The new Fannie Mae policy says the following:
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.
Now all agent can get back to work on helping people sell their homes and feel good about helping our clients. Next thing they need to do is make the lenders act more quickly on responding to the offers, that way we all benefit.
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