I have completed CFK, interior BPO, re-key, etc. I just got an email form the Assest Manager telling me to go head and list the property. I never recieved a signed listing. I have not heard back from the AM. Is this typical? Did I miss the listing somewhere on the web site?
The AM response to my inquiry about a signed listing indicated that it was not necesary to have a signed listing.(?????)

Ummm...It may not be necessary to them but our MLS will not take kindly to you listing a property without a signed listing agreement.

Didn't you send back an unsigned listing agreement way back....without a list price? They usually fill in the price and send back signed. I don't make them sign my listing agreement but accept theirs for my file. But if you can't find it on their website, then fill one of yours out and email it to them for signature.

Give MLS a call if you don't want to read through the rules/regs. Copy and paste section and send to the AM. I find it really bizarre the AM wouldn't know this.

I can't (and am not willing to) market a property without a listing. I need to know the commission, length of listing, etc. How could the AM not know this?

Has anyone done business with Green River and recieved a signed listing form?

I usually get one that is not signed by them, but requires my signature that I sign and send back with a copy of the MLS printout. It will state the list price, commission and how it is to be split, the length of agreement and any incentives, if offered. Have you done your BPO on it, has the second opinion BPO been done? They usually don't list until these things are done. Go back to the AM and ask for these things.

I've gotten "listing agreement(s)" from them, but it's not a listing agreement, per se. It doesn't have my brokerage name on it, or mine. Nothing. It has no place for a broker sig. It's a copy of the agreement that GRC gets from FNMA which refers back to FNMA's "Master Listing Agreement" with GRC. So, there's no listing agreement between our brokerage and GRC at all. The instructions are for GRC to sign it and fax/send back to FNMA. Those are not instructions to me or my broker. If we got audited, I don't know what would happen. There's no listing agreement.

I've gotten by with these, but no more. Since our merger, the GRC "listing agreements" are not acceptable. The ones that are in place we are so far keeping; but when a price reduction comes in as a "new listing agreement", I'm not going to be able to continue with the listing. As a matter of fact, just today I had to notify the AM that we have a problem. IF she will agree to sign an agency agreement and a listing agreement, I could keep it. But I doubt that she will be able to.

This method is new. Prior I did get a listing agreement with the brokerage name and mine, but not since early spring. All others have been a copy of the agreement between GRC and FNMA.

That just will not fly anymore with my broker. I stand to lose two GRC listings. It's probably just as well.

understandable. without a signed listing agreement, the broker is in a weak position with respect to payment of a commission if a dispute arises.

That would not fly with me either. Our MLS says we need a signed listing agreement - that is playing with fire to place a listing on MLS without it.

I had a listing that was on MLS for one day before it went under agreement....(the tenant bought it) MLS thought that was suspect and I had to fax over my listing agreement showing the date was really the day before and I wasn't holding onto the listing before I posted on MLS.

It's hard enough to follow all the rules we have and be sure all is in order....why would anyone take a risk like that?

Log into the Green River website and go to the forms page. I believe you can accept the listing and download the document you are looking for. Otherwise, contact the AM and tell them you haven't received the listing documents yet.

Good luck

Just curious - what does your state laws say about advertising a property for sale without a written contract?

You may be a sub-agent of a firm that has a contract - but if it isn't in your state is it valid?

Good point, Pine.

But, to my mind, there's no agency sub or otherwise with GRC's "listing agreements". Absolutely nowhere does the brokerage name appear, or the listing agent's. It's as though we don't exist. Neither is that "listing agreement" signed by anyone at GRC. The instructions are for GRC to sign it and send it back to FNMA. It's like GRC is alerting you that THEY have a listing agreement from FNMA, but that's about it. How can that confer a listing agreement between GRC and a broker? By osmosis?

Many AMCs don't sign the MLS listing documents, but at least you have a seller or seller rep signed listing agreement on file, ratified by the broker. You can create all the MLS docs, ERTS, Agency, etc., and reference them back to the signed listing agreement from the AMC on file.

With GRC, you have nothing. ALL the FNMA agreements, the 571 reimbursement guidelines, etc., the "broker" guidelines are between FNMA and GRC (the AMP). None of them in any way (maybe not even implied) refer to the agent/broker who gets these "listings". I don't eve know if those FNMA agreements allow for a subagent. I may have missed it, but I've not seen it. How can a broker be held to agreements that are between GRC and FNMA without explicit subagency? But, nonetheless, brokers are. I don't get it.

