I'm working with GMAC through Equator.com on my first short sale. Luckily, I came across this site and the GMAC discussions and have been going back and forth with the negotiator and supervisor about the commission structure.
When I first asked about the commission, here's the response I recieved:
"real estate agent represents both seller and buyer is 3% total"
I asked for clarification given the lack of proper grammar and sentence structure and got this:
"again real estate agent represents both seller and buyer is 3% total"
I pushed back last night by messaging the negotiator and the supervisor at the same time. Here are the responses I recieved:
Negotiator - unfortuately our investor guidelines as follows 1 real estate agent representing both buyer and seller 3% total, 2 different agents 5% total. If you can not accept the investor guidelines than unforuately we can not continue with short sale.
Negotiator - I just found out if we have an offer on the property we will be reviewing for hafa which the commissions will be 6% regardless of how many real estate agents. However, if the seller does not qualify for hafa then the normal guideliness will remain the same. 1 real estate agent representing both seller and buyer 3% total, 2 different agencies 5% total.
Supervisor - We have a new initive coming out and if this file is can be approved for a HAFA short sale we will be able to pay 6% commission on the deal regardsless if one or two realtors are involved. However if we are not able to get this file approved for a HAFA short sale. ( we have to get an offer 1st before we can determine if the file is HAFA eligible) then the file would go through our normal short sale process and commission would follow company guidlines. If two realtors are involved in the transaction then 5% commission is paid however if just one realtor then 3% commission is paid. Thank you for your work and hopefully we can get an offer on the property soon.
Does any of this sound right? I've also asked for their "short sale process" or "guidelines", and for them to disclose who the investor for this loan is. Their response is that they can't disclose any of that information even though I'm an authorized 3rd party.
This is a second home so it wouldn't qualify for HAFA.
Any thoughts or suggestions?
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Is it customary for GMAC to split the commission 3.5 / 2.5% on their approval letter? With a different percentages assigned to different brokers? Please review the short sale approval letter I received today and let me know if you think it looks legit. I represent the buyer. The seller is represented by an agent who is working with a lawyer who is negotiating the terms of the approval. The agent has requested that the buyer, who is all cash pay $10,000 over and above the approved purchase price to cover costs such as outstanding property taxes, liens, termite repairs, etc. And the MLS states that the commission shall be 3% but now the approval letter specifically states that we are to receive 2.5%. There is no deadline date on the letter either. Just doesn't look right to me.
http://www.moveupproperties.com/moveupsite/gmac.pdf
What is the purpose in splitting the commission unequally? And where is the rest of the approval letter at? Doesn't it typically include pay off instructions or wiring instructions?
Hello Diana
Ok First these approval letters are always signed by lenders i don't see any on this one, second GMAC goes by what is placed in HUD1 look at hud 1, so I take it listing agent has request the title company and you have not seen the HUD1 yet, Third listing agent must pay what was offered in the MLS, unless buyer's agent agreed to a lessor commission in writing. Now that being said it is a tone of work on listing agent for short sale and most have a team to help and pay a lot of money out of pocket (man/woman hours) to process those short sale especially successful and has tones of listings.
Diane, I came across your post while searching for some HAFA answers with GMAC. I am sure that you've gotten your answer by now, but I wanted to suggest that if you want to leave the approval letter up for others to see that you black out the sellers names. (my guess was that the different amount is because one company was holding earnest money deposit so it was deducted out. Am I close?)
Regards,
Brenda Wood, Virginia
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