Just got an acceptance letter on a Suntrust short sale that was initiated in September of 2009. We listed at 6 % with a clause to go to 5% if dual agency (per the Suntrust Short Sale instructions to agents.) I ended up dual agent on the property and brought a cash buyer that offered at $310,000. Appriasal /BPO came in at $260,000. Suntrust is now telling me at this late stage in the game that for dual agency they will only pay a total of 3%, that is their policy no exceptions!! Today, the same guide for agents that I used to make decisions and write listing agreements in September of 2009 is posted on their web page clearly saying 6% and 5%...Anyone with the same experience?? Any suggestions or numbers I can have my broker call at Suntrust to try to change this?
We just closed on a SS deal with Suntrust and yes, they only pay 3% if you do dual agency. Next time you can simply have another agent represent and pay them a 25% referral. Good luck fighting this one though.
Well I have had 2 with them both horrible messes. Both were initiated a year ago with offers, despite my best efforts, the sellers attentiveness and immediate response for requests for information, we just got approval letters for both in August. The first one cancelled 2 days after we got the approval letter and I submitted a backup offer immediately. Suntrust required an entire new package to be submitted and we are still trying to close a cash sale well over the BPO. I had to cancel the other one as Suntrust took so long to process the offer, (a year) that unbeknownst to me, the buyers, who had moved out of state, signed a quit claim to a non existant LLC at the advice of a BK lawyer so they would not be hounded by the HOA for past dues. In this state the HOA can go after them personally and the quit claim did not help them at all. We can't get the home back to finish the short sale since the LLC doesn't exist-I had to cancel my listing and lost everything I had put into the listing which was significant. As you can imagine, the buyers were livid and were forced to move on. Suntrust never picked up on any of this mess, I had to send the info. It was only when the title company I was working with did a periodic check on the property that we figured it out. I will never do another Suntrust shortsale listing or, if I can avoid it, bring a buyer to one. If I represent a seller on a short sale, I am now having them sign a discliamer that they understand they need to notify me if they retain the services of a BK lawyer to do anything and I am having title pulled on my short sale listings every month. Best of luck...
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