I was unaware of HSBC policy to only pay 5% commission until I got my approval letter. My listing contract and advertised co-op rate was 6%. Anyone having any luck getting them to pay higher than 5%?
Tags:
Sherry,
If it's there guidelines to only give 5% and this is not a HAFA short sale, you will not be getting 6% commission. I'd double check to ensure this is policy for traditional short sales.
310-564-6389
I didn't have any luck getting it increased from the 3% I made for dual agency! I get more on a standard co-broke SS. There policy is 5% two agents different brokerages, 4% two agents same brokerage, and 3% dual agent. Truly, I can't say I tried very hard as this was a $35,000 property and I was thrilled to be done with it. Good luck and please update if you find a way.
This is a good heads up to include the terms in your short sale listing addenda regarding minimum compensation and how it is to be handled.
Yes I have added notes to my process on this one.
Wendy, you can add all the language you want. At the end of the day, the sale is subject to short sale approval. And since the bank is the one paying the commissions, it's their call. If your focus is on representing the seller, the money will follow via referrals.
Are you saying that HSBC is the servicer and is dictating guidelines to the investor? It doesn't work that way, the employee does what the boss says. If the investor is FNMA, 6% is their limit, I think FHA is the same. If HSBC is the investor, they can say whatever they want.
They say it's not FNMA. Website checks says it's not. Their the investor.
They will state 5 is all they will pay,but I have received 6%.
You have to fight for it.
Great Sidney, can you give me any pointers. I have argued all the points I know. Give me a call if you can share. 615-504-1911.
Last year I had two short sales with HSBC going on at the same time. One approval came in at 6% the other at 5%. The negotiator with the 5% approval stated that HSBC never paid agents a 6% commission. I emailed her the other approval I had received also from HSBC at 6% and she changed her approval to 6% as well.
I just listed another HSBC short sale last week and will be submitting it this week. I am going to ask for 7% and take 6%
Hello Sidney, I am having the same issue right now with HSBC and they said only accounts paid at 6% are REO properties. Can you clarify if your two that just paid at 6% were just Short Sales or REO's, please.
They asked me for the approval letters also. Would you be willing to send us addresses or anything to reference on the two you got through at 6%. We have grounds for an Attorney General Complaint if they say it's "Policy" but then make exceptions. We could file Discrimination complaint.
Any help would be GREATLY appreciated.
Thank You!
Stacey Lambright
614.315.4663
Remax Consultant Group - New Albany Ohio
Their portfolio loans will only pay 5%. They do make the process easy. Have the seller pay you your other 1%.
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.