As we all know, selling a foreclosure may be a great thing for your buyer but what about your commission?  In a recent closing, the asset companies changed on the day that I submitted my offer and not knowing, so did the commission.  FINE...this is what was best for my client.  But, I think it is time for us REALTORS to stand up the the banks and asset companies for our commissions. If every REALTOR the represents asset companies would hold these institutions accountable, just like every other client we have, we could maintain our commission rates.  These companies need to understand that it is a privilege to have their property in out MLS systems, not a right.  And for that privilege, there is a fee.  If you have every sold a foreclosure and the transaction was perfectly smooth, God bless you.  I would like your opinion...
 
Posted by Walt Turner - ABR, SFR on 05/08/2008 05:31 AM   Comments (13)  
Generate short URL
Post is included in group: Gadgets, Tools, & Extras
Post is included in group: VIRGINIA

13 Comments on Bank Foreclosures and your commission...Are you being ripped off?

MAY
08
2008
1 Featured Post Outside Blog
Working with banks is terrible, but at least I am selling something to somebody.
5:35am • #1
164,736 Points
I agree.  These banks thank they are GOD.  Short sales are even worse.  I refuse to show a short sale.  The foreclosures aren't as bad but are tough too.  If a commission is offered at a certain rate it should be held to.
5:42am • #2

WT,

Banks are slowly jumping into the Real Estate market.

This will occur more often than not!
5:42am • #3

We must hold firm in this battle , for we would beAny transaction we do at a bank they sure charge us for

their work! I am with you Brother and Sisters, We  better off dead than to lose it!
5:57am • #4

Greg,

Dead than lose it?

A bit extreme no?

You don`t have to sell foreclosures if you`re not prepared for what the lenders will do.

In the end who really loses?
6:01am • #5
I don't like the short sales.  They drag on, are very labor intensive and often don't work out.
6:03am • #6
338,841 Points 52 Featured Posts Outside Blog
I had that happen in February.  In my case though it was the listing agent who didn't pay attention, called me and said "Ooops" the day before closing.  I was a nice guy gal and didn't argue. 
6:21am • #7
320,583 Points 5 Featured Posts Outside Blog
We just simply dont do foreclosure and short sale. Its a time thing. I can sell 2 homes by the time I deal with the crap on one. Friends I will help in distress otherwise have at em guys. I dont want them! I wont get beat up on what I earn!
6:36am • #8
518,614 Points Outside Blog Attended Rain Camp
I just got an email from FAS, stating they want 1/3 of the commission, if I get a listing from doing a bpo...thats rediculous
6:48am • #9
Localism Sponsor

If you stand firm most banks will back down.  I have had some success.  Just say no or go higher at the beginning of the listing so you have some room.  We do work very hard on short sales.
6:59am • #10
122,997 Points 1 Featured Post
Sorry,  lot of work for little money.  Simple, haven't seen anyone make money on these.  An agent in our MLS has sold 80 this year, but if you figure his time and rate on these he has made $3.00/hr.  Really, sell another 80.  You can have them all.
7:02am • #11
1,527,480 Points 164 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master
If the MLS, which is a contract between brokers, states the commission is x% then unless your broker authorizes a different commission prior to settlement then you should be paid x%.  Our broker has advised us NOT to make an issue of this in front of a client. If we get to the settlement table and see a different amount than was listed in the MLS on the HUD-1 first take the other agent outside the room and point out the ERROR.  If they insist that is the commission then go ahead with the settlement and then file a complaint with your local board.  It doesn't matter if the bank shorted the deal to get their net, what is stated is the contract and our broker is going after other brokers for the commission.  So if you are a listing agent stand your ground.  So far I have not had an issue as either the listing agent or the selling agent in getting an expected commission.
7:39am • #12
183,371 Points 13 Featured Posts Localism Sponsor Outside Blog

Cindy - you are so right.  First off, with short sales - I don't mess with them.  I hand them directly to an attorney who negotiates all of it.  She negotiates her fee with the bank too.  The banks seem to be much more cooperative working with an attorney as opposed to an agent.  I've always held my ground with my commission and never had an issue.

Tina in Virginia
8:55am • #13


What does the graphic say?
Leave a response…

(optional)
Spam Prevention:
 

Walt Turner - ABR, SFR

Smith Mountain Lake, VA

More about me…

Long & Foster Realtors - Smith Mountain Lake

Address: 16869 Moneta RD, Moneta, VA, 24121

Office Phone: (540) 297-4111 x 2096

Cell Phone: (540) 493-4469

Email Me



Links

Archives

RSS 2.0 Feed for this blog