Aldo Figueroa - Maryland Agent
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  • Baltimore, MD
  • United States
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Aldo Figueroa - Maryland Agent's Discussions

I got SS approval in 11 days from Bank of America. Kind of surreal...

Started this discussion. Last reply by Miriam Munzer Dec 13, 2010. 17 Replies

I thought it would be encouraging to you all hard working short sale agents who are struggling in this market to read that I got notice of short sale approval from…Continue

Tags: of, america, bank, approval, sales

 

Aldo Figueroa - Maryland Agent's Page

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Joyce Annette Vineyard commented on Aldo Figueroa - Maryland Agent's blog post Specialized Loan Servicing only paying 3% commission on a HAFA approved short sale
"This is all great information! I am still learning all the in's and out's."
Sep 20, 2012
Thomas Zdanowicz commented on Aldo Figueroa - Maryland Agent's blog post Specialized Loan Servicing only paying 3% commission on a HAFA approved short sale
"Not sure if anyone suggested this yet but email the HAFA Escations Team at escalations@hmpadmin.com Be sure to have the below authorization from your client already filled out or they will not help you.  In your email to them include your…"
Sep 19, 2012
Ed Tobey commented on Aldo Figueroa - Maryland Agent's blog post Specialized Loan Servicing only paying 3% commission on a HAFA approved short sale
"I also stipulate that if short sale is approved and buyer backs out the fee will be paid from earnest money."
Sep 19, 2012
Ed Tobey commented on Aldo Figueroa - Maryland Agent's blog post Specialized Loan Servicing only paying 3% commission on a HAFA approved short sale
"In a short sale the seller can stipulate requirements in the listing. I believe that putting it in there puts you on solid ground and allows you to require buyer's signature before presenting offer. Making it a buyer's closing cost is…"
Sep 19, 2012
Sheila Vardakis commented on Aldo Figueroa - Maryland Agent's blog post Specialized Loan Servicing only paying 3% commission on a HAFA approved short sale
"Ed,  I too have properties that sell for under $20K and they sometimes can be the most work.  Is charging a buyer fee legal and I would like to open this conversation up to how others are handling the lower priced listings."
Sep 19, 2012
Ben Benita commented on Aldo Figueroa - Maryland Agent's blog post Specialized Loan Servicing only paying 3% commission on a HAFA approved short sale
"Aldo, LOTS of good tips on here......keep in mind, the people you deal with at SLS, or any loss mit. division, are called "negotiators" for a reason.....they get paid to get as much money as possible for the Invsestor. With a little push…"
Sep 19, 2012
Larry Sarlo commented on Aldo Figueroa - Maryland Agent's blog post Specialized Loan Servicing only paying 3% commission on a HAFA approved short sale
"HUD in a Mortgagee Letter issued on December 24, 2008 officially authorized payment of a 6% real estate commission.  FannieMae (FNMA) amended it’s guidelines to specifically authorize payment of a full 6% agent…"
Sep 19, 2012
Ed Tobey commented on Aldo Figueroa - Maryland Agent's blog post Specialized Loan Servicing only paying 3% commission on a HAFA approved short sale
"On low priced short sales 6% is not enough. In my area you might have a sale for $15000. 3% for listing agent is $450. Minimums usually disallowed. Not worth the time. I have recently started requiring buyer (even if not my client) sign a buyer…"
Sep 18, 2012
Lynn d' Lindsey commented on Aldo Figueroa - Maryland Agent's blog post Specialized Loan Servicing only paying 3% commission on a HAFA approved short sale
"Curious what your listing agreement stated when you submitted it as well as the preliminary HUD.  Love Bank of America, they INCREASED my commission on a short sale I did in August and closed.  Aldo, I have done Short Sales since 1978 and…"
Sep 18, 2012
Francine Williams commented on Aldo Figueroa - Maryland Agent's blog post Specialized Loan Servicing only paying 3% commission on a HAFA approved short sale
"Hello Aldo, I have been doing short sales for over 20 years and never had Sellers Mortgagee to ask me to cut my salary.  I find if you don't stand for something you will fall for anything.  You must have confidence and know the…"
Sep 18, 2012
Vanessa Liddell commented on Aldo Figueroa - Maryland Agent's blog post Specialized Loan Servicing only paying 3% commission on a HAFA approved short sale
"Aldo the reason could be based on whether you submitted your short sale with a RASS or ARASS if you received an SSA prior to contract your commission would be stated there. the HAFA guidelines state that in the SSA, once its issued, the agreed upon…"
Sep 18, 2012
Neil Blumberg commented on Aldo Figueroa - Maryland Agent's blog post Specialized Loan Servicing only paying 3% commission on a HAFA approved short sale
"Hey Aldo I have always received the full commission I have asked for. But as a precaution I have standardized text I insert in agent notes of the MLS listing, informing the selling broker what % split of the total commission I will giving…"
Sep 18, 2012
Kevin Donaldson commented on Aldo Figueroa - Maryland Agent's blog post Specialized Loan Servicing only paying 3% commission on a HAFA approved short sale
"Hello Aldo, they cannot reduce your commission to 3% per federal guidelines for HAFA. I know SLS is a tough debt collector, but I would contact Jeff Lischer with NAR who is in charge of HAFA for us realtors. He has helped me in the past and can…"
Sep 18, 2012
Paddy Deighan, JD PhD commented on Aldo Figueroa - Maryland Agent's blog post Specialized Loan Servicing only paying 3% commission on a HAFA approved short sale
"I just received an SLS approval of 5% commissions on a HAFA short sale.  "
Sep 18, 2012
Chris B Johnson CDPE,SFR,HAFA commented on Aldo Figueroa - Maryland Agent's blog post Specialized Loan Servicing only paying 3% commission on a HAFA approved short sale
"Commission Reduction Rebuttal Language   Commission to be 6%; The real estate commission that may be paid is the amount indicated in the listing agreement between the borrower and the listing broker, neither the servicer, nor the investor is a…"
Sep 18, 2012
Gary Rubino commented on Aldo Figueroa - Maryland Agent's blog post Specialized Loan Servicing only paying 3% commission on a HAFA approved short sale
"Hello, In the back of my mind, (maybe way back) I seem to remember it was not legal for the banks, and I believe servicers, to reduce commissions below 6%. Am I right or wrong, any one got an answer? Thanks,"
Sep 18, 2012

