I know we all constantly run into this on short sales, you get to the point of getting an approval and the bank/investor wants to cut your commission. I hope most of you know that on FHA and Fannie Mae backed mortgages you are to receive a 6% commission no matter what. A servicer, or investor will try to cut your commission if you let them, so one easy thing to do is check at the beginning to see if the property is FHA, or Fannie back. You can go to http://loanlookup.fanniemae.com/loanlookup/ , to check to see if it is Fannie backed, and for HUD, you can go directly to their website to check as well. Your commission, regardless of who the servicer or investor is, should never be cut to less than 6%, on any short sale, but you have to stand firm, and have to know how to negotiate to keep your commission. Keep in mind if they foreclose on the property, there is a potential for a five to six figure loss on the property vs them paying you several thousand for doing your, and probably part of their job!!This is just a quick bit of information that helps me on short sales, if you would like to learn how to negotiate short sales, and become officially certified to do short sales, go to www.thinkreal.comand sign up for our next certification class. I have completed over 263 short sales nationwide, and have design CE courses for real estate boards throughout the county. Hope this helps!!! Check back for the next article on how to protect your comission on other bank short sales.
Check out my blog at www.easternshorehomesolutions.blogspot.com
Investment website at www.moorebrittingham.com.
Get free us of Sample HUD-1's by signing up for a free membership at www.thinkreal.com, great for short sales, and regular sales.
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