Freddie covering its Fanny: Real Estate Agents Beware
January 11, 2010 · Print This Article
During an ongoing battle with B of A over a short sale, I got a call from a gentleman interested in homes in NW Bend. I pulled the search and noticed one of my listings…listed with another broker! After staring at the pictures for a few minutes, I called the other real estate agent. After a very short conversation, she told me that she had a listing agreement with Freddie Mac, the locks had been changed, and I needed to just move on. I kindly explained the home had not been sold or given back to Freddie and I personally verified the information with both B of A (they were actually right for once) and the trustee who did NOT sell the asset. I then called the agent again and asked if she could fax or email me a deed, document, anything showing title to the home had been transferred. The email response I received was something to the effect of “Go fly a kite. I know all you want is a commission check, but accept defeat, sorry about your luck, and don’t call me again.” Freddie Mac was wrong and I knew it. No offers in, no foul. 2 offers on her listing and 1 on mine… hot subject with major ramifications. I ran my phone dead calling Freddie Mac, B of A, ReconTrust, and my seller. After 2 weeks, the local mls kindly suggested I remove the listing from the mls or…not fun. 1 week later, I received an email from Freddie Mac. Guess what? They were wrong, the other agent didn’t have the right to sell the property. If there was any point in my life when I wanted to be a fly on the wall, this was it. Oh how I wanted to hear the conversations the other agent had with the buyers and their agents about not being able to sell the property. I am sure it was as entertaining as it sounds. Moral: Don’t list properties you don’t have the right to sell and if you do, at least have the professional courtesy to help get to the bottom of the issue. Because even trusty old Freddie Mac has to cover its fanny like everyone else.
Written by josh · Filed Under short sales
Tagged: B of A, Freddie, Freddie Mac, homes in NW Bend, real estate agent, Real Estate Agents, short sale, short sale process, short sales, what is a short sale
Kerry O'Neal has been a licensed broker for over 12 years. He has worked with residential, commercial, and industrial properties in the Central Oregon area for over 5 years. 
Josh grew up in a Portland real estate family. He was buying and selling rental homes and income properties, and managing large multi-family complexes, when most of his contemporaries were just beginning their careers. 
Really scary actually. Good thing you stuck to your guns. I’ve heard of locks being changed without permission and sellers not even aware of it. Who to believe then? Great post. Thanks for the info.