I have a listing of a house that was flooded in Superstorm Sandy and nothing was ever done to it. It is now a tear down.
We had a $40,000 offer and I put a flat rate commission of $5000 for the total commission. I made a policy of $5000 for anything under $100,000. I figured it was worth a try.
They countered at $48,000, we countered back at $44,000. Now they gave us a new negotiator and he said to change the commission to 6% as that is all they will allow.
Should I give in or should I fight it?
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6% is the max a Servicer will pay under HAFA regardless of the sales price.
they don't really care what your or my policy may be.
That is what I thought. Thanks Kevin.
I say fight but make sure you have the right "weapons" As a former loss mitigation employee, I know for a fact that Sr Management can override that "maximum 6%" guideline. On the other hand you should be flexible on your policy of a flat $5,000.00 Don't expect them to bend if you won't.
Also why is this being processed as a HAFA short sale? Property is vacant so there is no relocation incentive to seller and if there is no 2nd mortgage then just change to non HAFA short sale
Thanks Tony. Probably not worth bothering at this point.
It is your policy. Fight if you want, but you will likely lose and the transaction will never close. Accept the 6% and you have a deal that will close quickly and put $2,640 in your pocket. Are you the only agent - if so, you're lucky they didn't cut it to 4%.
Thanks, Thom. No I don't have both sides. Just trying to help a Sandy victim. I will just accept the 6%. Buyer's agent feels the same.
the Treasury Department’s HAFA guidelines for non-Fannie Mae/Freddie Mac loans, commission policy depends on when the sales contract is executed.
http://www.realtor.org/topics/home-affordable-foreclosure-alternati...
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