"I am currently trying to escalate a ss that the servicer PNC denied because they will not allow an exception - the owners had to move because of wife's job transfer 6 years ago - tryied selling but could not they kept paying on it - were unable…"
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Noel Herrington commented on Noel Herrington's blog post Banks Cutting Commission on Dual Agency Contracts."Thanks for the advice Mike."
Mike Linkenauger commented on Noel Herrington's blog post Banks Cutting Commission on Dual Agency Contracts."Joseph, probably not a good idea to give license related advice when brokerage laws and relationships vary from state to state, AND if I'm not mistaken, you are not licensed to practice real estate in any of them.
We work with both sides in…"
Joseph C. Alfe commented on Noel Herrington's blog post Banks Cutting Commission on Dual Agency Contracts."it is true. Why would they pay you full commission if you are a dual agent? Also, from a liability standpoint, you should NEVER be a dual agent on a short sale."
Noel Herrington posted a blog postBanks Cutting Commission on Dual Agency Contracts.
Agents-I have heard that if you represent the buyer and seller on a Short Sale that the bank may cut you Commission by as much as 1/2. Wondered if there is any truth to this and if so how can I prevent this. If so which banks do this kind of commission cutting?Thank you,See More
"Hello Noel
Here is contac info that I have for Ocwen...Short Sale Dept Customer Service 877-596-8580 email is
LRC.Collateral@ocwen.com
Hope this helps."
Mike Linkenauger commented on Noel Herrington's blog post Ocwen"Got a few contacts over there, I just emailed you over who we have there in a private message. Unfortunately only one supervisor and a closing supervisor.
Anyone else have any high ups at OCWEN?"
"Wow , I was not aware of this either. Thanks for posting. Is there a direct link to this info?"
Joseph C. Alfe commented on Noel Herrington's blog post FHA Short Sales & Leased Property"A couple of things...FHA/VA and all HAFA short sales use this stupid rule. Even if the property was a primary residence and never rented out, the minute the sellers move out, the property is ineligable.
Not many short sales in Lincoln? You…"
Noel Herrington commented on Noel Herrington's blog post FHA Short Sales & Leased Property"According to FHA since the property was first purchased as an owner occupied and then later leased out (because the seller could not sell it when they moved) FHA/HUD guidlines state that if the property is lease for 12 months or more the seller is…"
Mike Linkenauger commented on Noel Herrington's blog post FHA Short Sales & Leased Property"I wasn't aware of this rule. It doesn't make sense if it is an investment property. Then again, you would be forced to limit the pool of buyers on the property, as those looking to purchase for their primary residence would not be able to…"
Noel Herrington posted a blog postFHA Short Sales & Leased Property
This is my first dealing with this situation. Per FHA if you as a seller have a FHA Loan and later Lease your property for 12 months or more you are no longer eligible to sell your home in a Short Sale. Here in Lincoln, NE we do not deal with that many Short Sales so I was dumb founded when I founded this out.
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Noel Herrington's Blog
Banks Cutting Commission on Dual Agency Contracts.
Posted on October 14, 2010 at 2:39pm 3 Comments 0 Likes
Agents-
I have heard that if you represent the buyer and seller on a Short Sale that the bank may cut you Commission by as much as 1/2. Wondered if there is any truth to this and if so how can I prevent this. If so which banks do this kind of commission cutting?
Thank you,
Ocwen
Posted on August 16, 2010 at 11:01am 2 Comments 0 Likes
I had another agent within our Company asking if anyone has contact information for Ocwen. I have not delt with the institution so I thought the Short Sales Specialist Network as a place to start. Anyone out there that has contact info I would appeciate it.
Thank you,
Noel Herrington
FHA Short Sales & Leased Property
Posted on April 19, 2010 at 5:43pm 5 Comments 0 Likes
This is my first dealing with this situation. Per FHA if you as a seller have a FHA Loan and later Lease your property for 12 months or more you are no longer eligible to sell your home in a Short Sale. Here in Lincoln, NE we do not deal with that many Short Sales so I was dumb founded when I founded this out.
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