How to stop short sale lenders from automatically cutting our commission
Nearly 9 out of 10 of my short sales, the lender cuts the commission from 6% to 5%. I am sick of this. They know they have us by the short hairs and do it automatically. Now I have GMAC being represented by IMPACT that wants to take 1% of my 6% commission. They want me to sign a new fee agreement and commission disbursement form. What can I do and how can this be stopped.
Replies to This Discussion
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Permalink Reply by Jason Yacoub on
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Can You please Clearify Mr. Novak ? !
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Permalink Reply by The Negotiator on
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Oh I can't wait for this! LOL
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Permalink Reply by Cameron Novak on
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What I'm saying is that the number of erroneous statements on this thread isn't in the single digits.
Example: If you notify the lien holder of all facts involved, they are making the decision about moving forward. Fraud, ON THE OTHER HAND, involves intent.
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Am sorry Mr. Novak am I little slow could you please enlighten us a little further please don't stop there have some hair!
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I appreciate your honesty Jason.
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O ya sure, but got to go 43 short sale file on my desk today must be completed by 5:00pm AZ time you know. thou it was interesting!
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Permalink Reply by Jeff Payne on
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Julie, is it safe to assume that you NEVER take any listing for less than 6%? Just curious
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Permalink Reply by Julie Wilkinson on
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Yes I have taken listings for less than 6%. When the competition is really strong or the seller really stubborn or the seller can't afford to pay 6%. I have taken less. However Jeff this is not my point. My point is that the Bank are really taking advantage of us by just automatically cutting our commission. We as professional, hard working realtors are just sitting back and letting the banks dictate our commission even though the seller have agreed to pay more. I am not in anyway as some on this blog may think saying that I would jepordize a sale. But I will fight to the bitter end to get what is rightfully mine. One percent is a lot of money to me and my family right now. I am working 3 times as hard in a very ugly market. I have 25 years experience as a professional realtor. Do you think an attorney would reduce his hourly rate for a bank? I don't think so. We all need to stick together as a very powerful group and fight back for our commission. Who else do you know of has to wait sometimes 3,6,8 months to get paid? This is not about being greedy this is about getting paid for the knowledge and professionalism we bring to the table and make things happen.
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Julie, I am not trying to start an arguement just asking. Why would you reduce for a regular seller and not a short sale lender? I rarely get my commission cut from the lenders but wont let it kill a deal either, nor will I let a commission kill a regular sale. Rarely do I have to cut for either one.
There is nothing that says you have to take on a short sale and nothing that says you have to cut your commission. Doesn't really matter what the seller agreed to, they are in a position of weakness and not strength in a short sale.
I do like your spirit and agree that we need to fight for it but also think we need to fight for it on regular sales too, the type of sale should make no difference.
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@Julie... Nice to see a smartly written post in this thread. Bravo.
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? you can put any % on paper, home owners don't care they are at a loss anyway, Jeff, but bank will not pay more them 5% 6% and sometime 7%, but here is a secret, bank have a certain net they would likeeeee to me if you price the house right and get that net bank don't care if your getting 10% as long as they cleared the net.
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Jason, I was actually asking if she charges 6% on all of her listings, particularly normal sales.
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