Hello, I see quite a few comments about commission being reduced to 5% and an admin fee tagged along payable to Homeward. What I'm not able to see is how those agents that got a 6% commission were able to close and get paid a full commission. Can someone share with all of us how this possible? How can we get Homeward to pay a full commission as deserved?

 

Thank you for your time!

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You negotiate for it. "My Broker refuses to allow me  to close for anything less than 6%". Or "I never close for less than 6%; I've never done it and I never will". The property will not close if you cut our fully justifiable and hard earned commission". I've only closed one AHMSI property,  used this approach, and it worked without too much fuss. I acknowledge, one is not exactly statistical proof. I'll also point out it was a while back. 

AHMSI has a 3rd party co called Powershort negotiating for .5% - there is also a $250 fee payable to them by the buyer.  Our legal looked it over and unfortunately, the LA cannot agree to terms for the buyer and the form only has a place for the LA to sign.  It was very poorly drafted. 

In CA  we cannot pay a commission to an unlicensed party.  Power/REO does not seem to have a RE BROKER License in CA.

I have just initiated a short sale with HomeWard, and gotten the letter from Power Reo "a fully owned subsidiary of Homeward Residential which processes short sales".  They are demanding 2.75% to listing broker, 2.75% to selling broker, .5% to PowerReo, AND $250 paid by buyer for "admin fee".  sample letter is attached FYI

Attachments:

Has anyone been sent this letter recently? I am the Listing Broker and never agreed to this. They have approved our short sale at Power REO as long as we pay this .50 fee to their company. Which Homeward is the parent company of Power REO? So we are paying a 3rd party negotiator a commission not agreed to in the listing?

We have not accepted their terms and now no one will call us back. HELP???

 

Sherri Elliott

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