Fannie Mae New Guidelines Instruct 3rd Parties Not To Renegotiate Agents Commission on Preforeclosures (Short Sales)

Posted by John Sabia on Wednesday, March 4th, 2009 at 9:55pm.

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 Return to Fort Lauderdale Real Estate Home Page

John Sabia

2 Responses to "Fannie Mae New Guidelines Instruct 3rd Parties Not To Renegotiate Agents Commission on Preforeclosures (Short Sales)"

Marc Rasmussen wrote: "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."

Amen brother! I was trying to avoid these but that is next to impossible.

Posted on Wednesday, March 4th, 2009 at 10:34pm.

john sabia wrote: I know Marc - They are great opportunities but the time spent on waiting on the lender(s) for an answer is frustrating not just to agents, but to the buyers as well.

Posted on Wednesday, March 4th, 2009 at 10:55pm.

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