Citi has asked to reduce REALTORS commission to 5%. I thought that was NOT allowed.

Any help?

 

Views: 125

Comment

You need to be a member of Short Sale Superstars to add comments!

Join Short Sale Superstars

Comment by Kevin - Greenville, SC on November 23, 2012 at 9:14pm

Congrats!

Comment by Hairman on November 6, 2012 at 5:58am

Thank you for your response. I held my ground on the 6%. We close on the 16th.

It was not a Fannie Mae loan.

Comment by Kevin - Greenville, SC on November 6, 2012 at 2:06am

It depends on who the Investor/Insurer is and if it's a HAFA SS.

Comment by Steven Angelil on October 17, 2012 at 1:57pm

From the Fannie Mae Servicing Guide SVC-2012-19 dated August 22, 2012:

Closing of short sales may not be conditioned upon a reduction of the total commission to be paid to real estate agents to a level below what was negotiated by the listing agent with the borrower, unless the fee exceeds 6% of the sales price of the property in aggregate

I guess the first thing to check is if the loan is owned by Fannie Mae.

 

Members

© 2018   Created by Brett Goldsmith.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************