Citi has asked to reduce REALTORS commission to 5%. I thought that was NOT allowed.
Any help?
Comment
Congrats!
Thank you for your response. I held my ground on the 6%. We close on the 16th.
It was not a Fannie Mae loan.
It depends on who the Investor/Insurer is and if it's a HAFA SS.
From the Fannie Mae Servicing Guide SVC-2012-19 dated August 22, 2012:
Closing of short sales may not be conditioned upon a reduction of the total commission to be paid to real estate agents to a level below what was negotiated by the listing agent with the borrower, unless the fee exceeds 6% of the sales price of the property in aggregate
I guess the first thing to check is if the loan is owned by Fannie Mae.
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.
You need to be a member of Short Sale Superstars to add comments!
Join Short Sale Superstars