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

Working with banks is terrible, but at least I am selling something to somebody.

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!

I don't like the short sales.  They drag on, are very labor intensive and often don't work out.

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. 

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!

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

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.

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.

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.

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