"Yet another reason why the housing market is not going to bounce back like so many think. Homeowners and consumers are simply dealing with a crushing debt burden and absent the artificially propped up mortgage market (mortgages are still…"
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James W. McCormack's Discussions
Problem with Wells Fargo Required HAFA Listing Addendum
Started this discussion. Last reply by James W. McCormack Dec 22, 2011. 2 Replies 0 Likes
I have a serious problem with Bullet Point #2 (Reads: "Listing Broker/Agent Agreement: It is the listing broker/agent’s fiduciary responsibility to present the highest and best offer to the…Continue
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James W. McCormack commented on McGeough Lamacchia Realty's blog post Negative Equity Gap Could Mean More ForeclosuresJames W. McCormack replied to Mike Linkenauger's discussion More Evidence That The Banks Are RETARDED!"The bank is probably referring the short sale listing to this agent because they are a member of some sort of referral network that pays the bank some sort of fees. That is the same reason they use selected insurance companies to purchase…"
James W. McCormack replied to Paul Antonelli's discussion How are agents charging for their short sale processing fees"I have been paid less than 1.5% on 2 foreclosure closings in 2011. Auctions routinely give 1-2% to buyer agents. Its amazing when they fret about 2.5%, but will accept a HUD home buyer and be OK with under 2%. In most cases it is…"
James W. McCormack replied to Paul Antonelli's discussion How are agents charging for their short sale processing fees"I tried this same method as Brandon by telling the buyer to ask for closing cost assistance in order to pay the short sale negotiating fee. It just did not fly. The buyers purchasing most of my short sales don't have any money…"
James W. McCormack replied to Paul Antonelli's discussion How are agents charging for their short sale processing fees"I do the same as Jennifer in terms of eating the commission reduction out of my 3.5% first. I would only ask the buyer agent to reduce their commission below 2.5% if the total commission was reduced below 5%."
James W. McCormack replied to Paul Antonelli's discussion How are agents charging for their short sale processing fees"Not a bad idea."
James W. McCormack replied to Paul Antonelli's discussion How are agents charging for their short sale processing fees"I do exactly this. I pay out 2.5% to buyer agents. I get some blowback, but I am ready to defend the practice. Simply put I do 90% of the work in a short sale and should be paid more. Also (and unfortunately), most Realtors…"
James W. McCormack replied to Paul Antonelli's discussion How are agents charging for their short sale processing fees"I don't think RESPA has anything to do with charging fees for services provided. RESPA only comes into play if you are charging fees for services that are not performed or included in your commission. That is why you were told not…"
James W. McCormack replied to Paul Antonelli's discussion How are agents charging for their short sale processing fees"Good question. I tried charging 1-2% to the buyer to process the short sale in case I ever needed to hire a person to do my short sale negotiating, but found too much resistance from buyers. Let's face it, many of these short sale…"
James W. McCormack replied to Tracie Norman's discussion Bank of America Conventional Being Processed Outside of Equator?"I agree with Nick. If the listing agent had a clue they would have had the ATP for the HUD PFS program already. I see so many FHA short sales in the MLS that are not pre-approved via the ATP and I immediately know that except for certain…"
James W. McCormack replied to James W. McCormack's discussion Problem with Wells Fargo Required HAFA Listing Addendum"Thanks, Joseph. Do you have any contact info for the HAFA program directly?"
Joseph C. Alfe replied to James W. McCormack's discussion Problem with Wells Fargo Required HAFA Listing Addendum"exactly. Wells tried this language last year on the Arms length affidavit and the public whipping they received from attorneys caused them to change it. Cross it out, do not sign, and report to HAFA regarding the illegality or their…"
James W. McCormack posted a discussionProblem with Wells Fargo Required HAFA Listing Addendum
I have a serious problem with Bullet Point #2 (Reads: "Listing Broker/Agent Agreement: It is the listing broker/agent’s fiduciary responsibility to present the highest and best offer to the servicer.") in the wells Fargo required HAFA Addendum (see attached) as it requires the Listing Broker (i.e. us) to have a fiduciary relationship with Wells Fargo when this can only be given to the seller, especially since there is an adversarial relationship present between the bank and the seller. Also,…See More
James W. McCormack commented on Joseph C. Alfe's blog post Interesting article about short sales and flipping"To Smitty. You are correct in your % of BPO requirements on short sales, except that those are typically net % requirements, which means the price has to be 7-10% higher. My point is that typically investors don't want to pay 87% to…"
Profile Information
- Occupation
- Realtor, Real Estate Broker, Negotiator, Investor, Home Owner
- Areas You Service (be VERY specific specific and include ALL counties, cities, states, and towns you service!)
- Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties)
- Short Sale Transactions Completed
- 25-50
- 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?
- Yes. No designation. 20+ transactions for well over 10M.
- About Me/Profile of yourself: - Please add your Brokerage Company name also!
