Massachusetts Real Estate

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Fannie Mae Short Sale Commission No Longer Cut

                                                                                                                                                       Commission no longer cut in short sales under Fannie Mae

Recent lobbying by the National Association of Realtors (NAR) and more than likely other online prominent educational postings at such places like Active Rain to preserve commissions led Fannie Mae to recently instruct all servicers NOT to reduce Real Estate commissions on short sales. 

Fannie Mae sent an announcement to its servicers stating that as of March 1, 2009 negotiations on short sales commissions below the amount established by the listing agent is prohibited unless the commission exceeds 6 percent. 

Fannie Mae has recognized that negotiating commissions for short sales is unfair because of the extensive work required in many occasions that occur over many months and working with numerous buyers. Paying real estate agents fairly benefits Fannie Mae because Realtors play a crucial role in short sales. The fact that many banks would turn around after a foreclosure and offer commissions much higher did not make much sense.

So as a home seller considering a short sale you may be thinking why do I care if the Realtor gets paid a certain amount of commission? The answer is real simple. When selling your home as a short sale there have been a couple of major issues that continue to plague the industry.

Reason number one is short sales take in many instances an exceptionally long time to get approved. There are times where it takes up to six months just to get a yes or no answer on whether or not the lender will even accept the short sale!

Reason number two is that everything has been open to negotiation up until this point. As a Realtor working with an excellent buyer, the last thing you want to hear on top of waiting months and months is that your commission is being significantly cut.

Massachusetts Short sale RealtorsIn a challenging market, a Realtor is your best friend. Banks shouldn't be alienating the party who is an alie in getting the sale accomplished. While it is always in a Realtors best interest to work on their clients behalf, can you see why a Realtor would begin to get a complex and instruct their buyers to stay clear of a short sale?

While this measure taken by Fannie Mae is an important one, the government really needs to step up their efforts of putting pressure on lenders to do whatever is necessary to get these short sales moved along. Whether is more staffing or better trained staffing, the problem starts and ends at the banks.

The announcement also reminded servicers that third party approvals like private mortgage insurers may be required and can affect commissions. 

According to NAR work they are continuing to work with both Fannie Mae and Freddie Mac to strengthen their policies against reducing short sales commissions.

NAR's next steps include continued work with Freddie Mac and other mortgage providers to enact similar regulations that will ensure that Realtors are compensated fairly. 

Currently, Fannie Mae's policy only applies to loans it owns and guarantees, therefore if a loan is owned or guaranteed by another lender the commission policy of Fannie Mae does not apply.

In order to find out if Fannie Mae is servicing your loan you can either call and ask your lender or if they are not forthcoming with the information you can get in contact with Fannie Mae by filling out the Fannie Mae mortgage request form.

If you live in the Metrowest Massachusetts area and are considering a short sale I would welcome the opportunity to answer any questions you may have. I have been successfully closing short sales and work with a local Real Estate attorney to accomplish this goal. So far I am batting 1000% and have not had a short sale rejected.

Here are a few articles I have written that you may offer you some additional insight about short sales:

Getting your Massachusetts short sale debt released

Acceptable hardships Massachusetts short sales

Foreclosure avoiding it through a short sale or loan modification

Short sales and deed in lieu of foreclosure

Ethics in a short sale Realtor responsibilities

Massachusetts short sales

 

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About the Author: The above Real Estate information on Fannie Mae short sale commissions no longer cutRE/MAX Executive Realty Metrowest Mass was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at billgassett@remaxexec.com or by phone at 508-435-5356. 

Have a home to sell in Metrowest Mass? I have a passion for Real Estate and love to share my marketing expertise! 

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I service the following towns in Metrowest Massachusetts: Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Hopedale, Medway, Grafton, Northbridge, Uxbridge, Franklin, Douglas, and Framingham MA.

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Bill Gassett is a thirty-two year veteran to the real estate industry. He enjoys providing helpful information to buyers, sellers and fellow real estate agents to make sound decisions. His work has been featured on RIS Media, National Association of Realtors, Inman News, Placester, RESAAS, Credit Sesame and others.

