Replies to This Discussion

Permalink Reply by Richard Snow on July 14, 2011 at 5:43am

I'm a little stubborn, so I've got to at least try!  I do appreciate knowing what the odds of success are... :-(

joe beauchamp said:

 A huge diff - WF as servicer or WF as investor.  As servicer, yeah, I get 6%.  As investor, no, I have never gotten the 6%.  Likely a very deadly combination, which I have from time to time, is BOA as servicer and WF as investor.  Maybe 1 to 2% of BOA negotiators are good.  Maybe 5% should be at the bottom of the sea and the rest vary from capable of hitting the right buttons on a McD register and being able to read 3 or 4 pages of a town newspaper before fainting of mental exhaustion.  Their interest is in getting the file off of their desk, not getting a good deal for the investor.  After all, BOA had record profits while their investors have been sucking in dirt.

 

So, if you really get 6% when WF was the investor, I'd love to see that..

Permalink Reply by Jim Hale on July 22, 2011 at 7:21am

REO agents are the closest thing to bank employees you could possibly find.  Many work only REO's and some work only for a few investors.  They accept whatever their unofficial employers say they are willing to pay.

Indeed commission levels are the least of the issues that employer-inspired relationship presents in transactions.

Permalink Reply by Jeff Payne on July 22, 2011 at 8:18am

Sorry Jim but I take a bit of offense to your statement as I list REO properties.  I dont treat the bank any differently than any of my other sellers.  If they don't want to pay the right commission or don't want to list at a reasonable price, I wont list the property.  Simple as that.  To criticize an agent who has an REO account is unfair, sounds like sour grapes to me, sorry.  REO accounts require more work than a short sale any day of the week and REO is not right for everyone.  As a matter of fact, I would prefer a short sale over an REO based on less work for the short sale compared to the REO

Jim Hale said:

REO agents are the closest thing to bank employees you could possibly find.  Many work only REO's and some work only for a few investors.  They accept whatever their unofficial employers say they are willing to pay.

Indeed commission levels are the least of the issues that employer-inspired relationship presents in transactions.

Permalink Reply by Pamela Lester on July 26, 2011 at 6:53am

They will pay 6%  but you have to be willing to google for names & phone numbers of head honchos and make the calls.  We did get an exception and they raised our commission to 6%.

Permalink Reply by Angela Pitre Reddy on August 1, 2011 at 3:34am

I just recieved another approval from Wells and it was only for 5%. They also cut alot of other fees that will have to be worked out. Of course the negotiator did not mention this at all as she was submitting for approval...

Permalink Reply by Richard Snow on April 21, 2013 at 4:38am

Initially, WF only wanted to pay 3% because both sides of the transaction were in house, saying they wouldn't pay double for dual agency.  In Virginia we have Designated Representation, and it wasn't dual agency for the two agents involved, although yes for the brokerage.  I was able to win that battle, but Well Fargo was the investor and flat refused to pay more than 5% on the sale.  Sorry for the tardy response, I had to go back and dig this up from 2011.

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