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Should the buyer broker also have to reduce their commission when the bank reduces the commission to be paid?
Started this discussion. Last reply by Sean O'Carroll Sep 8, 2010. 14 Replies 0 Likes
Hi everyone: We are usually the listing broker for all or most of our short sales and we are very familiar with getting our commissions reduced by the lenders but we are aboiut to close a large deal…Continue
Tags: Fargo, Wells, fees, reduced, commissions
Sean O'Carroll's Page
Latest Activity
Sean O'Carroll replied to Mike Linkenauger's discussion 3rd Party Negotiators or Do it in house?"Heck no! Not anymore. Way too much liability in getting a third party involved; keep control and delegate in house.."
Sean O'Carroll replied to Sean O'Carroll's discussion Should the buyer broker also have to reduce their commission when the bank reduces the commission to be paid?"Barbara: Thank you for your comment; great idea about using an addendum. S."
Sean O'Carroll replied to Sean O'Carroll's discussion Should the buyer broker also have to reduce their commission when the bank reduces the commission to be paid?"Amber; thank you for your insight. I guess I need to get moving on my CDPE designation as well. Take care"
Amber Fleming replied to Sean O'Carroll's discussion Should the buyer broker also have to reduce their commission when the bank reduces the commission to be paid?"It is customary to put remarks in our MLS that states the buyers agent will receive 50% of the commission the lender agrees to pay. Also, CDPE has a form that address' the commission split also. You might want to try one or both of these…"
Barbara Pedersen replied to Sean O'Carroll's discussion Should the buyer broker also have to reduce their commission when the bank reduces the commission to be paid?"In agent remarks section of our MLS I always write "commission for Listing Office and Selling Office and terms of contract subject to lender's approval". I also always have buyer's agent and his managing broker sign separate…"
Bradley R Christman replied to Sean O'Carroll's discussion Should the buyer broker also have to reduce their commission when the bank reduces the commission to be paid?"Well said Sherri! I agree a 100% it's tough enough wondering if your buyer will stay throughout the lengthy process. I need buyer agent on board a 100% to keep buyer encouraged throughout that process."
Sherri Elliott replied to Sean O'Carroll's discussion Should the buyer broker also have to reduce their commission when the bank reduces the commission to be paid?"I do not think it fair to negotiate the BAC. If I take the listing I cover it to be 3% to buyers agent. I fight for my commission, and it seems to be getting better now..as they are not negotiating the way they used to. The Buyers agent has alot to…"
"You pay what you have listed in the MLS."
Joseph C. Alfe replied to Sean O'Carroll's discussion Should the buyer broker also have to reduce their commission when the bank reduces the commission to be paid?"so? Ask them if you can get the contact info for their legal team so you can send them your listing agreement. That's a legal contract to which the lender is not a party."
Sean O'Carroll replied to Sean O'Carroll's discussion Should the buyer broker also have to reduce their commission when the bank reduces the commission to be paid?"It's a $3.4M sale; the bank is taking a million dollar loss."
Joseph C. Alfe replied to Sean O'Carroll's discussion Should the buyer broker also have to reduce their commission when the bank reduces the commission to be paid?"why did you settle for 4%? The only reason lenders will reduce to 4% is dual agency."
Mike Linkenauger replied to Sean O'Carroll's discussion Should the buyer broker also have to reduce their commission when the bank reduces the commission to be paid?"Actually that's what I do now also. 2.5%co op with 3.5%-4% to listing broker. We deserve to get paid more, especially tomcover mitigation costs."
Ernie Dill replied to Sean O'Carroll's discussion Should the buyer broker also have to reduce their commission when the bank reduces the commission to be paid?"We put a 6% commission in the listing agreement, and Buyer Agent Commission of 2.5%. As Mike observed, we're obligated to deliver whatever is posted to the MLS. We've seldom seen reductions below 5%, so are usually OK. Our MLS goes by the…"
Sean O'Carroll replied to Sean O'Carroll's discussion Should the buyer broker also have to reduce their commission when the bank reduces the commission to be paid?"Hi Mike: Good point; we do that here as well. thanks for the quck reply! Great network you have created by the way. Take care"
Profile Information
- Occupation
- Real Estate Broker, Investor
- Areas You Service (be VERY specific specific and include ALL counties, cities, states, and towns you service!)
- Maricopa County, Phoenix, Scottsdale, Glendale, Cave Creek, Carefree, Peoria, Sun City, Tempe, Mesa, Chandler, Gilbert, Paradise Valley, Avondale, Surprise, Queen Creek. Pinal County
- Short Sale Designations and/or Special Training
- Harris University Training (Of Some Kind)
- Website
- http://www.successroads.com
- Short Sale Transactions Completed
- 50-100
- 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?
- I am a CPM; I have closed over $150 million in my career
- About Me/Profile of yourself: - Please add your Brokerage Company name also!
- President/Designated Broker - Provision Real Estate, LLC
- Put in todays date! This is to help stop spammers!
- May 17, 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!
- I agree
Comment Wall (2 comments)
- At 6:39pm on June 17, 2010, Julie Vrigian CSSG, CSSP gave Sean O'Carroll a gift…
- At 12:38pm on May 18, 2010,
Andrew Thurber said… - Welcome Sean! Looking forward to hearing from you on the guide.
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