Hello Superstars ... I recieved an approval today with GMAC but they are telling me that the commission will be reduce to 5% because the buyer agent and I are with the same brokerage .. Does this sound correct? Can they do this and should I put up a fight ?? Hope to hear from yall soon ...
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I am dealing with GMAC on a SS now. Are you talking about the receipt of the Short Sale Authorization from GMAC?
https://www.hmpadmin.com/portal/programs/docs/hamp_servicer/mhahand...
7.4 Short Sale Agreement
The amount of the real estate commission that may be paid, not to exceed six percent of the contract sales price, and when applicable, notification that the servicer retained a contractor or vendor to assist the listing broker with the transaction and a statement that any associated vendor fees will not be charged to the borrower or deducted from the real estate commission along with the payment amount (expressed as a fixed dollar amount or percentage of the contract sales price) if paid from sale proceeds.
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