Hello Everyone,

I was wondering, when you get an REO listing, do you send them your brokers listing packet and have them sign in addition to their forms? I have a new client that will not sign my listing, they only want to use their own but my broker says it won't cut it. Has any one else had this problem, or do your clients always sign your forms?

Need some help.

they usually all have their own listing that they send to you and that you sign. that is just the way it is, most of the time.

Some companies have their own complete (more or less) listing documents, others have addenda to use with your local board forms. In general the MLS office should tell you if the client forms are adequate for entering a listing (that is are the "required field" data part of the listing document). Some clients will also authorize a listing agent to sign the local listing forms as their agent.

My "more or less" comment above is because they don't always include forms that may be required locally when they are making assignments on a national scale.

Your broker is being very myopic. A listing agreement is a listing agreement is a listing agreement.
Just because your company uses local board or state forms it doesn't mean that is the only acceptable listing agreement.
Most commonly used listing agreements are very broker biased, in other words, they are designed to protect the broker. Most REO listing agreements have more protection for the seller (cancellation rights, shorter listing times, etc.)
You should ask your broker if he wants to sell houses or collect forms, because most lenders will just send an email that says "never mind" and find a lister that'll work on their terms.

I definitely agree with Pa Broker. A listing agreement is a listing agreement is a listing agreement. What does your broker NOT agree with?

^^^^yep!!

That's one of the problems with lenders, they're very arrogant and manipulative. The typical REO listing agreement specifies that the lender has the right to cancel the listing AT ANY TIME, WITHOUT CAUSE. The broker is basically held hostage by the lender, and must cater to the lender's every whim. Also, the lenders often do not bother to respond to offers submitted by a broker for weeks at a time. If you can work with arrogant apathetic jerks, selling lender REO's is the business to be in.

Most state allow a client, seller or buyer, to cancel an agency agreement at any time. The listing agreemnt or buyer's rep agreement is worth about what the blank piece of paper is worth.

The Texas Real Estate Act states: "The agency relationship is a highly personal relationship. It requires continuing consent of the principal and the agent. Agency may be terminated at any time by either party; however, an early termination without cause may expose the terminating party to liability under the agency agreement.”

In other words, the seller can terminate at any time, but you could go after them for such things as the cost of marketing, time, etc.

I would bet that many states have the same laws.