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Short Sale Sellers are asking for some pocket money since they are in financial distress

Posted by Marilyn Hargleroad on May 3, 2010 at 7:58pm

I know that commissions are considered PROCEEDS from a SHORT SALE - and it is very wrong to do so that one can lose their license and be fined or go to jail and same with sellers -

though I have had Several sellers asking if I will help them give some of my commissions

back to them cause they are in such financial distress.

Other than what is stated on MOST short sale approvals can anyone help me find something so that

it is CLEAR to them to NOT EVEN ask me?

I always get the "the bank won't know" and "I should get something back" attitude.

HELP

Thank you!

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Comments

  • Bryant Tutas May 5, 2010 at 2:30am
    Marilyn. I would just add as a clause in the listing agreement. You board should have a Short sale addendum to the agreement that covers all of these types of issues. If not your broker needs to write one.
  • Marilyn Hargleroad May 4, 2010 at 1:52pm
    Thank you Bryant - I wish at listing there was a blurb about it clarifying this - ? ( on the contract).
  • Bryant Tutas May 4, 2010 at 10:06am
    Marilyn, Sellers have to be told at time of listing that they cannot get any money from the sale. Have them sign off on it. The bank approval will probably state the same thing. Now having said that...if it's an FHA Pre Foreclosure Sale (PFS) the sellers can receive $1,500. With HAFA I believe they can get $3,000. Wachovia will sometimes allow $5,000.

    So if the sellers are adamant that they need money, maybe to help them move, then I would put a figure on the HUD and fight to get it through.

    But....it won't be coming from the commission.
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