How to stop short sale lenders from automatically cutting our commission - Short Sale Superstars2024-03-29T10:17:01Zhttp://shortsalesuperstars.com/forum/topics/how-to-stop-short-sale-lenders-from-automatically-cutting-our?feed=yes&xn_auth=noThey will never approve 7%..…tag:shortsalesuperstars.com,2012-08-27:3468065:Comment:2617082012-08-27T08:13:01.723ZTOP END Propertieshttp://shortsalesuperstars.com/profile/topendproperties
<p>They will never approve 7%.. I wouldn't waste the time.</p>
<p>They will never approve 7%.. I wouldn't waste the time.</p> "Company Policy, I can't and…tag:shortsalesuperstars.com,2012-08-27:3468065:Comment:2618002012-08-27T08:10:49.331ZTOP END Propertieshttp://shortsalesuperstars.com/profile/topendproperties
<p>"Company Policy, I can't and wont".. It's called negotiation ..</p>
<p>"Company Policy, I can't and wont".. It's called negotiation ..</p> List them for 7 or 8% commiss…tag:shortsalesuperstars.com,2012-08-26:3468065:Comment:2618962012-08-26T16:24:13.646ZDON BUSHhttp://shortsalesuperstars.com/profile/DONBUSH
<p>List them for 7 or 8% commission. Refuse to take the cut. They are bluffing.</p>
<p>List them for 7 or 8% commission. Refuse to take the cut. They are bluffing.</p> I have only have this happen…tag:shortsalesuperstars.com,2012-08-26:3468065:Comment:2618822012-08-26T14:45:15.926ZTeam Musserhttp://shortsalesuperstars.com/profile/TeamMusser
<p>I have only have this happen once, out of well over 100 sales, and it was on a $700,000 listing. I usually list at 7%, offer 2.5%. Put in MLS that if 'lender is to reduce commission, difference is to be split 50-50'. I do get taken down to 6%, and I usually leave it alone. Twice, I had buyer's agent that didn't do their jobs, dropped the ball, and were awful to work with. I did their work for them, and brought them down to 2%. I call that 1/2% take down the "F-U" fee. Nothing they can do…</p>
<p>I have only have this happen once, out of well over 100 sales, and it was on a $700,000 listing. I usually list at 7%, offer 2.5%. Put in MLS that if 'lender is to reduce commission, difference is to be split 50-50'. I do get taken down to 6%, and I usually leave it alone. Twice, I had buyer's agent that didn't do their jobs, dropped the ball, and were awful to work with. I did their work for them, and brought them down to 2%. I call that 1/2% take down the "F-U" fee. Nothing they can do about it. I do not advacate burning agents, but if we have to do their work, so be it.</p>
<p>Summary is, give the lenders room to cut you down; if you double end it, work with someone else in your office, your broker ought to be able to help you out and sign the offer.</p> I realize this is an old post…tag:shortsalesuperstars.com,2012-08-26:3468065:Comment:2618782012-08-26T13:56:18.730ZThom Colby CA Brkr 888-391-5245http://shortsalesuperstars.com/profile/ThomColby
<p>I realize this is an old posting but just say "NO". Remind them you have a Listing Agreement showing "X%" and that's what you plan to receive at closing. To add a comment regarding Jennie Blackburn's comments, if I received a "Referral Agreement" providing 1% of my commission to a 4th party, I would also say NO. </p>
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<p>Keep good notes, record the telephone calls according to your state laws.</p>
<p>I realize this is an old posting but just say "NO". Remind them you have a Listing Agreement showing "X%" and that's what you plan to receive at closing. To add a comment regarding Jennie Blackburn's comments, if I received a "Referral Agreement" providing 1% of my commission to a 4th party, I would also say NO. </p>
<p> </p>
<p>Keep good notes, record the telephone calls according to your state laws.</p> Investors with Flippers are d…tag:shortsalesuperstars.com,2012-05-20:3468065:Comment:2362122012-05-20T22:16:10.974ZJan Baronhttp://shortsalesuperstars.com/profile/JanBaron
<p>Investors with Flippers are doing the same thing. It's just common practice now that they give 5%. Standard sells are doing it too. </p>
<p>Investors with Flippers are doing the same thing. It's just common practice now that they give 5%. Standard sells are doing it too. </p> I see someone reccomended…tag:shortsalesuperstars.com,2012-05-20:3468065:Comment:2361962012-05-20T19:05:18.013ZDon & Vicki Dyserthttp://shortsalesuperstars.com/profile/DonaldRoyDysert
<p> I see someone reccomended reporting it to the OCC. If the offending bank is a member of the Nation Association, the bank will have NA ater its name, then you can report it to the OCC. The OCC only regulates National Association Banks. Once you report a bank for cutting your commission, and they restore your six percent commission, you will be placed on a list where banks will no longer cut your commission. </p>
<p> Under California Tort Law, it is illegal for an outside, third party,…</p>
<p> I see someone reccomended reporting it to the OCC. If the offending bank is a member of the Nation Association, the bank will have NA ater its name, then you can report it to the OCC. The OCC only regulates National Association Banks. Once you report a bank for cutting your commission, and they restore your six percent commission, you will be placed on a list where banks will no longer cut your commission. </p>
<p> Under California Tort Law, it is illegal for an outside, third party, to interfer with a legally binding contract between two parties. I always put that in the complaint to the OCC. </p>
<p> </p> I think this is a great idea!tag:shortsalesuperstars.com,2012-05-20:3468065:Comment:2361952012-05-20T18:16:37.704ZLillianne Echevarriahttp://shortsalesuperstars.com/profile/LillianneEchevarria
<p>I think this is a great idea!</p>
<p>I think this is a great idea!</p> I always defend my commission…tag:shortsalesuperstars.com,2012-05-20:3468065:Comment:2361922012-05-20T18:10:06.089ZLillianne Echevarriahttp://shortsalesuperstars.com/profile/LillianneEchevarria
<p>I always defend my commission and it works!</p>
<p>I always defend my commission and it works!</p> I am on the buyer's side and…tag:shortsalesuperstars.com,2012-05-20:3468065:Comment:2363782012-05-20T16:04:08.793ZLisa Woolvertonhttp://shortsalesuperstars.com/profile/LisaWoolverton
<p>I am on the buyer's side and AHMSI Servicing sent the approval letter which included language saying the brokerage commission will not exceed 5% (blank filled in). It's a rotten deal...what are we supposed to do, say No? They realize how easy it to pick on us--it's like taking candy from a baby. Additionally, they are charging my buyer a $600 "servicing fee". They are no better than pickpockets.</p>
<p>I am on the buyer's side and AHMSI Servicing sent the approval letter which included language saying the brokerage commission will not exceed 5% (blank filled in). It's a rotten deal...what are we supposed to do, say No? They realize how easy it to pick on us--it's like taking candy from a baby. Additionally, they are charging my buyer a $600 "servicing fee". They are no better than pickpockets.</p>