While some borrowers come out of forbearance and consider selling their home, they could use counseling to make sure they’re making the right decision. Using Xome’s Xpert Seller program, service agents can help borrowers determine the best marketing strategy list and sell their homes. HousingWire recently spoke with Joe Cutrona, Senior Vice President, Auction Exchange & Asset Management at Xome, about Xpert Seller and its benefits for both services and borrowers.
HousingWire: As borrowers move out of forbearance, what role do repairers play and what can they do to make sure homeowners understand their options, including selling their home at auction?
Joe Cutrona: Today, with almost 2.2. Millions of homeowners still on active forbearance, repairers have an important responsibility to communicate with homeowners about their mortgage reinstatement options and to help them navigate the eligibility requirements to determine the best course of action. Once this path is determined, the maintenance officer should be involved in helping homeowners through the forbearance exit plan, which may include selling their home. According to Black Knight, 96% of homeowners have at least 10% equity, which means they may be able to pay off their loan, closing costs and agent commissions without having to pay out of pocket or short term. Once a homeowner decides to sell, it’s up to the maintenance worker to make sure they fully understand each step of the home selling process.
When the owner chooses to sell his house, either because he wants to take advantage of the current market price of his house, or because he is not eligible for any refurbishment option, an auction becomes a solution of viable pre-foreclosure for a graceful exit.
HW: When we think about the capacity of services, what are the potential challenges that services may face and how can a partner like Xome help solve this problem?
JC: There is no doubt that service capacity is a big issue. The moratoriums on foreclosures have forced duty officers to abandon the capacity of traditional late-stage delinquency recovery efforts, including foreclosure, and shift it towards forbearance treatment and heavy-handedness efforts. home detention. At the same time, loan advances continue to increase, putting additional financial pressure on service providers. Partnering with Xome could include using one of our real estate disposition products and services, which are powered by our MLS analytics and Xome’s extensive online auction platform to help resolve issues. Simply put, we add capacity by stepping in and acting as an intermediary between owner and repairer. As a result, repairers can focus on home retention efforts for their other customers, and the owner can focus on the decisions that need to be made when selling their property.
If a repairman recognizes that a homeowner is not eligible for home retention options, Xome can work with the repairer to determine the best marketing strategy to help the homeowner make the decision to list and sell their home. This is where offers like Xome’s Xpert Seller program come in. This new program is designed to connect borrowers with local real estate professionals and guide them through the marketing and selling process. from their house.
HW: How does Xome’s Xpert Seller deal with and resolve these issues? Can you tell us more about the benefits of taking advantage of a program like this?
JC: Xome’s Xpert Seller Program is designed to help homeowners gracefully break out of forbearance while complementing maintenance agent owner retention and disposition efforts. When an owner decides to sell their home, Xome handles the process of communicating directly with the owner and the real estate professional to ensure that owners understand all of their options. For example, if a homeowner is eligible for a home retention option, we want to make sure the repairman is logged in and is focused on sharing those options with the homeowner. Ultimately, this is a pre-foreclosure avoidance situation, and it is in everyone’s best interest that the homeowner can make a truly informed decision about whether to sell their home. A sale can not only help homeowners realize their equity through a sale, but they can also save thousands of dollars in transaction costs and even qualify for moving assistance.
Repairers have a capacity advantage by partnering with us. They can expect full transparency throughout the listing and marketing process through Xome’s nationwide network of brokers and our proprietary real estate listing tracking platform, XomePro. In addition, Xome’s access to MLS data provides repairers and owners with the assurance that they are receiving the most accurate, real-time transaction activity to ensure they get the best possible price.
HW: Is there anything else you would like us to know about Xome’s Xpert Seller program, maybe more about how Xome’s online auction platform plays such an important role?
JC: If an owner is faced with an expiring forbearance or pending foreclosure, the auction process proactively addresses these critical deadlines. With Xome’s auction platform, Xome.com, the owner retains full control of the listing price and the acceptance of the final price.
Additionally, Xome.com attracts over 1.6 million unique visitors per month, increasing the owner’s marketing exposure, resulting in a very competitive auction environment.
We believe that auctions are the most transparent way to buy and sell real estate. Homeowners can see which potential buyers are interested in their property in real time and can compare all offers, while repairers gain additional capacity and the ability to serve their owners more efficiently. The auction process takes into account the critical and urgent nature of an expiring forbearance plan and offers a potential cash incentive for relocation to the owner. Giving owners all the information they need and helping them walk away with the money in hand is a win-win solution for all stakeholders.
Xome’s Xpert Seller program doesn’t just help homeowners get out of forbearance, it also complements the maintenance agent’s portfolio by helping them retain customers.