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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