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 Eric Simkin on
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We know you paint a great picture to the lender as to why the short sale is the best alternative. However, not only do you need to paint the picture, but also present it to the right person at the lender. often, the file coordinators are incompetent. We have worked dilligently to establish executive level contacts at every major lender to protect all parties, including the Realtor commissions.
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Permalink Reply by Joseph Alfe on
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I get full commission for my agents 99% of the time. The only times I see commission reductions are:
1. Portfolio Loans-They own the loan, can do whatever they want.
2. Dual Agency
3. Agent is seller or buyer
4. Certain lenders guidelines.
Some of these lenders are:
Astoria 4%
Met Life 5%
ING Direct 4%
These lenders either own their own loans or simply ignore federal guidelines. Occasionally a major lender like Chase or GMAC attempts to cut commission and I simply refuse. I hammer them until they relent. This is why agents use my services, because I have their back and they know it.
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Permalink Reply by Jeff Payne on
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Joseph please no advertising. If agents need your services they will find your profile.
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Permalink Reply by Smitty on
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@Joseph, we too like the seller to have an attorney represent them, however getting the attorney fees paid on the HUD has not always happened. I'd like to know if BOA pays your attorney fees in states that are NOT attorney states?
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Permalink Reply by Stephanie Hart CA 310-930-2342 on
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Gotta say this is the best "discussion:" thread I have seen on here :) ha ha ha
I will say though that I really hope none of you would walk away from a deal to just make more $. These are distressed sales and our clients futures are at stake. Lets be realistic, if we got paid hourly we'd probably make $0.55 an hour...I think it would be a HUGE disservice to our clients to walk away over .5% commission. Ill fight for it... but never walk away over it.
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Permalink Reply by Jason Yacoub on
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Hear Hear
right on Stephanie Hart
most of the agent are not doing anything anyway
LOL
visit http://creditrepair1.com they got my client 100 points added to score in 3 months
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Permalink Reply by ShirleyCoomer on
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Does anyone have an escalation contact at ING bank? They are only offering 3% since I have bother the seller and buyer (which is legal in AZ as along as duel agency is disclosed, which it is).
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Escalation only:
Gail Paulsen-Flack
Head of Lending Operations
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wait, you are complaining of 3% on dual agency? Most lenders will cut that commission on a dual agency, not to mention the liability involved....ING is one of the top two worst lenders to deal with. Assuming you can get to the approval and closing, take your 3%-4% and thank heaven you got that far.
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Permalink Reply by Cameron Novak on
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Assign one of the sides to another agent... why work twice as hard for 1/2 the commission?
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Speak for yourself Jason. My team earns every dollar we charge (and then some).
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Good post
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