I just received an approval on a 2nd with GMAC but they are only going to pay a 5% real estate commission. Has anybody seen this from GMAC and any advice on how to respond? I thought they were following fannies guidelines when it comes to commisions?

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Marc,
The first thing is, is the loan fannie or freddie, if it is not either of these then it's a moot point. Sadly this is where the 2nd lien has some say. Their threat is they will not authorize the short sale. Be glad it is 5% and not 4%, which has happened to me enough times.

The 1st is a fannie  Nationstar is the servicer. The 2nd from GMAC is coming up with the 5% commission

If it's Fannie, they cannot reduce it.  You tell them that according to the guidelines, they must honor the 6%.

 

I've never understood why they try to dictate terms agreed to by the 1st...it's not like they get more money....

I have completed many, many short sales.  I just submitted a GMAC short sale package directly to GMAC.  I was shortly thereafter contact by a 3rd-party negotiator from REDC.  There is only a 1st Mortgage and it is not a FNMA/Freddie Mac loan.  After contact with the negotiator from REDC, Equator showed my commission was cut to 5% and the 3rd party negotiator was to receive

$2500.  I have not had a bank reduce my commission to 5% on a short sale in two years.  I guess they don't understand that Realtors have a long memory and when this market turns around, GMAC's name will be probably not be on our minds when giving out potential lender names!  Has anyone dealt with REDC?  I too was able to get Wells Fargo to raise my commission two years ago back to 6% when they tried to cut it to 5%, but have not submitted a short sale to GMAC.  Most of my short sales are BOA and Wells Fargo which are great to work with.

Where's the 1st on this one?  Fully paid or short?

What's the sale price?

We have refused to accept 5% twice.  Offered to quit and invited them to proceed with foreclosure.

It's a bit of a game of chicken, one that I try to avoid.

But, in each of these two cases, once from the 1st and once from a subordinate lien, it worked and we received 6%.

In each of these cases, the sale price was under $150,000, and  there were subordinate liens that resulted in a ton of addtional work for us. (IRS, judgment, public assistance...)

Thanks for the reply. The sale was 170k 1st is short... from Nationstar.
I am going thru this on the buyer side of a transaction with a 2nd I dont know who is holding...I have told the sellers agent to ask the 2nd lien holder to produce their internal policy which dictates the reduction of commission....they seem content to accept the reduction where as I want to fight for the full 6%

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