Great News for us Short Sale Realtors fighting the good fight. Fannie finally gets it!! We Realtors are saving them Billions of Dollars by performing pre-Foreclosure Sales, (Short Sales). In the past, the servicers were bulling us around, threatening to cut are commission if the buyer asked for concessions or if the seller was not willing to contribute to closing cost or just to cut our commission because they could. See below and then my commentary to follow!!
No Negotiation of Preforeclosure Sales Commission 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.
Michael A. Quinn, Senior Vice President Single-Family Risk Officer
Funny, I had a client who was told by an attorney that a Realtor could not do a short sale and that the banks want to work with lawyers. Well, I do not see Fannie pay attorneys, just Realtors. Fannie realizes that we Realtors have value. We contribute to the greater good. This is validation of our service in this housing crisis. Keep up the good work my fellow Short Sale agents, the better job we do, the more the banks will see us a partners instead of predators and we will end the unneeded foreclosures that have plagued our market!!