Fellow Superstars,
I know back in the initial collapse ('07 & '08) banks often refused paying the full 6% and got away with it, but I have not had the issue as late since legislation was put in place to protect us. Have any of you dealt with this lately? If so, how did you protect your commission? This has been a very complex/time involved deal and I don't feel it's up to us to bail out the banks, since we did already. Any suggestions?
Rock on fellow Realtors!
Thanks for the info. :O)
Elizabeth Nance
Green Jello Real Estate
Utah
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with rare exception a private investor (MBS) don't dictate a specific commission rate and I have yet to see a pooling and severing agreement that mentions agent's comissions. it's more likely in this case and others that it's the servicer/negotiator who is trying to 'mitigate' for the investor and (while probably pocketing some more $$ for themselves) by pushing back on the commission. they are called negotiators for a reason.
most government loans do have a cap of 6% though.
Thanks for the responses. It is irritating when our work is "discounted" by the banks, particularly when we are working these time intense short sales for pennies already. :( Unfortunately, I think this trend will continue for a few more years. Thanks again! :O)
You need to know who the investor is? As Wayne suggested. I always research who the "players" are. Then again, there is the Us Treasury Department to go to. If your State allows dual agency and most important your listing contract, you may use "interfering with a contract" approach.
That really annoys me! We work extremely hard and get paid peanuts! They have the audacity to accuse us of being "overpaid".