Posted on Sep 20, 2012 in Roseville and Sacramento Short Sale FAQs

Hi this is Mark Peek with Keller Williams Real Estate, your short sale specialist in Roseville and Sacramento. I wanted to discuss today bank preferred listing agents on short sales. If you’re in default on your mortgage and you’ve requested information about a short sale from the bank or you’ve been solicited by the bank to do a short sale you may be contacted by what they call a preferred listing agent of the bank. If you are contacted I would be cautious for a couple of reasons.

First of all, if you’re getting a referral from the bank to someone to list your home as a short sale who is that person really working for? Are they working for the bank or are they working for you? If I were in that situation, I would want a short sale agent that has 100% fiduciary duty to me as the seller. If one of them doesn’t have that duty, which is more than likely the case, this might not be the best situation for the homeowner. The other thing is that typically in exchange for these referrals from the banks, the listing agents are pushing deals off for loans to these specific banks. That’s how you get on their preferred list of agents. Could I have done this? Yes, but I chose not to. I would prefer to have 100% fiduciary duty only to the seller; I’m not working for a bank and I never will. I’m working for the homeowner and I’m going to do what’s best for them to get the short sale approved and closed.

Many of the people that are referring over as short sale listing agents previously sold bank-owned properties. I can tell you that selling a bank-owned property and negotiating and listing a short sale are completely different. Many of the bank-owned listing agents have tried it and are failing at it, so I wouldn’t want one of these agents trying to short sale my home and failing at it, especially if there are challenges that come up. How are they going to know what to do without the experience of someone that has closed dozens of short sales with multiple lien holders?

If you’d like more information about this, I’d be happy to speak with you. Click the Start button at the top of my website to fill out the contact form or just simply give me a call. I look forward to speaking with you about a potential short sale on your home.

Download My Foreclosure Prevention Package, or get started now by using my Short Sale Calculator

More Short Sale Articles

Leave a Comment