I have a short sale with BOA on the first, Chase (turned over to a lawyer) is on the second. The first is for $180,000 and the second is for $40,000. This is a cooperative short sale where the bank set the price. The rep for the second wants to get in everybody's pockets. He wants funds from the seller, asked if the buyer would contribute to pay off the second, said Chase would reduce my commission to 5 percent, etc. What are the "rights" of the second? Can they see the HUD, reduce commission, ask the buyer to contribute, etc? I know they can ask for anything but I'd like to know what is typical and expected.

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I would first try to have a "conversation" with the second's rep. A lot of times, they can make a personal decision whether or not to agree to full commission.  Bargain. Ask if they get what they want, why not approve a full commission to the agent? Ask if the "investor" is making it a requirement or can they decide based on their net being successful.

    They can only ask. They are NOT a party to the transaction and can not dictate anything. I have has lenders try to pull that also and it doesn't work. You can't let the banks run all over you.

As others have said, try to negotiate a settlement / bottom line first, then figure out how to get to that number. 

Has the attorney detailed everything they "want" in writing?  If not, and your negotiation breaks down, I would ask them to put  everything into writing and to be very detailed.  Then I would go to the Media (with the seller's permission of course). 

Another tactic I use when negotiations become unreasonably difficult is to record all telephone conversations.  In fact I actually add a line to the bottom of the 3rd party Authorization that states "XYC Company records all telephone conversations with lenders, servicers, and attorneys".  When it's written on the Authorization (which they need in order to speak with you), they have been forewarned.  Make sure to abide by your state law regarding the recordation of telephone calls.  I've only had one situation where I was asked to shut the recorder off and that was with LPS Property Preservation! - And by the way, when they know the call is being recorded they are much more careful and cooperative.  I had one person that thought I was bluffing until I sent her an e-mail with the recording attached.  They backed off and settled for an appropriate amount without touching commission.

Thom - What device do you use to record phone conversations? How are they sorted/filed?

I use www.ringcentral.com for my telephone / fax services. Everything flows through this service.  For example, my number 888-391-5245 comes through Ring Central and uses "find me" to ring both my desk and cell simultaneously.  When I answer, if I choose to record the call I simply press *9 to start recording and it plays a message announcing that it's being recorded and then *9 again to stop and play a message saying it is no longer being recorded.  They also have a free APP for your cell phone so you can use it to place calls from your cell and it displays your "office" number or any other number you have with Ring Central.  Recorded messages are stored in the cloud on Ring Central and/or you can have them delivered to your e-mail box.  I use Ring Central VOIP phones at my office and at home so I don't miss any calls. It has Music on Hold, conferencing, extensions, etc. - all the stuff a big phone system has without any of the equipment (except phones) and no maintenance. 

If you decide to sign-up, please use my number as a referral so I get some credits on my bill :-)

I've been using Ring Central since '09 and it's awesome !

Thom - Thank you! How much is it per month  (about?)

It depends on which service plan you choose.  I originally started with just a virtual number and virtual fax, now I have 9 numbers (used for different aspects of the business / different people), 12 extensions and several physical phones.  Basic service is about $30, and my bill averages about $80 / month.  And, I forgot, you get Voice Mail for every extension / phone number too.

extremefax(fax/record)...was about $6 a month with I think a certain number of minutes a month, I have only had to record a few calls on a transaction that I just knew...hit RECORD and let the banker know. :D goodluck!

ExtremeFax also uses the Ring Central Technology Platform.  I use RC as a total office solution.

Thanks for sharing the good info, Thom!

I usually tell the 2nd/3rd lienholders that they really should have no rights to what the 1st lienholder is allowing because essentially they(the 1st lienholder) really dictate the details of the sale and they have offered to pay 6% commisssion....it's worked every time. :D 

Just say, "NO!"

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