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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Seriously, this could kill her REO career. She will be out the money and if her AM finds out what happened, she will most likely have her inventory pulled and be DNU'd.
Johnny Huang > Jesus (Jesse) GonzalezJanuary 11, 2010 at 12:04pm
Would the brokerage have problems signing up other agents as well on the DNU list?
I wouldn't think so however, let me explain where it would be a problem.
Let's say I start a REO group in my brokerage and I tell the bank I have a 6 man team...so far....so good however, if anyone of those members on my team was DNU'd.....well, that may be a problem.
Kim Olive > Vitaliy MikshanskiyJanuary 11, 2010 at 10:07am
This is a listing. She had permission...she just gave the money to the wrong person & different address, for that matter. She hasn't told Atlas REO what happened. Now she has to start the CFK procedure again, but hopefully with the right person.
Steve Adkins > Kim OliveJanuary 11, 2010 at 11:07am
She did what? OMG. She could probably kiss her REO career goodby. That's almost as bad as doing an eviction on the wrong house. In todays marketplace, there is no room for errors. This was just careless. Sorry if I sound a bit harsh, it was not intended, but we are dealing with people's lives here and there is no place for mistakes like that.
Kim Olive > Steve AdkinsJanuary 11, 2010 at 12:42pm
This is what I was thinking too. She hasn't told her asset mgr yet, but when she does, I think they are definitely going to be upset. I was thinking about but even the lady who got the money could probably sue because she moved under false pretenses even though she got the money. Her home has not even been foreclosed on. All of Atlas REO's paper work was used for the CFK so that will probably not sit well with them.
I don't think I would mention it to the asset manager. She made a mistake on a different property with her own money, that she can kiss good-bye. It does not afect the correct asset with the current manager. Not very bright though.
She could be in trouble with the person who accepted the funds under false pretenses as well as the bank that was foreclosing on that home. That bank may have been trying to work something out with the occupant. They have no leverage now.
Replies
Seriously, this could kill her REO career. She will be out the money and if her AM finds out what happened, she will most likely have her inventory pulled and be DNU'd.
I wouldn't think so however, let me explain where it would be a problem.
Let's say I start a REO group in my brokerage and I tell the bank I have a 6 man team...so far....so good however, if anyone of those members on my team was DNU'd.....well, that may be a problem.
She could be in trouble with the person who accepted the funds under false pretenses as well as the bank that was foreclosing on that home. That bank may have been trying to work something out with the occupant. They have no leverage now.
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