Comment balloon 67 commentsBill Gassett • March 14 2009 11:34AM

Comments

Bill, you make an excellent point here to educate the consumer in the high value of the Realtor in the short sale process and also the negotiating leverage when you do have full commission. If all commissions were drastically cut the consumer would be "on their own" as what Realtor would want a long sales cycle, lots of hard work to "not be paid" at the end? That just doesn't make sense.

Posted by Gary Woltal, Assoc. Broker Realtor SFR Dallas Ft. Worth (Keller Williams Realty) over 10 years ago

Good Morning Bill, Your post is wonderfully written and a clear and accurate accounting of this directive and is so appreciated. Well done and you might be looking a STAR! I especially like the word you implied "fair" as I think it truly reflects the resultant compensation clearly.

Posted by William Johnson, Retired Real Estate Professional (Retired) over 10 years ago

Gary - Doing a short sale as you know is a team effort. There is much that happens in order to get one to work. From the seller to the Realtor to the attorney (if there is one) and the bank/short sale negotiator. It does not make a lot of sense that bank were trying to cut off their nose despite their face.

William - Thanks. We all know that short sales are a lot more difficult and the time involved in more much arduous than a regular transaction. Compensation should be fair and equitable.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 10 years ago

Hi Bill !  Could this be the start of banks realizing the true value that Realtors have for their goal ?? ... maybe, just maybe they will realize if they want more than 30% to actually get to the Short Sale Closing Table then they need to develop a better relationship with us. Let's hope !

Posted by Sheldon Neal, That British Agent Bergen County NJ (Bergen County, NJ - RE/MAX Real Estate Limited) over 10 years ago

Hi Bill...Great Explanation, Realtor would soon stop selling Short Sales if they Learn the Commission is getting cut all the time, the risks are to great then to earn a living, plus the risk of a claim on your error and omission insurance by a Seller or Buyer. Here he pay a fairly high deductible on Errors and Omissions claims. So if a person looks at that, a sale could cost you $$$ if the Seller discounts your ccommission and a Seller or Buyer were successful in winning a claim on your Errors and Omission Insurance.

Cheers, thanks for sharing this information.

Posted by Fred Carver Personal Real Estate Corporation, Accredited Real Estate Consultant (RE/MAX Camosun Victoria BC Real Estate) over 10 years ago

Have to hand it to you for the explanation and the perserverance to handle these transactions.

Posted by Susie Blackmon, Ocala, Horses, Western Wear, Horse Farms, Marketing over 10 years ago

Sheldon - It is great that Fannie Mae has stepped up to the plate and put a stop to the reduction of commission. It will be great when Freddie Mac is on board with this too.

Fred - We both know that there are countless Realtors who won't touch them for fear of investing so much time and energy and then not getting paid or having the fee cut drastically. This should help instill more confidence.

Susie - Thanks. I tried to keep it simple while informing home sellers why this is important.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 10 years ago

Bill - This is exciting news for short sale agents and the short sale process.  You are right, sometimes we have to sell a home three times before we get paid once, mostly due to long lender delays.  And, you again correctly mentioned that when lenders take these short sales into REO, they INCREASE the commission and pay a bonus.  That makes no sense. After all, the short sale agent is actually saving the bank money from the start by saving them the foreclosure costs, and REO holding costs. Thank you for providing the Fannie Mae link, as well.  All of us getting involved in making positive change DOES work!

Posted by Wendy Rulnick, "It's Wendy... It's Sold!" (Rulnick Realty, Inc.) over 10 years ago

Hi Bill. I actually used this last week when negotiating a short sale and saved the commission from being chopped to bits. The lender wanted to cut and I took a firm stance and quoted this and got the 6%!  So, it really is helping! It's great news for everyone involved! Thanks for making everyone aware of this! I'm going to flag this one for a feature!

Posted by Cecily Parks (iMove Group, Knipe Realty NW, Inc.) over 10 years ago

Wendy & Cecily - It really is great news. Obviously it makes you feel a lot more comfortable investing your time in something you will get paid fairly for doing. Short sales involve a lot of work. You are right about commissions being raised in a foreclosure. Does not make a lot of sense but what ever does in the banking industry.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 10 years ago

Hi Bill, great post!

Thank you for sharing your insight amd knowledge of short sales. I have bookmarked this for future reference.

