SunTrust Refusing to Pay Any Real Estate Commission- Yes $0, Zip, Nada, Nine- HELP!!!!
Hello All-
Would love to tar and feather a SunTrust Negotiator right now. I have about a $750,000 (can't give specific as it is not closed) contract and I have both sides of the deal. I expected a cut to 5% from the 6% listing agreement, plus it states as per SunTrust's Short Sale Guide and having done several before that dual will get a max of 5% and have collected this each time, but I just got an approval today and the commission lines on 1st and 2nd were $0. I thought this must be a mistake, right? I emailed and called the negotiator, she called back and said "since the sellers are not a hardship that I needed to get my commission and a $30,000 seller concession paid by the seller at closing", on top of that; no seller closing costs. My argument is; if it wasn't a hardship- then why did you approve the short sale in the first place, Moron? Of course I didn't say that, but I was sure thinking it... Has anyone experienced this before, as I am fuming right now to say the least? Keep in mind that our median house price here in Richmond is around $200K. The Negotiator's signature line reads "High Risk Department". Any advice? Any high up contacts at SunTrust? Thanks for your input in advance!
Ryan Sanford
Associate Broker, CDPE
RE/MAX Commonwealth
Replies to This Discussion
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Permalink Reply by Short Sale Superstars LLC on
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Ryan,
Sun Trust often cuts commission when agents are double ending the deal, but they are going to the extreme in this case. It sounds like your file was reviewed incorrectly by the negotiator. This file needs to be escalated hard to the correct high level contacts.
310-564-6389
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Permalink Reply by Bryant Tutas on
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First thing i would do is see of the seller has any issue paying you at closing. They may not.
You can find escalation info here:
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Permalink Reply by Ryan C Sanford on
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Hi Bryant-
Thanks for the replay and your time!
I don't want the sellers to have to pay me- it goes against everything I believe in for a short sale and I hate for the Banks to think they can do this and get away with it as they will continue to push us around like this. Also, my clients would have to go into their retirement to pay me as they do not have it liquid, if they would even agree to it all, which I doubt. What is keeping them from just letting it go to foreclosure and keeping $80K in their retirement?
I've done some digging and have found out it is an in house Portfolio loan. Steven Harris is the head of the department and I am prepared for when he gets in on Monday morning to go at him with both barrrells.
Has anyone experienced this before and had success getting the Bank to change their minds?
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Just remember it is the sellers decision. I've had sellers pay me before and after closings before. They were happy to do so. I've also had sellers bring $30,000 to closing to relieve themselves of a massive debt and avoid foreclosure.
The buyer could also pay some it if needed.
But I would certainly push the issue with ST first.
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Permalink Reply by Wendy Rulnick on
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Let us know how this goes, Ryan. I, too, have an addendum that states what the minimum commission accepted is. I haven't yet had a situation where I had to ask the seller to cover any. In Suntrust's case, this seems bizarre, to say the least. Also, it sounds like an offer. They REALLY want a contribution from the seller of $30,000 plus 5-6% to approve the short sale. I am surprised this was just generated as an "approval" without a chance to relay it to the seller for a response.
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Permalink Reply by Kimberley Kelly on
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Good points Wendy. What the heck is up with an approval letter with 0% commission? Does the negiator work for free too????
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