Proposed CA Legislation

By
Real Estate Agent with Weichert Pacific Equity Properties

I took a short sale class today and the instructor Scott Thompson said there is proposed legislation in California to make it illegal for the agent who does the BPO to get the REO listing due to conflict of interest.

 

I emailed him to clarify and make sure I heard correctly and will follow up when I hear.  Has anyone else heard about this?

 

Also wanted to ask if anyone has taken this training?  I was told it is now the 'pre-training' to qualify for PAS training: http://www.realestateeducate.com ?

 

Thanks!

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Groups:
The National REO Brokers Association
Tags:
reo
short sale
bpo
california

Anonymous
Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
591,130
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

Christina,

Calafiorina always knows best.

It sounds like they'd restick lenders from using the brokers they trust.

One has to wounder what is behind this. I wounder who they think they're protecting?

On the other hand, they're sticking it to those lenders who helped so many!

Thanks for the heads up.

There is no need to settle the writers strike, they couldn't possibly come up with this stuff!

Bill

Jan 15, 2008 05:07 PM #1
Rainer
77,686
Jeffrey Dolfinger
24/7 Realty Inc. - Poughkeepsie, NY
NRBA Member
Well I do not think that the state can govern who hires who. I would love to know the states legal basis for this proposed law. The lenders are all private companies.  the conflict of interest is not with the bpo agent but with the previous listing agent if any.  The bpo agent has a fiduciary responsiblity to the lender, the short sale agent to the seller or prior owner. 
Jan 15, 2008 09:55 PM #2
Rainer
6,640
Christina Pilgrim
Weichert Pacific Equity Properties - Folsom, CA

SB 1054: The first provision gives DRE the ability to ban individuals who have been found guilty of violating the Real Estate law from taking a real estate-related job with a company that has a different regulator. The second provision prohibits a real estate professional who gives an opinion of value on a property to a mortgage lender from acting as the listing agent on that property for a period of one year.  

 

Jan 16, 2008 03:35 PM #3
Anonymous
Post a Comment
Spam prevention
Show All Comments
Rainer
6,640

Christina Pilgrim

Ask me a question
*
*
*
Spam prevention