We have an agent in this area who lists with Fannie. Frequently the utilities are not on when I go to show these properties. The showing agent cards are piled on the counters, the places are freezing cold, so on and so forth. Yet, they keep getting the listings. I showed one today in which a disconnect noticed was hung on the front door for all to see...Yes, you got that right. The power had been shut off due to nonpayment. WHY???? Why do these agents keep getting the listings?
Sorry Suzanne, I respectfully disagree on the experience required for FNMA. The agents in our area were licensed less the 1 year and had no REO experience. I was on the agent select list for Homesteps and Homepath for 10 years and have 14 years of REO experience. I was passed over for 3 LA with a combined total licensing of 3 years and no REO experience. Yes it did just drop in their laps and now they do not have the experience or the ability to properly handle 60 listings at a time in areas 75 to 100 miles from their office.
I do agree on the commissions. They are low, as are all REO listings now. This is because a bunch of new inexperienced agents trying to "break into" the REO business accepted listings for less than the experienced agent who knew the work involved. Now these low commissions are standard in the REO industry. This began the beginning of the end to decent commissions for all REO agents.
As far as addressing any issue with Fannie or Freddie directly, GOOD LUCK. I went up the ladder to the top and nothing was changed or resolved. I was told about the 10 to 15 property limit and the 30-mile distance by one of the top people. I proved to him that their rules are not being followed by FNMA 's own asset mgrs. This was a year ago (the 5th time in the last 7 years). He told me he would notify the proper people and in his words "clip the wings" of agents going out more than 30 miles. Well I have not seen any difference. FNMA does not care about rules or what is good for properties or communities or their investors. If they did this would have been stopped before it went this far. The properties are being damaged, unsupervised, and unmarked properly. They are dropping in list prices and in value as a result. Any American that was unhappy about the bank bailout should be appalled at what is happening to the Freddie and Fannie "Assets" at this time. Greedy neglectful agents and poor asset management are hurting values in your neighborhood as well. Let’s all look at the big picture. Our neighborhoods, our property values and our economy are all negatively effected by empty neglected homes with falling values. All so FNMA agents can make money from a job that is far top big for them to handle. 60 listing for one agent at one time? ARE YOU KIDDING ME???? FNMA agents have plenty of incentive for status quo. But what about what is morally right here? If you feel the commissions are too low , the answer is NOT to take more listings than you can handle, so you can make a decent living. That is Very unethical to say the least.Being paid for something you are not and can not do, well that's just not acceptable to me.
We FNMA agents are already getting less commissions than the selling agents and do much more work for our end of the sale. If anything we FNMA agents should be petitioning for fair commisions across the board. The government has enough problems without this issue being raised. Something tells me Maxine has a relative in the business and they aren't selling enough these days. LOL. And as for a "handfull" of agents getting these listings - most have been in the REO game way before the mortgage crisis hit. We were already established in the feild and why not use agents who have the knowledge instead of training a bunch of newbies. Most of us REO agents have put in our time and have earned our business the hard way. It didn't just fall in our laps as most seem to think. Most have established relationships with banks and many asset managers. Would you hire a new agent who doesn't really know the game yet or go with an experienced one?
We have petioned Fannie and Freddie and they were unresponsive. They have given free rein to the Asset Management companies. We are looking for changes in the law governing these agencies.
I'm all for fixing things, but please do not get congress involved. Let's self regulate. Let's report the problems to Fannie Mae directly. We don't need any crooks involved. If the government "fixes" it, you can be sure that the fix will make problems worse.
Please review Housing Wire www.housingwire.com article on Lawmakers want to see how Fannie and Freddie select REO vendors. Enough of us have complained about the Asset Management Companies, and now have a Congress Woman, Maxine Waters, who is asking for legislation to change how these companies do business! If you believe as I do, please contact your Congressmen and let them know enough is enough on a "hand full of agents being REO agents" for the comfort of the Asset Management Companies. direct link: www.housingwire.com/2011/04/05/lawmakers-want-to-see-how-fannie-fre...
I feel your pain Tara. We have a few like that in our area. No utilities, no sign, a many times no clean. We have one now that has 2 feet of mud in the garage! These Fannie Mae Asset Managers should give some other agents an opportunity to show them what real service is!
In our area, FNMA listing agents number 18 for 2 counties, (population just under 200 thousand). They are just 1.8% of the agents in these counties.. . .and YET they received over 2000 listings last year. They receive over 55% of the total business. Why? This averages over 100 listings PER agent. The asset management companies need to be responsible. Not the agents, they just receive the listing, and can't say no.
Thats a good question,I have had for years.found one a few weeks ago the basement was half under water which was frozen and the sinks were full with frozen water just waiting to make a huge problem if it ever warms up here.The ones who get them dont just get one they get many of the listings.Plus some of them have no signs no lock boxs,and some do not even know they have the listing.
Tara, WHAT A JOKE!! My buyer emailed my contact at PEMCO regarding the combo incident and they didn't return his email. Doesn't make sense...it would be nice if they would just hire quality professional agents in the specific market places where most of these properties are located. Not hire someone because they have a buddy or are getting incentives!!
Scott, I emailed a complaint about the lack of response from a PEMCO agent and guess what they did! They forwarded it TO THE AGENT!!! OMG!!! I was so humiliated!
Comments
Sorry Suzanne, I respectfully disagree on the experience required for FNMA. The agents in our area were licensed less the 1 year and had no REO experience. I was on the agent select list for Homesteps and Homepath for 10 years and have 14 years of REO experience. I was passed over for 3 LA with a combined total licensing of 3 years and no REO experience. Yes it did just drop in their laps and now they do not have the experience or the ability to properly handle 60 listings at a time in areas 75 to 100 miles from their office.
I do agree on the commissions. They are low, as are all REO listings now. This is because a bunch of new inexperienced agents trying to "break into" the REO business accepted listings for less than the experienced agent who knew the work involved. Now these low commissions are standard in the REO industry. This began the beginning of the end to decent commissions for all REO agents.
As far as addressing any issue with Fannie or Freddie directly, GOOD LUCK. I went up the ladder to the top and nothing was changed or resolved. I was told about the 10 to 15 property limit and the 30-mile distance by one of the top people. I proved to him that their rules are not being followed by FNMA 's own asset mgrs. This was a year ago (the 5th time in the last 7 years). He told me he would notify the proper people and in his words "clip the wings" of agents going out more than 30 miles. Well I have not seen any difference. FNMA does not care about rules or what is good for properties or communities or their investors. If they did this would have been stopped before it went this far. The properties are being damaged, unsupervised, and unmarked properly. They are dropping in list prices and in value as a result. Any American that was unhappy about the bank bailout should be appalled at what is happening to the Freddie and Fannie "Assets" at this time. Greedy neglectful agents and poor asset management are hurting values in your neighborhood as well. Let’s all look at the big picture. Our neighborhoods, our property values and our economy are all negatively effected by empty neglected homes with falling values. All so FNMA agents can make money from a job that is far top big for them to handle. 60 listing for one agent at one time? ARE YOU KIDDING ME???? FNMA agents have plenty of incentive for status quo. But what about what is morally right here? If you feel the commissions are too low , the answer is NOT to take more listings than you can handle, so you can make a decent living. That is Very unethical to say the least.Being paid for something you are not and can not do, well that's just not acceptable to me.
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