Banks are becoming more open to providing real estate professionals with “warm leads” of willing borrowers for short sales in order to boost the number of successful workouts, according to a panel at HousingWire’s REO Expo in Fort Worth, Texas.
This is a "completely new phenomenon," Marie Chung, director of REO and Short Sale Services at Modern Realty, told conference attendees of this “top down” approach to short sales.
What’s changing: Instead of real estate brokers having to cold call defaulting borrowers to offer their short sale services, more banks and mortgage servicers are becoming more open to giving brokers information of borrowers willing to participate in a short sale. The lenders contact the borrowers first and then pass on information of those willing to cooperate in a short sale to real estate professionals, the panel said.
"Our short sale closings increased about 20 percent," Jaysen Greenleaf, director of client relations and business development at Phoenix Asset Management, told conference attendees about the change to banks giving them leads.
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