Comment

Comment by Jeanette Becker on July 20, 2010 at 9:06am

I have a short sale that had a second lien on the property until they went thru bankruptcy about a year ago. They reaffirmed the first mortgage on the house but did not reaffirm the second. We are supposed to close next week and GMAC sent the processing of the second to Green Tree for Servicing as of July 1 of this year. The credit report shows no balance on the GMAC loan but they still have a secured lien on the title. Who am I supposed to contact to get this released?

Comment by Tina Encheva on July 14, 2010 at 11:12am

Does anybody have a Hold Harmless form or knows where I can download it from

Thank you,

Comment by Jeanette Becker on July 14, 2010 at 10:47am

I did call HSBC and went to the manager of the negotiator and he would not budge on commission. I told him that I will no longer accept any short sales that have HSBC as the lender as I work too hard not to receive a fair commisssion. He said it was my decision, and by the way, do you want me to decline the one we are working on? What a jerk! I told him I would close on this one but would not be working on any more for his company.
The HUD was sent earlier this week and when they called me yesterday, they told me that they will not pay more than 4% if both agents work for the same broker. They would not budge when I told them that we are independent contractors with our own arrangement with the broker. In my case, the broker gets half of my commission. This did not matter to them...they told me to discuss with my broker! I will not pick up any short sales in the future without first knowing what the commission is and have them sign a compensation agreement. If not, then I will move on. I cannot spend so much time on each listing and stay in buisiness if the banks will not compensate. HSBC did not care when I mentioned that this house would have gone to foreclosure or bankruptcy had I not gotten involved. I guess we must make choices and my choice is to help where I can and get paid a fair commission.

Comment by Katerina Gasset on July 14, 2010 at 4:17am

Jeanette- I would have put on the HUD the referral fee amount going out and to whom right on the commission section so that they can see that more money is going out and not to you.
This is very typical, they love to lower to 4% when you are in the same office even though it is two different agents.
We always fight this. With HSBC you have to be a very good negotiator. THey are trained to be tough. THeir biggest defense is that they did not take any bail out money and therefore they can be tougher. But just be tough right back.
It is all in how you speak to them and the tone of your voice, your confidence factor and many other details that go into the negotiations. They hate paying realtors. Just always remember that they are sitting in there laughing at agents.

Comment by Jennie Blackburn on July 14, 2010 at 4:07am

Cutting commission to 4% because it's going into the same pocket? We've experienced that before. Our paperwork now says that we will split the commission with the buyer's broker on any commission paid by the
lender that is under what has been advertised in the MLS.

Comment by Wanda martinez on July 13, 2010 at 10:37am

Hello Jeannette,
They can do it but try to renegotiate this based on the savings to the bank b/c they don't have to foreclose or keep this property for any length of time. Also, remember if this deal is a Fannie or G MACthey cant reduced any commissions due to you to less than 6%. Good Luck and Congrats,
WDA

Comment by Jeanette Becker on July 13, 2010 at 8:57am

I just received word from HSBC that a short sale is approved for closing on the 30th of this month. The problem is they have cut my commission to 4% because the selling agent (me) and the buying agent are from the same brokerage. I listed this property for 6% commission and I still have to legally pay the buyer agent 2.4% of the sale price. This cut in commission and the referral fee of 25% leaves me with very little for my efforts. Can HSBC do this?

Comment by Wanda martinez on July 12, 2010 at 8:50am

We just closed the one down below only with $3,500 approved by MGIC from the seller and no other repayment clause. Yeah, all 7% commissions paid. Thanks for all your comments and help... the negotiations with MGIC went well on the sellers behalf.

Comment by Jeanette Becker on July 10, 2010 at 2:19pm

Thanks, Katerina. You are right about not picking up after her, I had no intentions of doing that. All I can do is help her find her options and ask her how she is planning on getting her property ready to sell when she is not here to do it. You are right that the work on my part is hard enough without getting involved in the seller's responsibility.

Comment by Katerina Gasset on July 10, 2010 at 1:50pm

Jeanette- if she has issues the best thing you can do for her is to get her some help, like from her mom but you are enabling her by picking up after her or for her. I am very compassionate so don't take this wrong but most often the best help is to NOT enable. That is a good idea about her mom. You are not a maid and you are going to have to do a lot of work negotiating the short sale for her so her and her family can help her so you can do your job.

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