Replies to This Discussion

Permalink Reply by Lori Young on June 19, 2010 at 1:35pm

No. Well let me tell you my experiance and you make your own mind up.

Worked on a Saxon short sale for nine months. While in approval, sold servicing to Ocwen. Saxon changed the door locks and the third party removed some personal items from my seller (petty theft). I finally received the keys back then had to start working with Ocwen reps in what I was told was only a transfer and we should have an approval asap. Not true. Ocwen reps are in India or a lower South American country have no clue on what Realtors are doing with these files. I mostly spoke with reps in Bombay. OCWEN policy is to not postpone foreclosure sale dates, drag files out for months on end and tell huge stories about the status of the file. My seller finally received an approval letter and was asked to close in 10 days. To make a long story short, I called the CEO of Ocwen and raised all kind of stink about wasting all of our time if they would not allow sufficient time to close out a file. We are scheduled to close on June 30, 2010 after 18 months of a short sale nightmare. The buyer had an appraiser scheduled for an appraisal Wednesday and Ocwen changed the door locks while in approval statue??? I will not take another Ocwen short sale listing.

Permalink Reply by James ferebee jr on July 14, 2010 at 3:36am

The last two I did with OCWEN paid 5% and 6% so it's a matter of negotiating with them.
However when you know the loan product you can approach them with the guidelines
pertaining commissions and short sales.
If Fannie & Freddie, they do not allow commissions to be cut and you can google the guidlines
or get them here attached as pdf's

Attachments:

• Freddie and commissions explained.pdf, 217 KB
• Freddie+Mac+Short+Sales+Policy+10.27.09.pdf, 261 KB
• government_affairs_fannie_short_sales_policy.pdf, 299 KB

Permalink Reply by Matt Kuchar on July 15, 2010 at 1:45am

I also was able to negotiate a 5 sandwich commission when they told me I would only get 4 sandwiches. If is is part of the HAFA program then you should get the normal commission up to 6%.