"I recently closed a Chase short sale with two OLD judgements and a bankruptcy. There was also an old lien that had been paid off on the title and was cleared prior to getting the offer. The total owed with the judgements and the mortgage…"
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Commissions on Short Sales
Started this discussion. Last reply by Jeanette Becker Oct 16, 2010. 17 Replies 0 Likes
I am completing a short sale and did not learn that the commission is only 4% until we got to the HUD. Lots of work for so little! This was a short sale with HSBC. I understand that there are…Continue
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Kathy Stanavitch replied to Jeanette Becker's discussion HSBC Short Sale in the group CDPE Members"I agree with your reply, a listing agreement is a contract here what is laid out in that on mls stands..I agree but want to also suggest you find out who lender is they go after them. Tomorrow the Tri State convention is in Atlantic City I am…"
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Daniel Sandoval replied to Jeanette Becker's discussion HSBC Short Sale in the group CDPE Members"I dont know why are they cutting commissions...5% is reasonable....Give the other side 2% only. Price and commisson subject to lender approval. No need to short yourself with the commission...BUyers agents know the drill of the short sale."
"CDPE. It is so comprehensive and you go away with a field manual and forms. Also there are flowcharts in the field manual for different types of short sales. I took the class last year, did my first short sale shortly after taking…"
leslie schultz warthman replied to Jeanette Becker's discussion HSBC Short Sale in the group CDPE Members"I've heard it all now. Another angle that will hopefully not become common!"
"I have had them try that. You need to let them know you are under the same Broker, but are independent agents, and not on the same team. I have never had an issue once I explain that part. And show them I offered 3% to the Selling agent in…"
"Great pointers, Mike! Thanks for sharing...I'm printing this off and adding it to my arsenal for short sale negotiations."
Mike Linkenauger replied to Jeanette Becker's discussion Commissions on Short Sales"It is actually 1%-2% or more they knock it down in many cases if you double side things and work with both the buyer and seller. I have had them knock it down a couple times before, as low as 4%. There are a couple ways I've learned to get…"
"We are finally closing on this short sale today. When they were negotiating, they wanted me to take 3% because I had both sides. I told them NO..then I was offered 4%..again I told them NO...I was then told that they would give the Hud to the…"
Wendy Smith replied to Jeanette Becker's discussion Commissions on Short Sales"that's what they want you to believe. who's the investor?"
"Hi Mike,
I am working an HSBC short sale, and needless to say , it is a nightmare.
I have sent them offers and everytime they tell me that they wont work the short sale becuase of an upcoming foreclosure sale date.I have three offers, of which I…"
Wendy Smith replied to Jeanette Becker's discussion Commissions on Short Sales"The commission is typically stated on the short sale approval letter. Ocwen's paperwork and website does state 4% but that is not etched in stone - I have an Ocwen now at 6%. There's nothing wrong with the buyer contributing to the real…"
Joseph C. Alfe replied to Jeanette Becker's discussion Commissions on Short Sales"so, was it dual agency? Anyways, HSBC will pay 6% unless it's a dual agency."
"I picked up a short sale that Chase had recommended me to the seller. I asked Chase what commission would be for the short sale up front, and they said it was handled by the negotiator. Has anyone else done a short sale through Chase? This is my…"
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- Occupation
- Real Estate Broker
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- Marshall County Indiana including Plymouth, Argos, Bremen, Bourbon, Walkerton,
- Short Sale Designations and/or Special Training
- CDPE (Certified Distressed Property Expert), Harris University Training (Of Some Kind)
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- http://www.jeanettebecker.com
- 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?
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- November 3, 2011
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