Wondering if anyone has ever got a lender to agree to a flat commission? I would love to help everyone but this possible short sale would sell for around $45,000. I would like to write the commission to be no lower $4000. At 6% it would only be $2700. At 5% only $2250. At that low of commission how do I offer any sort of incentive for an agent to show the property and/or write an offer?
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Definitely will not happen on any GSE Investor Loans or FHA. I've seen commission as high as 8% on some Chase files that were portfolio loans.
I don't know who has the loan yet. I hope it is Chase.
Jennifer, You could assist the buyers agent with getting paid from his buyer. For example: Offer a 1.5% co-broke BUT also have an agreement that the buyer signs agreeing to pay his agent an additional 3%. Then simply have the seller contribute 3% towards the buyer's closing costs on the purchase contract. This 3% is used to pay the buyers agent in addition to 1.5% co-broke. The BA makes 4.5% and you make 4.5%
Most lenders will agree to a 3% seller contribution. This won't work on all transaction but it will work on most.
That sounds like a great idea! It makes sense.
I actually just closed one this morning on a BOA Coop. Sale price of 21000 . I initially asked them for a flat fee of 3500 and they agreed to 3150(15%) which has not bee the norm,
Definitely a great idea, thanks for sharing Bryant!
Mike. Did you ask them at time of listing? Or did you just show it on the prelim HUD?
I requested it at the time of listing and put it on my listing contract and then loaded into Equator, they countere me back at 3150. I have another with Wells which is 40k and they will not pay over 6% but I like your suggestion for future rference as I have another under 50k.
Perfect. I had heard that they would do this but haven't tried yet. I think I will now make that standard of practice on my lower priced short sales. Good info Mike.
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