USAA HELOC wants Commission Reduction to 5%
My seller is paying the first, GMAC, in full. USAA is getting about 30% of the outstanding debt paid out and the seller has no money left to move to Colorado for new job position. USAA is forgiving none of the debt. No deficiency is being waived, USAA is moving to an unsecured note. During the listing of the property, seller did not indicate that this was a problem with the HELOC. Now, USAA wants a commission reduction. Property went under contract with 3% offered to the buyer's agent. How can USAA expect to reduce the commission to 5% and not waive any deficiency, and be the 2nd lien holder? Is there any recourse, especially since the listing was agreed to at 6%, and the contract was written as a conventional sale and the compensation offered at a full 3%????
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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David, looks like you are going to have to pay 3% to the co op agent, at least you would if you were in my MLS. Our MLS has standard commission reduction language for short sales. Your commission agreement is not with USAA, it is with the seller. USAA can and will reduce the commission, they are in the drivers seat on this one and they dont care how much you agreed to pay the buyer agent. As soon as you had to get USAA involved, it was no longer a conventional sale.
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Permalink Reply by Justin Berry on
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Say "No!" and escalate the file to a manager or upper management. They will likely back down if you make enough noise. They aren't called negotiators because they give you everything you ask for.... Push back!
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Permalink Reply by Wayne Brooks on
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Ron, thanks for posting here. It's insightful to hear honest opinions/reactions from the "enemy". Keep it up. Speaking of somewhat empty threats, I like foreclosure better than BK, as an alternative.
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yes,yes...it seemed like you could appreciate the "enemy" shot.
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