Litton only wants to pay 5% Realtor Commission - Has anyone received 6%?
After waiting forever for Litton to respond I send an email showing this article " BBB: "F" Grades to Chase, Litton, Ocwen " http://www.shamethebanks.org/jorge/bbb-f-grades-to-chase-litton-ocwen
to Litton. Within an hour I got a prelim approval from them. Now they are saying they will only paid 5% in Realtor commission. The loan is owned by a private investor, so they don't have to follow the mandated 6% set by the gov't owned loans.
Has anyone had 6% Realtor commission approved where the loan was owned by a private investor?
Thank you for you insight.
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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WE have been paid 6% by them and I will probably get villified for saying this... Take the 5% and close the deal
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Permalink Reply by Jim Stewart on
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My deal was approved at 6% initially, but they cut the buyer's agent commission to zero later because the buyer's agent ended up being a part of the LLC that was buying the home.
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Permalink Reply by Ben Benita on
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Whose ready to vote Jeff off the island?
;-)
You CAN get 6%, BUT, it will take you 7 to 10 days most likely and at least a few hours on the phones escalating this to the right person....
If you are fed up and want to get paid on move on, take the 5% and move on....if you think you deserve the 6% for all the "fun" you ahve been through on the short sale....keep fighting ( I also ASSUME you and the other agent are splitting the commissions 50/50 and that the other agent has not been "promised" 3%)? -
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I have been on this island for a long time :) That was the lazy response from me. Too many times it is not worth my time to get another .5% out of the deal if I can close it today
Ben Benita said:Whose ready to vote Jeff off the island?
;-)
You CAN get 6%, BUT, it will take you 7 to 10 days most likely and at least a few hours on the phones escalating this to the right person....
If you are fed up and want to get paid on move on, take the 5% and move on....if you think you deserve the 6% for all the "fun" you ahve been through on the short sale....keep fighting ( I also ASSUME you and the other agent are splitting the commissions 50/50 and that the other agent has not been "promised" 3%)? -
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Permalink Reply by Myra McCaskill on
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Thank you all, great insight. I will fight for a little while longer for the 6%. I just wanted to get a feel from the group if the 6% has been approved by Litton before. The loan is owned and governed by a pool of investors and I was told the rules are governed by the PSA (Pooling Service Agreement), so I will push back a little while longer.
@Ben - No I did not promise 3%, I never do as you can see why. I start off at 2 or 2.5% in MLS.
@Jeff - I understand! ...I just have a little more fight in me but I know when it is time to just get the deal closed.
Thank you all! -
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I always show 3%* in MLS for coop fee with comments in the agent remarks that the * means "Commission paid is at discretion of the lender. If lender reduces commissions brokers agree to split the reductions equally unless otherwise mandated by lender. Please do not make commission a part of the contract"
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I actually think Jeff is one of the "King's" of the island....not eligible to be "voted off".
he does make a good point on fighting for that 6%. If it is only going to get you a NET of .5% b/c it is being split, maybe best to just GET PAID and make better use of your time.
The comm. split, for short sales we help agents with, we ALWAYS suggest putting in:
"...commission to be split 50/50......"
made teh mistkae of NOT doing that early on and it resulted in some "heated debates" amoung the agents (this of course was BEFORE we learned to negotiate for 6%)
Enjoy your weekends -
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Permalink Reply by Kevin - Greenville, SC on
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Myra, I've received 7% from Litton on at least one occassion. Maybe twice, but I'd have too check on that.
Kevin M. Lancaster - Willson - Realtor, SFR
SC License # 31391
Keller Williams Realty
700 Airport Rd.
Greenville, SC 29607
Office: (864) 234-7500
Voice: (864) 485-9283 call or text
Fax: (864) 968-1779
[email protected]
www.KevinSellsTheUpstate.com -
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Dang Kevin, Now Ben will throw me off the island! 7%! Great job!
Kevin M. Lancaster - Willson said:Myra, I've received 7% from Litton on at least one occassion. Maybe twice, but I'd have too check on that.
Kevin M. Lancaster - Willson - Realtor, SFR
SC License # 31391
Keller Williams Realty
700 Airport Rd.
Greenville, SC 29607
Office: (864) 234-7500
Voice: (864) 485-9283 call or text
Fax: (864) 968-1779
[email protected]
www.KevinSellsTheUpstate.com -
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You can ONLY get 7% and even 8% commission IF YOU ASK!!!!
Just like when the bank ASKS you to accept 5%, they do this to see if you will bite.....
Why not use their SAME tactics, just ask, and get an extra point or two for all your time and the ____________ you go through on your short sale?
Jack Canfield (Chicekn Soup For THe Soul Author) wrote an EXCELLENT article entitled:
"Good Things Come to Those Who Ask"
check it out...... -
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