Comment

Comment by Edward Romero on July 23, 2013 at 9:08am

Anyone have the short sale package please?

Comment by Pacita C Dimacali on July 9, 2013 at 6:24am

On our MLS, we now have to specify what the commission will be, and cannot say that both sides will split equally whatever the final commission would be. So it is critically important to know what to expect.

Thanks for the info.

Comment by Stephanie Hart CA 310-930-2342 on July 9, 2013 at 1:29am

I closed a short w/DTS a few months ago and agree they were great, had no problems other than the cut down to 5% from 6 on my commission but the 1st and second both pressed on that one. No 1% fee to anyone else.

Comment by Joy Baker on July 9, 2013 at 1:01am

Interestingly enough, I've only dealt with RCS once and they were great to work with. They didn't try to foist any third party fees on me.  It was last year so perhaps they had not come up with this idea for a new income stream.  Good luck with your situation, Pacita.  Please let us know how it turns out.

Comment by Pacita C Dimacali on July 8, 2013 at 4:47pm

Joy

I just checked and neither Fannie Mae nor Freddie Mac has the loan.

i am bracing myself for a negotiator to try to pull this s__t on me. Happy to note you were successful in defending your commission. Thanks for sharing your experience

Comment by Joy Baker on July 8, 2013 at 3:08pm

Pacita~The Fannie 710 seems to be used almost across the board now as the preferred financial statement, whether or not it's actually a Fannie.  Have you looked the loan up to see if it is, in fact, a Fannie or a Freddie?  If it is a Fannie (or a Freddie as their guidelines are very similar) then no, they can't reduce your commission. 

Shane, I did successfully defend my fee in a similar situation.  GMAC tried to cram a 1% fee for Kazork down my throat, when they had nothing to do with putting the property under agreement, by telling me that Fannie required they be used.  I went right to Fannie and they said, "no, no, no", we don't require a third party negotiator and we won't pay.  So, Kazork went away, my fee stayed whole and we closed.

Comment by Pacita C Dimacali on July 8, 2013 at 2:11pm

Wendy -- I just sent you via separate email the faxed short sale package from RCS. It doesn't look much different from the others --  the usual 4506T form Dodd-Frank certification, etc. 

What I do have is the Fannie Mae/Freddie mac 710 form which makes me think the short sale I'm working on is a FM/FM loan. As such, I didn't think anyone can reduce the commission to less than 6%? Am I wrong?

Comment by Stephanie Hart CA 310-930-2342 on April 19, 2013 at 3:27am

Just an update... I just closed a RCS for BOFA and it went pretty great... The negotiator was prompt at returning calls and even answered e-mails within 12-24 hours. Final HUD was approved and signed off within 12 hours. A pretty good experience overall. They even allowed the buyer to contribute 20K to the 2nd and signed off on my HUD to show the buyer and seller they would allow it. I'd give them an a++. They didn't pull any Catalyst crap on me though!

Comment by Shane Collins on February 18, 2013 at 6:30am

I just listed a RCS short sale AND I just got the email from Patience at Catalyst that she will be taking 1% of the commission.    Has anyone successfully defended their 6% commission with these guys?

Comment by Wendy Rulnick on February 7, 2013 at 8:45am

Anyone have a short sale package for RCS?

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