Fannie Mae Instructs 3rd Parties NOT to Renegotiate Agents Commission on Preforeclosures (Short Sales)
Posted Mar 4, 2009 @ 7:14 pm, Viewed by 815 Visitors, Read 866 Times.I just posted an article on my Fort Lauderdale Real Estate Blog about new Guidelines from Fannie Mae instructing 3rd parties not to renogiate agents commission:
From New Fannie Mae Guidelines:No Negotiation of Preforeclosure Sales Commission
Servicing Guide, Part VII, Section 504.02: Contacting Selected Borrowers
Effective March 1, 2009, closing of preforeclosure sales may not be conditioned upon a
reduction of the total commission to be paid to real estate agents to a level below what was
negotiated by the listing agent with the borrower, unless the fee exceeds 6 percent of the sales price of the property in aggregate. .....
All I can say is it is about time!
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Social Bookmarking3 Responses to “Fannie Mae Instructs 3rd Parties NOT to Renegotiate Agents Commission on Preforeclosures (Short Sales)”
I hear you Marc - I am working on a couple as well. I have doubled on one of them and one bank actually has a so called guideline that they won't pay one Realtor more than X percent if they have both sides.. I guess you can tell my response.....
That's great news!
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John Sabia, Realtor with Coldwell Banker, specializes in marketing and selling residential real estate in all Fort Lauderdale and Broward County neighborhoods. Partnered with his wife, Johanne Gosselin-Sabia, born in Quebec, Canada, Johanne is fluent in both English and French. Read More
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All I can say is it is about time!
No kidding. I am working on a couple right now. What a pain in the neck they are. Finally, some good news. ;-)