Here is an Update with my commission cutting dilema- Need Help too!!.
I have sent 3 powerful, demanding, and bank benefiting emails to this Impact Companies-Property Group. I asked to be escalated to the next level. All she keeps repeating to me is thats "ALL" we pay out of OUR proceeds!!!! Do you still want to continue???? I so much want to say NO!!! I don't want to continue and you can stick it where the sun doesn't shine!!! But I haven't yet.
Here is what I have learned- Impact Companies is an investment group that does buy notes and serves lenders and other property management programs. In the meantime I have researched and found no where that the note was transferred to them. So I guess they are the servicing company even though she claimed that they owned the note. Now last week I also learned that GMAC sold the note to Deutsch Bank. So I have continued to ask my short sale attorney why can't we drop Impac and work directly with Deutsch Bank. She said Impac is still servicing the note. Ba hum bug. What do you all think???
Next everyone beware. BB&T, Bank Atlantic and Regions (esp with their equity loans) are an absolute BEAR to deal with. They are suing my clients personally, outside of any foreclosure actions. My clients had to hire a separate foreclosure attorney to respond to the lawsuit. They are asking for a judgement of the full loan amount which is now $240,000. In the meantime GMAC has approved our contract for $210,000. Their note is for $325,000.
BB&T was $22,500 in order for them to let us close. However, GMAC will only let them receive $10,000. So now I have to get the buyers to bring in an additional $12,500 and negotiate with BB&T to accept maybe $50,000 from my sellers in addition to the $22,500 they will be getting. I have to do all this and sacrafice 1% of my commission. AND the bpo came in at $180,000 and I have them an offer of $210,000. So tell me again why I have to give up 1% of my commission.
First off do any of you know a CEO or significant person to talk to at BB&T and also Impac??? I need names and numbers now. I might hurt somebody if I don't get that soon. thanks everyone.
Comment
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Comment by Jeff Payne on February 10, 2012 at 4:48am
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Do you have both sides? They are reducing both sides by 1%?
Hate to say this but you have to decide how much time you want to spend fighting, how much is your time worth? I appreciate your stance and your principles, I really do, but at some point you knew that there was a chance that your commission would be cut since this is a short sale. Close this thing and be sure that you get plenty of referrals from your very happy seller. Referrals will more than make up the portion of commission that is being cut.
Good luck
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Comment by Bryant Tutas on February 10, 2012 at 12:38am
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Why not just have the seller pay you the extra 1% as per your listing agreement? I rarely get involved in commission disputes with the lenders. I just collect from my seller.My sellers want me to get paid and have no problem paying me. My job is to get their short sale approved. I already secured my commission...at time of listing. I take it out of the equation
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