How Does Coldwell Banker Handle Foreclosures?


Quick Answer

Coldwell Banker handles foreclosures in accordance with state laws in the jurisdictions where its offices are located. The brokerages are independently owned and operated, and they may represent the buyer, the seller or both.

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Full Answer

A particular Coldwell Banker brokerage may have agents who are hired by entities, such as banks and government agencies, that repossess homes from borrowers who default on their mortgage loans. The agents prepare price opinions, list the homes for sale, market them to cooperating brokerages and the public and represent the entities in contract negotiations and the eventual sales. They work with other individuals contracted by the entities, such as asset managers responsible for disposing of foreclosed properties.

When Coldwell Banker represents the buyer, the agent with whom the buyer works walks the buyer through the process of choosing a home, making an offer on it, negotiating the contract and completing tasks required to close the sale. In some cases, the agent helps the buyer purchase the home at auction by preparing and submitting the buyer's bid.

Dual agencies are brokerages that represent the buyer and the seller. In states where designated agency is practiced, Coldwell Banker assigns one agent to the buyer and one agent to the seller, and the broker specifically excludes all other agents from representing either party. In some states, the same agent may work with both parties. Coldwell Banker only practices dual agency in states that allow it.

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