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If You Are Going To Work Short Sales... Know How To Get Paid.
Hi folks. Bob Hertzog started a good conversation earlier this week on his article....
Attn: Short Sale Listing Agents...READ YOUR LENDER APPROVAL LETTERS BEFORE CALLING ME WITH THE "GREAT NEWS"!! Some how the comments made it around to commissions. One of the responders stated:
"...because it is the investor and/or pmi (mortgage insurance) who determines who gets what and how much." And of course since this is dealing with Short Sales and how we get paid I just had to chime in.....
The above statement is not correct. Our listing agreement with the seller determines how much we get paid and how much of a co-broke we are offering selling agents. The listing agreement is between the seller and the broker. The lender/investor/sevicer/MI company (let's call them lender for simplicities sake) have ZERO say so in this agreement.
Based on contract law and and anti trust laws these entities CANNOT dictate how much I charge for my services. Commission is 100% between the seller and their broker.
This is a fact that agents need to understand.
Now having said that, the lender, can dictate how much of the commission they are willing to accept in their loss. Their ... more
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