Posted by Tony Orefice, Realtor/Harrisburg NC,Concord NC (Wilkinson ERA/www.TonyORealtor.com) over 10 years ago

Tony - Your welcome. If you ever do a short sale at least there is a better chance you will not have to worry about your commission being cut.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 10 years ago

Tony have you presented this or know of anyone who has used it successfully?

Posted by Vanessa V. Simmons, Realtor (Real Living HER) over 10 years ago

Vanessa - I do know of a couple Realtors who have already brought it to the attention of the bank when they were trying to cut a commission and they immediately backed down.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 10 years ago

Bill thanks I am in the middle of 3 and I plan to bring it to the banks attention on Monday and just wanted to know what I was in for.  Have a good one.

Posted by Vanessa V. Simmons, Realtor (Real Living HER) over 10 years ago

Bill--By explaining to the consumer why this is an important change, you help them understand what has been happening in the market and why so many short sales can sit on the market for months without offers. Hopefully this helps those sellers who are in this situation too1

Posted by Teri Eckholm, REALTOR Serving Mpls/St Paul North & East Metro (Boardman Realty) over 10 years ago

Vanessa - You just need to make sure it is a Fannie Mae loan. This does not apply to every bank.

Teri - Educating the public on short sales is important. There are still many who don't evne know what the term means.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 10 years ago

It's good to have the uncertainty about the commission removed in most cases - I think there is a lot of work on short sales and the banks should not penalize us for keeping their properties from going to foreclosure and being vacant and who knows what can happen.  Good job in showing a seller why it is important.

Posted by Cathy Tishhouse, Royal Oak Real Estate (RE/MAX Showcase Homes) over 10 years ago

Bill I am glad to hear that.  I partner with a few Realtors that do Short Sales, and put in a lot of time on these deals, and should be fully compensated for them.

Posted by George Souto, Your Connecticut Mortgage Expert (George Souto NMLS #65149 FHA, CHFA, VA Mortgages) over 10 years ago

This is a great change by Fannie Mae, but it doesn't come close to solving the entire problem.

Posted by Christine Donovan, Broker/Attorney 714-319-9751 DRE01267479 - Costa M (Donovan Blatt Realty) over 10 years ago

Bill,

It's funny...we bust our butts to try to get the deal done I keep thinking that the lenders are purposely trying to make us fail and on top of it...they aren't even a party to the contract yet they want us to cut our commissions.

Posted by Neal Bloom, Realtor CRS-Weston FL Real Estate (eXp Realty) over 10 years ago

Cathy - No question! The banks should be striving to get rid of the inventory with the least amount of loss possible. Can you imagine how much money could be saved if short sales moved a lot quicker.

George - As more Realtors find out about this change their could be an increased willingness to participate in them,

Christine - You are right about that. The short sale academic will not be solved until staffing issues are taken care of. The banks are just not equipped to handle all of the volume.

Neal - You have to wonder sometimes what they are thinking when they try to cut our commission sup front while in a short sale situation and then will turn arounf if the property gets to foreclosure and increase the commission. It really does not make a lot of sense.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 10 years ago

I saw this awhile ago it is about time. All the extra time and effort only to find out they want to cut your fee does make agents stay away from short sales. 

Posted by Terry & Bonnie Westbrook, Westbrook Realty - Grand Rapids Forest Hills MI Re (Westbrook Realty Broker-Owner) over 10 years ago

Hi Bill,

Do you think think all banks will follow Fannie and Freddie's guidelines ? I read this when it was released and am happy to see the decision. I only hope other banks not fannie and freddie backed will follow suite.

Posted by Missy Caulk, Savvy Realtor - Ann Arbor Real Estate (Missy Caulk TEAM) over 10 years ago

From your mouth to God's ears.

Posted by J. Philip Faranda, Broker-Owner (J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY) over 10 years ago

Terry - It sure does. Banks have created a real negative feeling for  Realtors when it comes to short sales. This should at least take some of the sting away for those that do still work with short sales.

Missy - I sure hope so. Only time will tell. We still need Freddie Mac to get on board with this as well. Chances are pretty good that others will follow suite.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 10 years ago

J- Lets hope God is listening and tells all the other lenders to follow Fannie Mae's initiative.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 10 years ago

Hey Bill, I jumped for joy when I read about this a while back. It's great that NAR was successful 'going to bat' for the membership! It's cool that Fannie is on board. Now for Freddie & the others. Maybe they will get smart too.