- James W. McCormack
Broker, REALTOR, e-PRO, Short Sale and Foreclosure Consultant
Nashville Tennessee, Murfreesboro Tennessee and Middle Tennessee Short Sale and Foreclosure REALTOR
Jim is a 10+ year real estate sales veteran and full-time real estate professional who specializes in helping people solve their real estate problems. He focuses on short sales, pre-foreclosures, foreclosures and investment properties in Nashville, Brentwood, Franklin, Nolensville, Spring Hill, Thompson’s Station, Murfreesboro, Smyrna, LaVergne (La Vergne), Antioch, Columbia, Mt. Juliet (Mount Juliet), Springfield, Gallatin, Hermitage, Hendersonville, Clarksville and Middle Tennessee (Davidson, Maury, Montgomery, Robertson, Rutherford, Sumner, Williamson and Wilson Counties). Jim is a short sale, foreclosure, distressed property and investment real estate expert who is here to help you. Please contact Jim to discuss your real estate situation and/or problems. Jim almost always returns phone calls within 1 business day.
Jim, a native of Pennsylvania, relocated to Murfreesboro in September 2008 due to his wife Dawn accepting a tenure track faculty position at MTSU. Jim has been a licensed real estate professional for over 10 years with the last 5+ years being as a broker. Over that 10 year span Jim has successfully handled the sale of over 250 properties. From 2003 to 2008 Jim was the broker and owner of his own real estate office. During that time he received awards for selling over 50 homes in 2004 and over 80 homes in 2005.
Jim obtained his TN real estate broker license in 2009. Jim has substantial experience with foreclosures and short sales and focuses selling bank owned real estate and on helping sellers in Middle Tennessee who are experiencing difficult financial times.Jim is a graduate of the University of Pennsylvania where he majored in Economics. He took real estate courses at the Temple University Real Estate Institute. He is a member of the Middle Tennessee Association of REALTORS and the National Association of Realtors. From 2002 to 2008 Jim was a member of the Better Business Bureau where he and his company received an “A” rating with no customer complaints reported to the BBB. Jim has been happily married to his wife Dawn since August 1999.
Jim provides the following real estate services:
Specialty and Challenging Real Estate Services (Sales, Consulting & Leasing):
* Physically Distressed Properties (i.e. fixer uppers, rehab properties, handyman specials, etc.).
* Foreclosures.
* Pre-foreclosures (i.e. Notice of Default, Sheriff Sale properties, etc.).
* Short Sales (i.e. where the sale price is not enough to pay off the mortgage(s) and other liens.).
* Bank Owned Real Estate (i.e. REO's).
* Divorce Sales.
* Estate Sales.
* Abandoned and Vacant Properties.
* Rental and Investment Homes and Properties (Sales, Leasing, Management and Consulting).
* Lease Option/Lease Purchase Homes (Sales, Leasing & Consulting).
* Other Difficult Real Estate Situations.
Investment Property Services (Sales, Leasing & Management):
* Small Multifamily Properties (1-4 units).
* Small to Mid-size Apartment Buildings (5+ units).
If you'd like to contact me regarding help and/or assistance with a Nashville Tennessee or Middle Tennessee loan modification, short sale, foreclosure, or the sale or purchase of an investment property, please fill out the following form and I'll return your message within 1 business day in most cases. I look forward to hearing from you!
- Put in todays date! This is to help stop spammers!
- December 16, 2011
- 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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Forum
Bank of America Short Sale Incentive Relocation Assistance
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Are FHA loans eligible for HAFA?
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Supreme Course rules on Quicken Case - Fee does not violate Section 8(b) of RESPA
Started by Patti Guilford in Rants and Raves. Last reply by Fred Shocklie 12 hours ago. 2 Replies 0 Likes
What does Analysis stage mean Bank of America
Started by Craig Schneider in Rants and Raves. Last reply by Craig Schneider 12 hours ago. 9 Replies 0 Likes
Making sure your Realtor is on top of things
Started by Stephen Dotlich in Rants and Raves. Last reply by Satar Naghshineh 13 hours ago. 16 Replies 0 Likes
Bank of America changed closing date
Started by Kevin Hayes in General Discussion. Last reply by Dawn Marie Richeal 16 hours ago. 5 Replies 0 Likes
Bank of America NDS Co-op on Proactive
Started by Olesya Drozdova in Question and Answer. Last reply by Jack Dudenhoeffer 16 hours ago. 3 Replies 0 Likes
Is There A Maximum Dollar Amount That Qualifies For A Short Sale?
Started by James Ybarra in Rants and Raves. Last reply by Mike Linkenauger 17 hours ago. 4 Replies 0 Likes
Does anyone have any short sale experience with Ocwen Bank?
Started by Varnie Jules in Network Talk. Last reply by Joseph C. Alfe on Monday. 15 Replies 0 Likes
Can the seller pay additional commission?
Started by Jose Hernandez in Question and Answer. Last reply by Satar Naghshineh on Sunday. 63 Replies 0 Likes
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