short sale negotiation: Short Sales: Commissions Won't Cover Negotiators
- 03/26/10 01:07 AM
The U.S. Treasury Department in revisions to its short-sale guidelines has made changes to the way short sale negotiators or other vendors hired by the mortgage servicer are to be paid. Instead of being paid from the real estate commission, they will be paid from the sales proceeds or by the servicer outside of the sales transaction. Those options represent a significant improvement over previous provisions. But in a move of concern to NAR, the guidelines provide for the servicer to specify the allowable commission rather than maintain the commission as stated in the listing agreement. NAR will be raising concerns … (1 comments)
short sale negotiation: Realtors - Word of caution
- 11/18/09 02:47 AM
A+ processes and negotiates numerous short sales for different Real Estate professionals. Over the past few months we've noticed an increasing number of Realtors adding a processing or administrative fee on the HUD or settlement statement. After much research, the last was from an instructor who lecture covers Code of conduct and Ethicsn his words to me was get an attorney. Realtors may be in violation of either or both state legislation (regarding foreclosure prevention) and RESPA. Check your state's guidelines and consult with your attorney if this is part of your practise. The word on the street is if this … (0 comments)
The U.S. Treasury Department in revisions to its short-sale guidelines has made changes to the way short sale negotiators or other vendors hired by the mortgage servicer are to be paid. Instead of being paid from the real estate commission, they will be paid from the sales proceeds or by the servicer outside of the sales transaction. Those options represent a significant improvement over previous provisions. But in a move of concern to NAR, the guidelines provide for the servicer to specify the allowable commission rather than maintain the commission as stated in the listing agreement. NAR will be raising concerns … (1 comments)
;)
;)
