The “gentleman” from GC Services, started out saintly and well-mannered. But by the time we were through, he had ordered me to “Acknowledge” him when he spoke and "give him my money". Here is my story.....
I received approval from Wells Fargo, the senior lien, for a Destin area short sale. The junior lien, Chase, is being handled by GC Services, a collection agency. On this particular loan type, Chase is required by the investor to outsource the short sale and collections.
The junior balance is $40,000. GC Services wants $13,000 to release its lien. I got them a whopping $10,000. $3,000 from Wells Fargo, $1,000 from the seller, and $6,000 from the buyer.
The “gentleman” from GC Services said that $10,000 was not enough. To make up the other $3000, he said I was to "take 2% of the 6% commission Wells Fargo was paying", and give that to him.
Not believing my ears, I told him I wasn’t “quite sure I understood" what he was saying. He then said I obviously did not understand HUD's, and that page two was to state 4% to me, and page one, 2% to them. I said simply,
“NO”.
The “gentleman” then stated that "if I refused, and the buyer made up the additional $3000, they would not issue an approval" unless my commission was cut to 4%. This is similar to putting your hand in someone's wallet and pulling out the money, while holding a gun to their head.
I called my seller. I told her I was sorry, but "the commission cut was not allowed by our listing addendum" and explained the strong arm tactic. She understood and agreed. The sale is off.
I refuse to be threatened and forced to "give" someone part of my paycheck. Would you?
It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Destin FL Real Estate
www.ShortSaleSuperstars.com for agents
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com
Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
;)
;)
