Power REO attempts to reduce my commission to 5% and takes 1% for themselves. I ask them if they are licensed in South Carolina - they say, "no." "Texas." In our state, to receive a commission such as they demand, they either need an agreement in writing with the owner outlining the terms of the commission (re: listing agreement) or a referral agreement with me. They have neither.
This practice, in my view, is illegal, and every agent on here (that agrees) should call the attorney general of their state and Real Estate Commission and report this fraud.
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Hi Bryan!
Did the owner/REO bank send you a listing agreement stating the agreed upon commission amount? Is this a 3rd party vendor? I had that happen to me and referred my REO vendor right back to the agreement we had in place at the time of the listing. In Maryland you can't hold up a sale over commission. You have to deal with it after the fact with the state association of realtors. Here, it is not a Real Estate Commission matter. If they don't play ball report them to your state board and go to mediation fully armed with documentation. It amazes me as hard as we work that we as agents are always being taken advantage of. A lot of the issue is with us. Like you stated, we need to discourage these types of situations by going after what is ours. Too many times we let these issues slide. Also, make sure you take it to your broker and make them fight on your behalf. That is what you are paying them for (that's if you are not the broker).
They way I have seen these type of companies being paid is not as a formal real estate commission in the 700's of the HUD-1 but rather a line item in the 500's or 1300's. Is that everyone else's experience too? Because they are in bed with the foreclosing lender, it is approved. Because of they way it is framed, (5% commission to you, 1% commission to us) we believe it is a commission.
I don't like it either, but I think they have us beat on this one. Of course they don't have a listing contract with the seller! They can call it what they want but it is legally probably not a real estate commission....
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