Profile Information

Occupation
Realtor
Areas You Service (be VERY specific specific and include ALL counties, cities, states, and towns you service!)
Baltimore City, Baltimore County, Harford County. Baltimore, Towson, Columbia, Glen Burnie, Parkville, Rosedale, Essex, Middle River, Owings Mills, Windsor Mill, Reisterstown, Dundalk, Catonsville, Halethorpe, Brooklyn, Sparrows Point, Edgewood, Abingdon, Aberdeen, Bel Air, Nottingham, Perry Hall, Joppa, Lutherville Timonium, Sparks, Hunt Valley, Carney, Hereford, Parkton, Monkton, Pikesville, Randallstown and Kingsville.
Website
http://www.AvoidForeclosureBaltimore.com
Short Sale Designations and/or Special Training
CDPE (Certified Distressed Property Expert)
Short Sale Transactions Completed
10-25
Do you have any experience in Commercial Real Estate? If so, do you have the CCIM or any commercial designations? How many commercial transactions and dollar volume have you CLOSED?
2 commercial transactions for total of $425,000
About Me/Profile of yourself: - Please add your Brokerage Company name also!
www.AvoidForeclosureBaltimore.com

Comprehensive training and real life transactions have helped me streamline the short sale process and make it much more navigable.

We market properties in Baltimore City, Baltimore County, Anne Arundel County and Harford County using innovative and traditional marketing tools. Listings are promoted through virtual video tours (www.youtube.com/aldowillsellit) and multiple online sites (MLS, Realtor.com, Craigslist, Zillow, Postlets, Trulia, etc.) to maximize potential Buyers views.
We are specialized in urban and suburban real estate in Baltimore City, Baltimore County, Harford County and Anne Arundel County. Our perseverance and drive get the listings sold and our expertise aids our Buyers in their price negotiations.

Aldo Figueroa - CDPE, REALTOR
Riley & Associates Realtors
Put in todays date! This is to help stop spammers!
December 9, 2010
PLEASE READ THIS!!! - This site is primarily for Realtors, REAL buyers or sellers with questions are welcome to ask, anyone here for other purposes may be banned. 1. Because this site is primarily for agents agents, Any soliciting is pointless and is not allowed. Please do not sell or promote products or services in any way, directly or indirectly. Do not link or sneak in links promoting your services on comments, posts, discussions or blogs. You may have links on your profile pages to your websites as long as your are not selling things other than real estate! Again, absolutely no outgoing links to your websites, blogs or listings 2. Do not speak disparagingly about members on this site. This community is meant to be helpful, and we are here to help each other. 3. We reserve the right to delete content and/or ban members that violate these rules. 4. Member Name (Full Name Field) format must be FIRST NAME, then LAST NAME! Please no company names, DESIGNATIONS, or website in the name field! Please read the terms of service under the "home" tab! IF YOU AGREE TO THESE TERMS, PLEASE TYPE "I AGREE" IN THE BOX BELOW!! Thanks for your cooperation, and welcome to the Network!
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Aldo Figueroa - Maryland Agent's Blog

Specialized Loan Servicing only paying 3% commission on a HAFA approved short sale

Posted on September 17, 2012 at 8:23pm 25 Comments

Hello folks,

Yes, the blog title above is real, I am not joking.  I just received a short sale approval letter for a HAFA approved short sale with SLS (specialized loan servicing) only allowing 3% in total realtor commissions.  Both parties to the transaction are represented by different brokers and none of the agents are a party to the transaction.  This is fully an Arms Length Transaction. 

Regardless of the outcome, I am asking if anybody here had this happen…

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