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CIti/Fannie cutting commission to 3% for agent with both sides - Florida property

Posted by Kristy Hamilton on June 12, 2013 at 4:17am in Short Sale Discussions

Citi (Fannie Mae investor) is telling me that the agent, which is the listing agent as well as the selling agent, has to cut her commission to 3% from 6%.  Is it possible that this lender is delegated and wants to issue an approval letter without submitting to Fannie? Or, is it really the case with Fannie and I have misunderstood Fannie's written statement about the listing agreement and accepting 6% commission?

 

Than you for your help/ideas/thoughts.

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Replies

  • Wayne Brooks June 13, 2013 at 3:13am

    Thanks Kevin, great link.

  • Smitty June 12, 2013 at 9:26am

    Kevin - Thank you.  You are awesome.  I think a lot of agents will appreciate this.

  • Kevin - Greenville, SC June 12, 2013 at 8:06am

    REAL ESTATE AGENTS
    Q. What is the commission structure for Fannie Mae short sales?
    A: For a short sale, Fannie Mae is a not a party to the listing agreement and does not determine the commission structure. However, a short sale will not be approved if the total commission exceeds 6%.
    Q. Does Fannie Mae require that the commission be split equally between the listing and selling agents?
    A: No. For a short sale, Fannie Mae is not a party to the listing agreement and does not determine the commission structure or split.
    Q: Does Fannie Mae assign listing agents to short sales?
    A: Fannie Mae does not assign listing agents to short sales. While some servicers may recommend listing agents, the choice of listing agent is made by the seller.
    Q: If an agent represents both seller and buyer on a short sale transaction, will the agent’s commission be reduced or remain at 6%?
    A: An agent may represent both the buyer and seller and the agent will receive up to 6% in commission.

  • Jonathan Katz June 12, 2013 at 6:03am

    Kristy,

                We always recommend agent's don't show up on both sides so situations like this can often be avoided. Fannie Mae almost never cuts commissions unless they see an anent is double ending a deal. There are remedies to these situations and you may still be able to get 6% commission.

    Brett@ishortsalenow.com

    www.ishortsalenow.com

    310-564-6389

This reply was deleted.
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