I just went through the same thing a couple of days ago with a GMAC loan whereby THEY hired a 3rd party negotiator (REDC). I received a call from REDC saying my commission was being cut from 6% to 5% and it was reflected as such on Equator. I rejected the banks offer on Equator and instead countered back on Equator at a 6% commission. (This is not a Fannie/Freddie loan so my commisison isn't protected at 6%). Anyhow, after my counter offer in Equator was submitted, I received a phone call from the negotiator saying GMAC only pays 5% when two agents are involved. I told him his payment should come from GMAC as they hired him. He said basically, "take it or the bank can foreclose". I hung up the phone and spent the next hour calling GMAC customer service where I spoke to two managers. I specifically asked NOT to be connected with the short sale dept. I voiced my opinion to these 2 customer service guys that Bank of America and Chase didn't cut my commission, and I would remember GMAC when this market turned around. I also asked them to pass the message on that I would have to think twice about helping another client with a GMAC short sale. I was told both customer service managers would pass my complaint to "higher up".
The next day I received an email from the REDC negotiator stating my commission was 6% (5% to me and 1% to REDC. What a joike! I told him if my commision was 6%, that is what I would get. I then told him I was not going to hold up the sale for 1%, but that I was going to spend the rest of the day googling and calling GMAC board members to complain.
An hour later I had a call from the negotiator stating GMAC had made an exception in my case and my commission was being taken back to 6%.
Good Luck to you!
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They have to follow the MARS Regulation too ... LBPS legal is reviewing the MARS regulation, since we sent it to them. My broker will not let this happen. Its holding up the approval process now. Some tell me to get FANNIE MAE involved, but when I contacted them, I was told there was nothing they could do about commission negotiations on any short sales any longer.
1. I'm am not legally or morally obligated to accept .01 cent the stated in the listing agreement.
2. I'm am not legally or morally obligated to accept .01 cent the stated in the listing agreement.
3. I'm am not legally or morally obligated to accept .01 cent the stated in the listing agreement.
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Good job. You have to stand behind your broker's listing agreement and fight for the commission. I'm in the middle of one that is protected by Fannie Mae/Freddie Mac. Tell them to put it in writing and you will see what your broker says.
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