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TheSollerTeam
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Post subject: Is the bank now dictating the commission  Posted: Wed Aug 01, 2007 10:27 am |
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Joined: Sat Jul 21, 2007 5:22 pm
Posts: 29
Location: Washington State, Seattle/Tacoma
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I have used 7% for short sale commissions in the past. 4LOC/3SOC
Is the bank now dictating the commission amounts now on short sales? What are u using?
_________________
Joey Soller
Associate Broker
TheSollerTeam.com
253-606-6332
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dgrieb
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Post subject: Posted: Wed Aug 01, 2007 6:19 pm |
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It has been my experience that the banks are not going to pay more than the normal commission, 6%. They may knock you down to 5%. The way you can keep from getting stuck is make sure you put in the listing that the sale and commission are subject to third party approval or add it to an addendum that you send over with your sellers disclosures so if the lender does cap you at 5% and refused to go up, you are not the one getting stuck with a 2% commission. (HUGE SHORT SALE SECRET!!). I do not fight with the lenders too much it they cap me at 5% I push if I dont get the 6% I move forward. I want the loss mitigators to want to take my calls and that they want to approve my deals. I am Mr. Easy to work with agent. You will see the same people again.
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TheSollerTeam
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Post subject: Posted: Wed Aug 01, 2007 7:02 pm |
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Joined: Sat Jul 21, 2007 5:22 pm
Posts: 29
Location: Washington State, Seattle/Tacoma
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"The way you can keep from getting stuck is make sure you put in the listing that the sale and commission are subject to third party approval or add it to an addendum that you send over with your sellers disclosures so if the lender does cap you at 5% and refused to go up, you are not the one getting stuck with a 2% commission"
WOWZER simple but well taken Dan. You have just saved and made all of us tons of money on this tid bit. .... put commissions are submect to third party approval.... AhHA!
_________________
Joey Soller
Associate Broker
TheSollerTeam.com
253-606-6332
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