Somebody just posted this topic on a different post of mine regarding lenders negotiating commissions on Short Sales.
It is true that legally speaking, a lender can't negotiate the terms of a listing agreement or sale. They can only accept or reject it. This would mean that they have no right to negotiate down our commission and that they also should not counter offer on a short sale offer.
However
1.) We are legally bound to act in our clients best interests, and should work to keep them from having a foreclosure at all costs. and 2.) It is ultimately in the lenders court, as they do not have to accept anything other than the payoff from the loan terms, period.
I understand the battle, but the question is, do we as agents or brokers have the right to legally say "no, I don't work for less than 6%(or whatever you charge), and you can go ahead and foreclose or count me out of things if you aren't willing to pay me"????
I do get 6% a good percentage of the time on these things. What is your experience, and I'd love to hear some tips on how you enforce your commission with the lender???? What can we do to stop lenders from acting illegally??
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