Mike Smiley
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The wacky world of Short sales...has this happen to you?

Started this discussion. Last reply by 31cg1fw8yxswn May 6, 2013. 3 Replies

Ok so how about some feedback on this one.  I listed a short sale that was originally a WaMu loan and the seller is getting 20,000. Beside the point of course, but here is what happened. I submitted…Continue

 

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First Name
Mike
Last Name
Smiley
Are you a...
Agent
State
Washington
City
Mountlake Terrace
My Profile
Have been doing real estate for the past 21 years.

Mike Smiley's Blog

Corporations can be bullies too……

Posted on November 26, 2013 at 3:16pm 1 Comment

So my question is why is it that agents individually, continue to have to defend their paycheck against investor’s efforts to reduce commissions below the customary 6% and the never ending interference with a contract of which they are not a legal party to? Why is there not some sort of class action lawsuit on behalf of many thousands of agents that would have a ligament claim? Why is there not some sort of collective representation for real estate agent?

I would like…

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Wacky world of Short Sale to be continued.....

Posted on May 7, 2013 at 2:01pm 0 Comments

Ok it looks like I will lose this argument for now and will comply with the last minute demand by Chase that the commission is reduced to 5%. I have not had to do this before. Mostly lucky I guess that they have been Fannie or Freddie short sales. The negotiator on this file made the thinly veiled implication that a file has to be closed if it cannot move forward because of compliance issue. She did not come out and say it of course that acceptance of the offer is subject to agent’s…

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Welcome to the wacky world of a short sale

Posted on May 6, 2013 at 9:49am 1 Comment

Ok so how about some feedback on this one.  I listed a short sale that was originally a WaMu loan and the seller is getting 20,000. Beside the point of course but here is what happened. I submitted an offer by way of Equator and after the appropriate time for it to ferment, they finally made a decision and accepted the short sale with payment of a customary 6% commission. This was a written approval letter folks from Chase. Well the offer than fell apart and buyer walked. I than…

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