Posted by Andrew Smith (Phila) on February 26, 2001 at 19:14:54:
I read about the same thing here in PA and our paper made it sound like a national event which would make sense if it is being address by congress.
Banks in the Realestate Biz - Posted by Rich
Posted by Rich on February 26, 2001 at 09:33:40:
Is anyone familiar with a bill that major banking institutions are attempting to have passed? It will enable them to sell realestate, with the purpose of eliminating realestate brokers and salespeople. The banks apparently want to control the whole process…lister, seller, financer, broker, etc., etc. It’s been my experience with banks that they are barely capable of handling the business they’re supposed to handle, let alone taking on another role. Anyone else hear about this.
- Rich
Banks are gettiing smart - Posted by Fred
Posted by Fred on March 04, 2001 at 18:53:06:
Rich,
I was told yesterday by a real estate agent that deals exclusively in REOs that many banks and mortgage companies are now getting into the rehab business. They are using the real estate brokers to get contractor bids and manage the entire rehab process for them. They are less and less willing to take losses on the properties they own if they are in marketable areas (no war zones). This is not good news for the investor/rehabbers who will therefore have less inventory to pick from.
Bankers hours … - Posted by Redline
Posted by Redline on February 26, 2001 at 15:11:40:
“yes, you’d like to see our listing at 123 Main street? OK hold on pls”.
(10 minutes later)
“Who are you holding for?” “OK one moment”.
(5 minutes later)
“OK when would you like to see the property? Viewing hours are from 10AM to 3PM Monday through Friday. And oh yeah, 12noon is lunch time! Should you want to purchase the property you see, any and all offers must be written in Swahili on our SPECIAL paperwork only! All others will be disregarded. You can expect to hear back about your offer in 30-60 days.”.
(Banks in the real estate biz).
RL
Re: Banks in the Realestate Biz - Posted by Nate
Posted by Nate on February 26, 2001 at 14:32:05:
Even if this passed, it would not necessarily “eliminate” real estate brokers. It would just provide more competition. The banks would not automatically get all the business. They would have to win it through competent service and fair pricing. If they could not do so, then the existing brokers should have nothing to worry about.
Its true and before Congress… - Posted by David Krulac
Posted by David Krulac on February 26, 2001 at 14:02:25:
remember that the banks wanted to expand beyond their area, that law was passed. remember the banks wanted to sell securities and compete with stock brokers, that law passed. now the banks want the capability to sell real real estate. The NAR opposes strongly. But the banks have many foreclosures and this is jsut one way to recoup some of their losses. First it will be foreclosures and next the house down the block.
And don’t forget homeowners insurance - Posted by SueC
Posted by SueC on February 26, 2001 at 14:01:34:
They’re now authorized to sell personal lines… and banks are buying up or partnering with companies all over the place.
Can’t be true… - Posted by Redline
Posted by Redline on February 26, 2001 at 12:53:54:
This can’t be true - there’s no way the NAR and their powerful lobby would let this fly.
Where did you hear about this?
RL
If You’re Late Responding… - Posted by Vic
Posted by Vic on February 26, 2001 at 21:31:59:
… to an offer then you will be charged $25.
If you’re offer is over the list price, you will be charged an extra 15% processing fee.
If you’d like a real live inspector, instead of our computer generated inspection, that’ll be $30.
An appraisal for your FHA loan performed by our bank approved appraiser will cost you $300. An appraiser, who is FHA certified, but not a member of our network will cost you an additional $500.
Your sale will be processed at our drive up window. In-bank closings can only be done on Monday’s & Tuesday’s from 11 A.M. - 3 P.M. Our friendly customer svc. rep will be happy to assist you.
I can only imagine what’ll happen if banks get involved. Go NAR!!!
Vic
If you counter an offer that’ll cost you $10.
Re: Bankers hours … - Posted by Rich
Posted by Rich on February 26, 2001 at 17:44:52:
RL,
Good one. That is if you ever get to speak to a real person. The bank that I’m in the process of divorcing has a knack for running you through a litany of phone recordings…
If you want to buy a house…press one.
If you want to sell a house…press two.
If you want to phone a friend…do so at the beep.
If you’re calling from a rotary phone…please join the 21st century.
If you’d like to speak to a representative…please stay on the line and a representative may talk to you in your grandchild’s lifetime…
BEEP!! BEEP BEEP BEEP BEEP!!! (the sound your phone makes when it’s been off the hook too long.)
Re: Its true and before Congress… - Posted by Houserookie
Posted by Houserookie on February 26, 2001 at 17:01:56:
I don’t see any difference between having a bank become a RE broker Vs. going to a traditional real estate office.
Banks can hire agents just as well as real estate brokers.
Re: Its true and before Congress… - Posted by Redline
Posted by Redline on February 26, 2001 at 14:37:39:
True the act from years ago that created a wall between banking and insur/investing has collapsed and that’s lead to all the bank/brokerage mergers lately.
But I find it hard to believe the banks could swing this. I suppose their argument is that they are indeed the owners so when they sell they’d be acting in principal?
Interesting.
As far as better service (the post from above) - THAT I’d LOVE to see. Banks are a horrorshow to deal with in general in terms of knowledge, customer service and all around competency. I can’t even IMAGINE what a nightmare it would be to have them in RE!
RL
Re: Can’t be true… - Posted by ToddM
Posted by ToddM on February 26, 2001 at 15:32:51:
Actually the legislation failed last session. However, the banks are attempting an end run trying to get the Fed to approve the issue through regulatory channel and completly bypassing the Congress.
Re: Can’t be true… - Posted by Houserookie
Posted by Houserookie on February 26, 2001 at 13:31:12:
I remember reading about on inman.com.
This is not only true, but I believe it will pass.
Although correct that NAR is a powerful group,
banks and lenders have money too.
RE agencies can handle title services and loans,
I see no reason why banks couldn’t do the same.
I don’t see any reason why agents wouldn’t want to
move from a traditional RE broker to working for
a bank/broker.
Au contrare, mon frere… - Posted by Rich
Posted by Rich on February 26, 2001 at 13:09:33:
My wife, who is an agent, received an email from the regional real estate board. They are asking agents to write to their congressperson to stop the bill in it’s tracks.
- Rich
Re: Its true and before Congress… - Posted by Redline
Posted by Redline on February 27, 2001 at 15:32:23:
If you don’t see the difference between a bank and virtually ANY OTHER for profit business - you need to take a better look IMHO.
RL
Re: Au contrare, mon frere… - Posted by Redline
Posted by Redline on February 26, 2001 at 13:33:16:
I still don’t buy it. I’m an agent and I’ve heard nothing. I’m sure the real estate rags would be all over this.
This is sounding like some one-state weak attempt. It will never work. ATTORNIES can’t even do what the bank is trying to do!
RL
Re: Au contrare, mon frere… - Posted by Nate
Posted by Nate on February 26, 2001 at 13:15:42:
That doesn’t make it true. Without having seen or heard anything else, seems this could be an example of somebody taking something the wrong way and spreading a rumor…