Fort Lauderdale City Commissioners will vote this evening on a new law targeting property owners, including banks of neglected vacant properties. The final vote will be in two weeks which will designate these properties as “nuisance properties.” This new law will tighten up the time the city has for cleaning up a distressed property and levying fines. Among the victims of distressed properties are the surrounding neighbors and this new law should should be comforting.
read more about this in an article at Sun-Sentinel.
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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….
You can read more on new guidelines at Fannie Mae.
It is about time that real estate agents are recognized for the amount of time and effort that goes in to successfully closing a short sale.
View Fort Lauderdale Short Sales and Foreclosures listings
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