NS properties in Ohio are very low end problem properties. Most top the listing price at 20K. On a very rare occasion a 50 K may come your way. In Ohio no higher priced asset assignments go to NS auction just like none go to bulk sales offerings. Only low end sees this form of marketing. There is a real good reason for this and it is certainly the most advantages way to sell low end assets.
Now if you are an REO agent you know that these is a limit on how many listings you can be assigned at one time by any REO company. This includes NS, FM, FM, BAC and all other REO companies. This became effective in the 2006 - 2008 over flow of REOS. With NS there is a maximum assignment capacity per agent at any one time and it is typically 10. For a REAL GOOD agent it can go up to 15. These are assigned by area and the radius of 10 miles from the agent's office is the new norm but it was up to 30 miles before 2012 or around that time.
They have a pre list period which for some is a couple of months minimum some can be 6 months. I have never had any pre auction be less than 3 months unless it was a re assignment from another NS agent. Then it was still 60 days. There is typically a 60 day auction period minimum, many times longer depending on the bidding. SO at any given time you are waiting and working and paying expenses for 6 months or longer at a time to before you get a dime. You end up with 16800.00 in commissions before taxes, Broker's portion and all other expenses for 30 properties and all the time, money, work and responsibility required in these REOs. For 30 typical Real estate transactions you would make 90,000 in commissions for all co broke sales on the 30 properties.(this is at 3000.00 LA commission per sale which is conservative) So why would anyone think that the REO agent can make so much more than a traditional Realtor in todays Real Estate? ? I just do not see that and I am and have been an REO agent for many, many years.
NS uses only certain agents so loving them or hating them does not get you more or less listings. In fact the NS managers will tell you themselves that they hear nothing but complaints from their premier agents. They know and understand that the money is not good for the work required. They also know that REO agents are stuck in many cases. The asset people for almost all REOS know agents are not paid well enough and are very much abused. The asset managers are for the most part really good people, but they do not make the rules or the commission structure.
NS and all REO companies also closely monitor the co broke transactions by their agents. They expect to see at least 50 to 75 % or even more co broke transaction. If they don't see this you can loose their listings. They know that if the agent is marketing correctly and for the good of the asset owner and property that the LA will not sell more of the properties than all other agents combined in the area. REO Asset owners also expect to see at least 35 to 50 % owner occupied sales from their agents.Agents will be let go if they do not meet this requirement.
So the myth of "I can sell them all myself" and earn 5 % is simply just as I said ...a myth.
Now let me add another comment here. NS will never pick an REO agent because an agent is on a sight saying how much they want or like to work for NS. Seems like that is common sense but seems not so much here. NS requires 5 years of experience listing REOs and a 5000.00 per asset bank roll plus at least 3 REO references, 1 mill in E&O and a few other requirements.
Statistics seem to show that no one area in the United States has so many foreclosed assets that NS auction properties alone could provide millions in commissions in one year for any agent. Just think about that statement and then go do the research yourself for your own area or any other.
So if you think the NS REO is the path you want to take...... do it. But not because it pays so well because it DOES NOT. Not because it is EASY, prestigious, or steady or even appreciated
work because again it just isn't. It will not pay the bills. Not in Ohio for sure.
This is my experience and my truth in the Ohio Market. I am not sure why the experiences reported seem to be so different here. I have contacts all over the US that are REO agents and many asset managers as well with years of experience. From California to New York and every where North and South of there. All of them are telling the same story as I am.
So for the agents here who are making millions on REOs each year (especially on these auction properties) I say you are the only ones and more rare than unicorns.
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