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. 

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Hi Julie -

This is not an issue in my brokerage as I do not allow double-ending within my Brokerage.  If a buyer comes along on one of our listings the Listing Agent refers it out to another Agent / Brokerage elsewhere.

 

As for "....under no circumstances in a double ending deal should we be telling a short sale bank or seller that our broker is representing the buyer..." if your Brokerage is double ending a transaction you cannot hide it - it is a fact and hiding the fact can be fraud.

Thom,  I refer all of my buyers to another agent in my office but agree with you that you can not hide the fact that a brokerage is double ending.

I would be curious if this is just the attorneys opinion or if there is a case that we could refer to.

I will check with the attorney that explained to me the Fraudulent situation if their is case law on this issue. 

How can you hide the fact its disclosure in the hud statement that one broker is collection commission just have a disclosure with buyer and seller what does the bank got to do with it , in a short sale you don't even have an agreement with lenders unless they make you sign one.

Fight for your commission but don't let it stand in the way of proforming the best transaction for your seller or buyer bar none.

Best statement in this entire thread Jason

Agreed - Jason great statement !

thank you Thom

Thank you Jeff

you mean you dont let a house get foreclosed on if you cant get your 3%?  :-D

There are some seriously uninformed among us (and using "uninformed" is quite an understatement).


Do you ever get behind a driver that has absolutely no business owning a driver license or being on the road... and you want to jump out of the car and strangle someone?

That's how I feel seeing the discussion here.  A few of you need your driver licenses revoked... if you know what I mean.
 

Superstars? ... WOW!

Easy now :)  

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