Replies to This Discussion

Permalink Reply by Linda Quinn on July 17, 2011 at 2:54am

Just say no...In Oregon it is against the law to share any part of your commissin with an unlicensed person. Did you say the Seller's MOm?  or buyer's Mom. If it is the Seller's Mom you need to tell her it is a Federal Law that the seller get nothing from the sale...The buyer's bank will not allow monies go to the buyer without declaration on the HUD..and it has to be

approved by the bank as within the guidelines of the closing costs...so if it is above the allowed limit or actual it will not fly.

What nerve1!

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Permalink Reply by Wendy Perez on July 17, 2011 at 4:41am

Give nothing.  How do they even know what YOU'RE making on this?  Give nothing.  End of story.  Not negotiable.  Not worth discussing.  Tell them to ask the lender, appraiser, inspector, attorney, title company to cough up the dough.  Let's see how THOSE professionals respond.

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Permalink Reply by Travis Davies on July 17, 2011 at 5:07am

I talked to his mom for probably 40 minutes on the phone and got it worked out. By the end of our conversation she was laughing. Like a lot of consumers, she thought that we dont earn our commissions and she felt she could negotiate a better deal without a BA due to crappy a BA she had worked with in the past. She felt that she should get a 3% discount in the price or have her CC paid for out of BA commission. I explained to her that any monies being paid for or gifted have to be disclosed to ALL parties for approval in any deal, especially a short sale. She didnt realize that I not only got the lender to pay for his CC but 13K off the price by who I knew at B of A and how to structure the deal to make the investor see it was the best deal they were going to get, so they better take it. 

 

We all come into similar circumstances just like this. Consumers think we are lazy, uneducated, unprofessional, money hungry, arrogant and extremely selfish. If we all strive to make a difference we will all benefit from it. Sitting down and answering all of her questions not only saved major heartburn on this deal but earned me 6% and also gave me a new client. 

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Permalink Reply by Kari A. Battaglia on July 18, 2011 at 12:12am

I would not give up any of my commission.  I work too hard and I consider that taking food from my family's dinner table.  Usually when someone asks me to give up my commission and I promptly respond NO they tell me that it doesn't hurt to ask.

Travis I just read how you handled this situation and glad it worked out.  Good result. 

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Permalink Reply by Marivel Costanza on July 18, 2011 at 5:57am

 

Seller's mom?  or buyer's mom?

 

You deserve a full commission, you did double the work and took on twice the liability.

 

In my experience, HAFA will need to approve any changes to the HUD including the buyer's side.

 

Most likely, the buyer's lender will not allow your contribution because the buyer has to meet their minimum down payment contribution (3.5% on FHA). 

 

Let the seller's (buyer) mom know that anything outside of escrow would be a RESPA violation and you must follow strict rules. 

 

Also, unless the son has a license, you can't pay him.

 

Be strong!

 

 

 

 

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Permalink Reply by Rosemary Brooks on August 7, 2011 at 1:26am

That would be a "no", naw, no way and sorry all rolled into one.

Be strong.

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