Got something from Ocwen (actually Altisource), saying they are paying no commission, When we questioned them they said that the seller will be responsible for the commission, as per our listing contract..... Has this happened to anyone else? Any ideas?
Prudential Americana Group Realtors
They are technically right. It sounds like they are honoring your listing agreement.I would call back and get clarity.
The clarity they offered us was, as you suggested, they are honoring our listing agreement, that the seller had agreed in writing to pay us a 6% commission..... That is what we have on our listing contract on each of the several hundred short sales we have listed over the past few years, including maybe a dozen with Ocwen .... No other reference in the listing contract that we expect the commission to come from the lien holder.
Do you or anyone else have verbiage in there listing agreement that might protect a seller from the lien holder taking the listing contract literally?
Right...the listing agreement is between the seller and listing agent, but if they are taking that opinion, are they agreeing to "pay" for the escrow fees? Because technically that would be along the same theory. Somebody doesn't have a brain in this equation and I am sure that somebody is in India.
Remind them, they are NOT paying the commission. They are not paying ANYTHING. All they are doing is agreeing to accept less than the balance owed. Once again, OCWEN doesn't own the house, they are not the seller.. They are nothing more than a pesky lien holder that needs to be wiped away like a bad rash.
I won't be surprised if this is a new direction on short sales. Remember Ocwen / Altisource (and others) own Real Estate Brokerages throughout the country and every listing an agent takes, is one they cannot grab the commission on. (I don't take any listings where OCWEN, Altisource, Nationstar, or Auction.com are involved).
I also agree with Tara - Is the servicer allowing the normal items other than commission to be paid from the proceeds or is that the next surprise you face..... ?
Best of luck !
Technically they are correct. I have seen this before with other lenders and believe it to be a CYA for the lender. Tara explained it well. OCWEN is not paying anything because they do not own the property, they are agreeing to release a lien
It sounds like they are just using a play on terminology. Essentially they are accepting net proceeds of x amount and allowing sellers expenses of a certain amount from the gross price. So technically they are seller charges but are distributed from proceeds. I don't think you have anything to be concerned about in this case. Its just a play on words, maybe they are being more careful with their wording these days with all of the controversy they are stirring up with their shady business model. What I find interesting is the executives behind altisource are all ivy league graduates very well educated individuals but they push the envelope on the way they conduct business.
Yes. They're trying the same thing with me as well....It's really unfortunate what they are trying to do. We continue to fight!!!