Commission reduction because of closing extension- Saxon
Commission reduction because of closing extension.. I have a short sale with Saxon and the approval letter state any request for extension will result in 1% commission reduction.. I need to request an extension till end of October because of the loan program the buyer is using,but I cannot agree to 1% reduction when is not clearly my fault- Anyone has been in this situation ? Any help will be appreciated on how to approach the negotiator.
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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I have been down that road with Saxon. One of the dumbest banks to deal with ever! Send them an extension request and a new HUD but do not change the commission. They were so stupid that they wanted my seller to sign nearly a $650,000 promosissory note and later agreed to take $15,000 instead. You are dealing with Dumb and Dumber at Saxon
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Permalink Reply by Mary Wilcox on
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This is what I do... I ask for the net and I give it to them if possible. I do not cut my commission. I try to find the money elsewhere within the charges on the HUD. And if it is a steal of a deal I go for the buyer. I've cut my commission a couple of times but I stopped that. Gotta call their bluff. You get as close to the net as possible & then stand your ground!
Not that the seller isn't usually empathetic... but the bottom line is that we, the Realtors are the ones who put in the excess hours and hassle negotiating & marketing shorts. We've got more time & concern invested than any other party involved... I stand my ground. No more cutting a reasonable & customary commission. No more. :-(
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Permalink Reply by Darlene Krause on
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Check to see what type of loan this is. If Fannie Mae loan cannot cut your commission period.
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