Comment

Comment by Dawn Barrier eXp Realty Vegas on July 22, 2010 at 9:02am

Amy, Negotiator will assign it to you,,email or call yours

Comment by Pamela Walsh on July 22, 2010 at 8:24am

What have you been successful negotiating on GMAC 2nds in the six figures? We have one at $98,000 and one at $124,000

Comment by Amy Martin on July 19, 2010 at 8:44am

I am surprise. I was going to input a GMAC in equator and to find out my drop down arrow is gone. I have done & closed short sales with GMAC through equator (reotrans). Are they back to manual process?

Comment by Brigitte Powell on July 9, 2010 at 11:37am

Del.....so they are negotiating . Again, you got nothing PRIOR to the contract telling you what their "policy" is... They did not disclose that the commission with same co, is 4% Tell the negotiator that your broker will not allow you to reduce your commission. They (the investor) has given approval, stick to your guns unless your are under a deadline. Just don't click on "reject" :-) Put your commission in the way you want it and send it back.

As far as the other goes I agree with Kent, for now you are good . There is no fool proof way to assure that they are free and clear .Seller needs to ask attorney for advice.

Comment by Jeanette Becker on July 9, 2010 at 10:27am

I have a GMAC second on a short sale. The property owners went through bankruptcy proceedings a year ago. They affirmed the mortgage on the first. The bankruptcy lawyer told them they should not pay anything to the second (GMAC). We notified GMAC of the short sale as they were still billing the owners monthly and threatened foreclosure. We entered the info into Equator for GMAC but HSBC (first) does not go thru equator. To make a long story short, I received a message from GMAC that the short sale was declined and the reason is 'Service Released'. I am not sure what this means except that it was supposed to go to another servicer on July 1. I am not sure who that is...what should I do with this?

Comment by Kent Dills on July 9, 2010 at 7:46am

Del, of course I'm not a real estate attorney but, the "full satisfaction" of the forgiven debt is what you''re looking for.

The alternative is, they put language in that says they retain the right to seek deficiency judgement, etc.

So, at least for that part, it sounds like you're good!

Comment by Del on July 9, 2010 at 5:48am

@ Brigitte...it was on the approval itself. Prior to that I got an email from the negotiator saying they only pay 4% if its with the same brokerage. Also, on the approval states a "full satisfaction" of the forgiven debt but no mention of them pursuing any future deficiency judgements. Should I push and ask GMAC to add that they nor the investor will not pursue a dj in the future??? There is over a $300k loss here and Seller want to make sure they are free & clear.

Comment by Brigitte Powell on July 9, 2010 at 12:45am

Definitely push back. by the way, was that in the "instructions" you got from them (or in the instructions your Seller got in their paperwork)? Wells Fargo has in their instr to the agent regarding commission. What Kent said :-)

Comment by Kent Dills on July 8, 2010 at 12:41pm

Push back with the rationale as you explained and tell them "your broker won't allow you to close for less than x%". You fill in what x% is. If you'll do it for 5% tell them that! ;-)

Comment by Del on July 8, 2010 at 12:37pm

Received an approval letter today from GMAC stating they can only give 4% commission to the transaction because both agents work for the same brokerage. They say it's in their polic guidelines. The selling agent does not even work in my office. Has anyone encountered this??? Should I push back and ask for a higher amount?

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