Short Sale Commissions and Fannie Mae - New Rules !!!! - 03/06/09 11:06 AM
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. Servicers are reminded that they must continue to obtain
any approvals that may be required by interested third parties in connection with preforeclosure
sales.
 
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New York in March - 03/05/09 02:07 PM
Well, they say March comes in like a lion and out like a lamb. I hope we get the lamb part right, cause we sure got the LION!  Here on Long Island, we got over 12 inches of snow on Monday!  NYC even had their first snow day in 5 years!
                                It is almost boating season!  Come on SPRING!!!
 

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