Posted by Marian Gregor-Ann, Arbor area Real Estate (Keller Williams) over 10 years ago

On a recent short sale, my commission was cut the day before closing!!

Lawyer for the seller (bank), called and said "oops, I was supposed to let you know a few weeks ago..."

My Broker went ballistic!  Unfortunately, all she got for it was high blood pressure!

Her and I had a conversation about this topic the other day and wished we could've quoted it a few weeks ago!

Posted by Gail Szeluga & JoAnna Siminerio, Fostering Community Spirit Through Real Estate (Weichert Realtors - Manalapan - Marlboro) over 10 years ago

Bill - yeah, yeah, yeah... I keep hearing about this, but I'm curious if it will actually be enforced and actually happen! What abut all the loans that are not backed by Fannie Mae?

Posted by Greg Nino, Houston, Texas (RE/MAX Compass, formerly RE/MAX WHP) over 10 years ago

Marian - Hopefully this change leads to a stance across the board where banks do not try to cut our commission.

JoAnna - I can understand why your broker would be pissed off both by the attorney and the bank. Those Oh By The Ways at the last minute are never good.

Greg - I have already heard of a few agents that have sighted the new law and the banks immediately backed down. Only time will tell what will happen with the rest. Lets hope they follow suite.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 10 years ago

hey Bill, this (not surprisingly, of course) is very clear and concise information about a hot topic. It seemed to be a very gray area, having banks let the contract go from short-sale to foreclosure status, while under contract. I recently lost commission on one because of this. Now I make sure that the original contract (that includes the commission clause), includes a highlighted provision that the Seller/Bank/Mortgageholder agrees to the complete terms of the contract. I have lots to learn in this area though. Thanks for sharing your NOTES!

Posted by Mara Hawks, Inactive-2012 REALTOR - Homes for Sale Auburn Real Estate, AL (First Realty Auburn ) over 10 years ago

All I can say is it's about time and I just hope Freddie Mac and other lenders will follow suit.  Banks are not in the business of seling real estate and hopefully this is a positive sign that they are starting to realize how much our roles as Realtors can help rather than hinder the short sale process for both buyers and sellers.

Posted by Julie Dumaine-Russell (RE/MAX Alliance) over 10 years ago

Mara - Sorry to hear about your situation with the short sale. Kind of makes you scratch your head sometimes and wonder why a bank would want to go to foreclosure unless the agreed upon short sale price was muh lower than market value.

Donna - I could not have said it better myself. I have a feeling Freddie Mac will follow suit.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 10 years ago

Bill, I have done two of these but quite some time ago before they were so popular.  Personally I think they should be called long sales not short because there is nothing short about the process.  This is good news for REALTORS who often came out on the short end. 

Posted by Marchel Peterson, Spring TX Real Estate E-Pro (Results Realty) over 10 years ago

yippee, yippe, yippee, yippe!!!

Posted by Janie Coffey, Uniting Extraordinary Homes w/ Extraordinary Lives (First Coast Sotheby’s International Realty) over 10 years ago

Bill - an excellent article. As I told Janie, I refer the listing of Short Sales elsewhere, and clearly advise my buyers as to what they are up against. With 80% of short sales not working, why would agents want to work for less? I applaud this new move....bureacracy makes me crazy....;-)

Pepper

Posted by Mesa, Arizona Real Estate Mesa Arizona Realtor, AzLadyInRed (Homes Arizona Real Estate LLC) over 10 years ago

Bill- THis is an excellent written post about the new fannie mae guidelines. Freddie mac will follow suit. Hopefully all the investors will get a clue and follow too. A lot of the negotiating is in getting the best price for the property as well. We have never had too much of an issue, only with a couple of servicers, because they make a 1% commission on each short sale. But now Fannie is going to pay them directly for completing the short sales and increased the amount they are paying their servicers.

Posted by Katerina Gasset, Get It Done For Me Virtual Services (Get It Done For Me Virtual Services ) over 10 years ago

Bill - This is an issue that had to be addressed.  To many times agents had to face a cut in their commission certainly not an incentive to work this part of the market.

