She lists homes for Atlas REO-Fannie Mae and did a CFK on another bank's house. The cost was $1225. She is hoping the other bank will reimburse her since that person was in default anyway and was about to be foreclosed on.What do you think will happen?I say she just lost $1225 because the other bank doesn't owe her anything. The money was paid by my broker & will come out of her next commission. What do you think Atlas REO asset managers are going to think?
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WOW, this is a great mess, I know we all make mistakes, heck my first REO I made some many of them, and to this day once in a while I make some mistakes. This is a reason why we need to get educated and share our experiences and systems, It is good to hear what some of you do for cash for keys, and I think if anyone uses some type of form other than the AM form, it would be good to share, I know the AM are just covering themselves and their companies, and don't care how expose we are to situations, but I know some brokers and some REO agents who have been around a long time have some forms to protect themselves and their brokerage.
We need to keep learning and improving our game. This realtor can consider herself lucky if she can walkaway from this one with business and without any legal issues.
It also makes me wonder if she gets in any trouble if the E&O will cover this, talking to some friend they keep saying that basically E&O doesn't cover much.
She is very fortunate that at least it was another foreclosure. I homeowner not in trouble may have thought it was a scam and reported her to the police. Whether or not she gets paid back is a different question. I work for Freddie and many times, as I'm sure with other banks, the homeowner moves out without CFK or for rmuch less than $1225. How does Freddie know that they would have had to pay the homeowner anything?
If I were her I would not worry about losing the money. If that is all that happens I would chalk it up to experience and be glad, there could have been worse ramifications. I wouldn't even try and collect it from the other bank.
Obviously she made a mistake!!!... but what I am reading from some posts here and in other forums is that some of you are super agents that never, ever make mistakes! I don't believe it!.
Kim Olive > Nedy BlanchardJanuary 13, 2010 at 4:39am
I believe people are just giving their opinion of this particular situation. You are right no one is perfect, but this is something you should validate...especially before giving a $1225 check. The agent herself is upset with herself b/c there is no guarantee that she can get Freddie Mac to reimburse her since she does not work for them. The home owner also signed Atlas REO/Fannie Mae paper work for the CFK. If the home owner finds out that proper procedure was not done, this could create an issue. According to the agent, the AM @ Atlas REO wasn't upset by it. Hopefully, for her...it will turn out okay. It's bad enough thinking you might lose $1225 in this economy b/c of a stupid mistake, but I know she will be devastated if she loses her listings.
Wow! That is a tough one! I don't think the other bank will reimburse her since she did not have authority to do CFK for them. Now she needs to work hard to do a successful CFK for her client, Atlas REO. And just remember that we learn from our experiences and grow from them. Chalk it up the learning curve of CFK. The more you do the better you get at them!
Wow! This sounds strange. Specially because I thought Atlas REO had a high standard to be accepted. At least this is what they claim. And to say that there is no problem and Freddie Mac will reimburse. Either the facts are wrong or the "old boys club" are taking care of this matter.
Kim Olive > Marcelo Da SilvaJanuary 12, 2010 at 11:48am
Honestly, I can't imagine that she has told the AM yet or it's someone who is brand new & doesn't know any better. This would have to be a genuine concern to Atlas REO.
Crazy! She must be a hell of good CFK negotiator and basically got it in the 1st try and never did her weekly or bi-weekly occupancy checks...huh? She is obviously not doing her job. I for one always look at title to verify who the owner is and cross reference my assignment. I do that for other reasons as well such as to find out how long they've owned the house, what kind of loan they had..refi or purchase money. When I find out that info it helps me relate to the occupant because I know the history...but thats another story! Didn't she send her CFK paperwork into her asset mgr prior to issuing check?
I'd say she search for that other company but in the big arena it might be impossible. She'll have to chalk this up as a lost and hope that her intended assignment accepts a CFK. Good luck to her!
Kim Olive > Carey socalREOs.com EckertJanuary 12, 2010 at 11:20am
She said she told her AM & they don't seem to have a problem with it. The home ended up being a Freddie Mac foreclosure and she is trying to get reimbursed by them.
Replies
We need to keep learning and improving our game. This realtor can consider herself lucky if she can walkaway from this one with business and without any legal issues.
It also makes me wonder if she gets in any trouble if the E&O will cover this, talking to some friend they keep saying that basically E&O doesn't cover much.
I'd say she search for that other company but in the big arena it might be impossible. She'll have to chalk this up as a lost and hope that her intended assignment accepts a CFK. Good luck to her!
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