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Tim- They are really trying to get their act together according to their VPs.
But that situation you just stated sound really weird.
We just got a new listing, the homeowners stopped paying, BofA called to collect, homeowner tell BofA they are listed for short sale. BofA says they get 90 to do the short sale, 30 days to get an offer- if not- they will offer them a deed in lieu!
This is I think because they are trying to implement the HAFA program and have not been trained correctly on how to effect the HAFA program on each file.
Your situation with the 5%. Are there two different agents? Did you check on the Freddie and Fannie websites to see if they are the owners of the note? Is there a first and a second? Who owns the notes? We always want that info up front before we even take the listing so we know what the commission is going to be from the get go. That way we can get the other 1% from the sellers if they are well to do or a strategic short sale. Katerina
Katerina:
Are you telling us that BofA is still a lender who will only pay 5% on a short sale? I have a BofA short sale listing and I assumed that now all the lenders were paying 6% since Fannie and Freddie, and the new HAFA guidleines all permit 6% commissions. (Assuming two different brokers are splitting the commission.)
Bob Wienk
Katerina Gasset said:Tim- They are really trying to get their act together according to their VPs.
But that situation you just stated sound really weird.
We just got a new listing, the homeowners stopped paying, BofA called to collect, homeowner tell BofA they are listed for short sale. BofA says they get 90 to do the short sale, 30 days to get an offer- if not- they will offer them a deed in lieu!
This is I think because they are trying to implement the HAFA program and have not been trained correctly on how to effect the HAFA program on each file.
Your situation with the 5%. Are there two different agents? Did you check on the Freddie and Fannie websites to see if they are the owners of the note? Is there a first and a second? Who owns the notes? We always want that info up front before we even take the listing so we know what the commission is going to be from the get go. That way we can get the other 1% from the sellers if they are well to do or a strategic short sale. Katerina
Well, HAFA hasn't actually taken effect yet and won't until April 5th. But, BofA in my situation is a 2nd lienholder and although Fannie Mae and Freddie Mac are paying 6%, I don't believe the second MUST abide by those guidelines. In my case, the first mortgage is not getting shorted at all............and BofA is getting almost 20% of their balance in the short sale, so although I don't necessarily agree that they should cut my commissions, but I do understand why, since they are paying about as much in realtor commissions as they are getting in proceeds from the sale, with the first mortgage not kicking in anything at all.
Bob Wienk said:Katerina:
Are you telling us that BofA is still a lender who will only pay 5% on a short sale? I have a BofA short sale listing and I assumed that now all the lenders were paying 6% since Fannie and Freddie, and the new HAFA guidleines all permit 6% commissions. (Assuming two different brokers are splitting the commission.)
Bob Wienk
Katerina Gasset said:Tim- They are really trying to get their act together according to their VPs.
But that situation you just stated sound really weird.
We just got a new listing, the homeowners stopped paying, BofA called to collect, homeowner tell BofA they are listed for short sale. BofA says they get 90 to do the short sale, 30 days to get an offer- if not- they will offer them a deed in lieu!
This is I think because they are trying to implement the HAFA program and have not been trained correctly on how to effect the HAFA program on each file.
Your situation with the 5%. Are there two different agents? Did you check on the Freddie and Fannie websites to see if they are the owners of the note? Is there a first and a second? Who owns the notes? We always want that info up front before we even take the listing so we know what the commission is going to be from the get go. That way we can get the other 1% from the sellers if they are well to do or a strategic short sale. Katerina
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