Posted by Jennifer Fivelsdal, Mid Hudson Valley real estate connection ( JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571) over 10 years ago

Teri the key to short sales is knowing how to do them and then staying on top of the people on the inside that handle them. So far so good as I am batting 1000 on my short sales.

Katerina - Thanks. I agree I think Freddie Mac will follow suit. If the rest of the investors join them short sales will have less of a negative connotation with Realtors.

Jennifer - I am sure there are an awful lot of happy Realtors tha work with short sales. I know I am pleased.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 10 years ago

I loved this post, Bill!  I already knew about Fannie Mae's decision, but you framed it very well.  Nice job, man!

Posted by Randy Hooker, Gilbert, Chandler, Mesa, Queen Creek (Dreamcatcher Realty / Greater Phoenix Area) over 10 years ago

Thanks Randy I appreciate the compliments.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 10 years ago

Bill, somehow I like this post. (Chuckle, chuckle, giggle, giggle)...

I've been through a horrible short sale that the listing agent somehow is protecting the Seller. He insisted he didn't have $600 to bring to the table and I questioned him Why did he not at least give his client a chance to scramble for the money in order to sell his house? The Listing agent insisted he didn't have $60, let alone $600. Can you tell I was very upset?

Posted by Loreena and Michael Yeo, Real Estate Agents (3:16 team REALTY ~ Locally-owned Prosper TX Real Estate Co.) over 10 years ago

Hey Bill:  Wish they would all follow Fannie Mae's lead.  As you know, these deals are very high maintenance and the agents earn every penny of their commission.

Posted by Tom Boos, Providing the very best of service to Sellers and (Sine & Monaghan Realtors, Real Living) over 10 years ago

You got to the root of the issue and talked straight with sellers and banks.  Excellent!

Posted by Maya Thomas, Broker, Please see my client recommendations. about 10 years ago

Hi Loreena - While your situation is frustrating the listing agent is supposed to represent the seller?

Tom - Short sales take a lot of work as you mention. I suspect Freddie Mac will follow suit. Hopefully all the rest will too.

Maya - Thanks. Sellers need to be aware of the issues with short sales as much as buyer and Realtors do. A seller should know up front why these transactions can be so difficult.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) about 10 years ago

Hi Bill, Short sales are so much more challenging than a "normal" transaction so it's about time they did this.  :-)

Posted by Shirley Parks, Broker, 210-414-0966, San Antonio TX Real Estate (Sands Realty 210-414-0966) about 10 years ago

Shirley - Lets hope the rest follow suit. It will make a big difference for the Realtors that end up working with short sales.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) about 10 years ago

Good Post.

 I am so frustrated with a short sale I am doing that is Fannie Mae and is suppose to close on Monday and they have cut my commission with out saying anything. I had submitted it at 6% and they have brought it down to 5%. She said they only way to change this is to reapply for the short sale which will means starting over. I have informed her of the new rule doesn't seem to matter. I do not know where to go with this.

Posted by Debra Donahue, Debra Donahue Realtor RI & Mass (RE/Max River's Edge) about 10 years ago

Debra - I think she is giving you a line. The rule was put in place so banks could not do this. I would go over her head in speak with someone higher up. The bank would not be starting from scratch because of a commission dispute. Something smells rotten in Denmark!

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) about 10 years ago

Bill - Wow ! Great post - I was not aware of this.  Thanks for the info !  We have 2 short sales that we are waiting for the bank's response.  I will be armed and ready if they try to dip into the commiss : )

Posted by The Somers Team, Real People. Real Dreams. Real Estate. (The Somers Team at RE/MAX Access) about 10 years ago

Chris - You will just have to make sure that the loan is with Fannie Mae. If not the short sale commission could still possibly get cut. The fact that Fannie Mae has taken this stance should eventually help with the rest of the lenders.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) about 10 years ago

I've now run in to two banks not telling me who the holder of the loan is and if they are just servicing the loan or not. OH HOW FUN! I have to make other calls to find out that if it is a fannie mae loan or not and in one case it was and when I threatened to take the case to fannie mae the quickly changed their tune.

 

Posted by Respect Realty LLC, Brokers - Oregon / SW Washington Real Estate (Respect Realty LLC) about 10 years ago

Thanks Bill I am still working on it.

