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Fannie Mae Instructs servicers not to cut agent commissions on short sales!

Real Estate Agent with Keller Williams Select Realtors®

On February 24, 2009, Fannie Mae sent Announcement 09-03 to its servicers, which took effect March 1, 2009. The announcement instructs their servicers not to negotiate commissions on short sales below the amount negotiated by the listing agent. The only exception is if the commission exceeds six percent. NAR reports that they will continue to work with Freddie Mac and other mortgage providers to urge them to ensure Realtors are paid fairly. This is great news for us agents because we all know how time consuming and stressful short sales can be to all parties involved. I hope other mortgage providers recognize the effort put into these transactions by real estate agents and decide to follow Fannie Mae's lead. If you would like to find out more about Announcement 09-03, go to www.efanniemae.com and search for Announcement 09-03.

Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Brendan, this is a good move on FNMA's part. Hopefully, the others will follow. Thanks.

Mar 14, 2009 01:22 AM
Konnie Mac McCarthy
MacNificent Properties, LLC - Cobb Island, MD
Broker/Owner - VA & MD "Time To Get A Move On!"

I have heard that too..but I have also heard that 2nd trusts possibly don't have to follow that rule... have you heard anything about that.

Mar 14, 2009 03:31 AM
Brendan Ferrara
Keller Williams Select Realtors® - Crofton, MD

I haven't heard anything about that yet, but if you find out more let me know.

Mar 15, 2009 10:24 AM