Comments on: Short Sale Commission Squeeze

By: ADD

ADD — Mon, 14 Sep 2009 18:22:01 +0000

Finally someone standing with their real estate professional. Many people would just take the easy way out and then explain to the Realtor that it is the banks fault that your commission got cut or removed. Glad to know that there are people treating their Realtor fairly.

By: Loretta Steele

Loretta Steele — Fri, 11 Sep 2009 16:56:29 +0000

Great response to an uneducated lender. Realtors do so much more than just “marketing”.

By: Anne

Anne — Fri, 11 Sep 2009 15:21:48 +0000

Great work, everyone! Steve, there is nothing more important than monitoring the BPO process in a short sale. Your next step should be to dispute the BPO. Some lenders will actually give you specific instructions for doing so. If they won’t tell you the BPO, ask them what comps were used, and thyen go find lower comps and send them to the negotiator. If the BPO is 3 months old or older, you can request that a new one be done–again, have some comps in your arsenal which support your point of view. Ask the lender what it needs to net.

And, NEVER ever ever let a BPO agent into the house without you. Very often they don’t know what the purpose of the BPO is, and it’s your job to tell them and to give them some comps, and maybe even a copy of the hardship letter.

Good Luck!

By: admin

admin — Fri, 11 Sep 2009 07:44:08 +0000

@Carey:

Excellent tip – thank you for sharing the link that restores your higher commissions!

Cheers,
Thomas

By: admin

admin — Fri, 11 Sep 2009 07:39:17 +0000

Walt:

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How much would you care about the value loss of these FL properties if they were rented (for whatever you could rent them now) and you wouldn’t have to make a loan payment?

I just recently learned about a program that I would not ever trust, recommend or even use myself, if it weren’t for one of my most savvy investor friends who teaches it, TJ Marrs.

Check out his new “mortgage elimination method” at http://TurnDebt2Cash.com (this is not the same as his mortgage acceleration program). Look at his 2 free ebooks and video. This will set you free.

Thomas (call me sometime!)

By: walt

walt — Fri, 11 Sep 2009 07:09:57 +0000

I am currently selling a couple properties in FL. Lender’s main issue is appraisal…seems they are taking a market price on the high side. It is all about working with the lender and giving them data to work with. Many of the processors and negotiators are just average joes who have to process a certain number of packages a day. Help them justify the sales price…whether you are a buyer or seller. Of course now is a good time to be buying.

By: Jacksonville Short Sale Specialist Carey Garland

Jacksonville Short Sale Specialist Carey Garland — Fri, 11 Sep 2009 01:57:41 +0000

Great post! We’ve run into the same thing. Of course we do about 10-15 short sales per month and get a lot of short sale referrals from other realtors. We’re able to use the same technique there, but now the lenders are trying to lower our commission to 5%.

This makes things a little more difficult when we’re doing all the work/negotiation AND we have to pay a referral fee to the referring realtor. We typically have to refer to the Fannie Mae guidelines at https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0903.pdf. Even if its not a fannie mae loan.

But we have been able to get 7% commissions on some. I guess we all have to make money and service our clients the best way we can.

Carey

By: admin

admin — Fri, 11 Sep 2009 00:33:43 +0000

Thanks for your comments!

@Steve Jenkins Yes, it’s all about ammo… but as an “attitude” you’ll get farther working WITH the banks rather than AGAINST them.

@Steve Mathers BPO is totally crucial, and has to emphasize active REO listings for comps, plus condition/repairs. Double check that they actually did an INTERIOR BPO, not just a drive-by!

@Mikial Sounds like you’ve got the good and the bad… brokers can be a real pain, and you sometimes wonder what their real motivation is. Maybe you can get specifics as to what he thinks is “illegal”, or you could have your own attorney back you up, or you’ll move on to someone who gets it.

Keep at it!
Thomas

By: Mikial Rashad

Mikial Rashad — Fri, 11 Sep 2009 00:16:27 +0000

9-10-09 Thursday I just got a call from an agent who I’m to trying work with, here in california, that her broker is telling her, that the full disclosure attachments I use (aff of understanding and S&P Addendum along with the grant deed to answer the seasoning issue) are all illegal and she has to withdrew all my offers, (10) This head stuck in the ground, broker. I have not gotten to the point of a approval offer, but documents stated above give me the right to market and list the property for me the buyer, plus most times finder the short sale through the listing agent that has listed and submits the offer along with they listing agreement from the seller. These Ass_ _ _ _ lenders are so Fruity stupid. The Law of Common Sense is broken daily, and actions of self in flicked damage (putting in or taking out of the deal to make it not work) should be agianst the Law of Common Sense. As an investor if the bank doesn’t want the listing agent’s commission, and as part of the complete short sale package the listing agreement must be in there, okay 25% discount on AGV plus X .55 cent on the dollar agreed to my offer price, 500,000 mortgage property buying at 206,000 and selling at 315,000 I know problem paying the listing agent commission and the listed the property also and the brought agent with their buyers, I walked away with over $70,000.00 profit No Problem

By: BOBBY DEFRANCE

BOBBY DEFRANCE — Fri, 11 Sep 2009 00:05:31 +0000

THOMAS,THANKS FOR THE GREAT TIP.THOMAS ,I WOULD LIKE TO SPEAK WITH YOU ON THE PROPERTY THAT I PLACED ON HOLD.I REALLY NEED YOU TO GET BACK TO AND THERE JUST MIGHT BE A WAY WERE I CAN WHOLE SELL THIS PROPERTY. PLEASE CALL,THANK YOU ,BOBBY