Posted by Debra Donahue, Debra Donahue Realtor RI & Mass (RE/Max River's Edge) about 10 years ago

Interesting Todd. It is funny what a little "heavy convincing" can do sometimes.

Debra - Good luck:)

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) about 10 years ago

I like your perspective, quoted you in my latest post:

http://www.myshortsaleangel.com/2009/04/full-commission-on-fannie-mae-short.html

Hard working short sale agents deserve to be paid full commission!

 

Posted by My Short Sale Angel of Sacramento about 10 years ago

Has any of you had a problem where the 1st is Fannie Mae BUT the 2nd is not so they claim that this does not apply to them and that they can demand that the commission be cut.

Citimortgage through their collection agency PennCro and Associates is doing just this!

 

Posted by Ulises Escobar about 10 years ago

Angel - Thanks for the quote on your blog and the linl to my blog post.

Ulises - I have heard that there are some doing this. I guess they can if the 2nd mortgage is also not with Fannie Mae.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) about 10 years ago

I just stumbled upon this post but I am glad I did! Great to know!

Posted by Jami Van Den Bogaert (RE/MAX House of Brokers) almost 10 years ago

Jami - It is good to know the short sales rules because if you don't, the banks on many occasions will try to get away with whatever they can! Realtors need to stand their ground in these circumstances.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) almost 10 years ago

Look what I just got from Everhome (National City is the new negotiator).  We had agreed on $4500 in closing costs and prepaids from the seller.  Is this true that Fannie Mae can only pay $2500.  This is a joke.

Association Dues: They will only pay 6 months of the past due balance

Assessments: They will NOT pay or allow on the HUD (if any)

Seller Paid Closing Costs: They can NOT exceed $2,500.00 per Fannie Mae

Delinquent Utilities: They will NOT pay any past due balance

Commission: 6% approved with 1% given back to National Quick Sale

Additional Fees from Commission: $250.00 processing fee & $99.00 registration fee paid (nationalquicksale.com)

Posted by Jane Lynch (Re/Max Specialists) over 9 years ago

Jane I am not 100% sure about your question about $2500 being the max amount of closing costs that can be paid on short sale, however, this sounds like it may be accurate.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 9 years ago

Thanks for your reply.  I am checking in to it.  I won't bore you with the details of this long drawn out transaction.  Also my error but the negotiating company that came on at the 11th hour with these changes is National Quick Sale.  If you have any further info on seller contributions I would appreciate it.  Thanks again and have a great day.

Posted by Jane Lynch (Re/Max Specialists) over 9 years ago
They have revised this to NOW REDUCE our commission. The Chief Executives received 6 million at the end of December and talks are Fannie and Freddie to be no longer.
Posted by Laurie Missouri Realto over 9 years ago

Laurie where is the world did you get that information?

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 9 years ago

Hi Bill,

Well, after 6 months of trying to get my short sale listing through B of A and their Equator system, I finally made progress in January.  The newly assigned negotiator contacted us with a counter offer of COE date and cc for cash buyer.  I had told the negotiator that recently their had been a leak in the home and instead of cutting the cc, leave it and ask buyers to take house as is since getting cc.  He informed me since the cc was 1.5 % that he could "push it up more" if needed.  Well, at the time I didn't want to push our luck and it had been a small leak.  Everyone agreed to counter and signed everything.  3 weeks later (today) he emailed me another counter offer of extended closing date and NOW a commission reduction of 1%.  Well #1- this is a Fannie Mae and I knew this going in #2 why are they countering me with that after they already countered us once and we agreed to everything?  #3 I know they have the money because he told me how much he was able to give for the seller due to leak.  So, I emailed him back and pointed out this little tid bit of info about fannie Mae and sent them the link to view themselves.  I have not heard back yet, but if I get a negative response is there anyone I can contact at Fannie Mae to "get their servicer in line"?

Posted by Cynthia over 9 years ago

 Cynthia - You will more than likely have to fight hard and let them know you are not going to back down. I would also sight "contractual interferance" with your listing agreement with the seller.

Posted by Bill Gassett, Metrowest Massachusetts Real Estate (RE/MAX Executive Realty) over 9 years ago

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