Bottom line, if you take that kind of "listing", you don't actually have a listing that's legally enforceable on one side or the other. Maybe "implied" agency, but that's kind of thin-- nothing to hang your hat on.

I can not put the prop in MLS without some documentation. What is gross commisson? My commisson? what can I offer out to co-brokers? How long is this agreement? What about the price? Is an email stating the asking price really what the client is asking? I can not move forward with nothing in hand. Its financial suicide. What if I get a full asking price from a co-broke on day one of the listing? He/ she will ask,"what is the co-broke commission? What is my response?

The AM will not return phone calls or emails. Nothing. Dead in the water. I guess I could put it in MLS and then temporarily remove it (called TEMP in my MLS) until I sort this out.

If a retail seller told you you "didn't need" a listing agreement (what the AM told you), what would you do and what would you think? You'd NOT advertise the listing because you didn't have and can't prove you have agency, and you don't have any terms/conditions for selling the property. You'd think the seller was planning something that might not be good for you, too.

If you look on the GRC web interface under "Agent Forms", you might find GRC's version of a "listing agreement", which will be as I've previously described. You still won't have a listing agreement, even so.

Thats a great analogy DueD. We should be looking at the AMC in the same way as we do a retail seller but I think we let a lot of things slide to get the listing and make the AM happy.

This is going too far tho....no listing agreement is just crazy.

I'd be real curious to have some of the posters here who have a lot of REO listings and a team working for them weigh in as to what they would do in this situation. I can't think of anyone offhand (Keene maybe?) but this is a great topic and I'd like to hear from others.

It is irrelevant if this is a REO client or not. If you don't have a signed listing agreement, you don't have authority to sell the property, you don't have authority to collect/pay a commission, and you don't have authority to represent the seller. It's that simple.

Now, with FNMA outsourcers, they have recently had each agent sign a master listing agreement with FNMA. Both parties (outsourcer as AIF and agent) sign. When I get a listing that is a FNMA property through these outsourcers, it comes across as a 3-5 page addendum to the current MLA. In that case, only I sign and I then have the right to sell the property, represent the seller, and collect a commission.

NTB

Does the FNMA "Master Listing Agreement" have your brokerage name on it? Or is it just by and between the outsourcer and FNMA?

I've got to get this straightened out.

the MLA has my name and info on it. You sign it with the outsourcer and with FNMA.

Hi

First, they are very good to work with and will help you with any questions. The listing agreement comes as an attachment so take a moment to double checkk all recent emails for attachments. It will start with the following if it is a fannie

"Fannie Mae, referred to throughout as the "Seller" grants you the sole right and authority to sell this property during the listing period subject to the terms and conditions of the current Fannie Mae Master Listing Agreement"
It does not name a brokerage, but does allow for a signature at the bottom. You sign it place it the MLS and send it back with a copy of the MLS. I doubt it will be the only fannie in your MLS, so don't stress - just list, sell and enjoy the fruits of your labor.
Hope that helps a little

Have a good day all!!

Bump.

Even though I swore I would never take another one of their listings again-- I got one today.

THIS one had a real listing agreement with my name, brokerage (although it was an OLD brokerage and I don't know why that wasn't updated-- my other assets were). Yes, it had a commission rate and all. I was so amazed. Until I saw the Addendum, and it was all messed up. Several choices there, a 2% listing with a 1% cobroke on net, a 6% listing, and some other kind.

So I gave it to my DB and he couldn't figure it out, either. Stumped a 30+ year broker. I don't feel so bad.

So I know this is old, but I had to give a plug for GR as they are one of my top REO clients. It stinks that you guys had bad experiences with them, and no one was around to help out with it, but they are one of the good companies out there to work with. (Except for the stupid $5 bucks to get my own money back crap.)

For future reference if anyone has ?s about GR stuff, feel free to shoot me a PM or post it on here for all to see. And if you do get a listing from them try to do a good job on it as they now have thier preferred agent program in place, and if you do a good job, they'll hook you up.

I received a GRC listing assignment today, so I will do as thereoguy suggested and post updates here.

The last GRC assignment I had was over a year ago. After doing the CFK (which GRC paid) and all of the initial work-up, I had it listed for only 42 days when the listing was pulled in the Citi transfer to AHMSI. I never did get my reimbursements for the property. Thank goodness I did not have to front the CFK money!

I know that the Citi thing was not GRC's fault, so I'll see what happens this time. I'll come back to the thread and post updates.