What is the max commission that Lenders will Pay in a short sale?. I know that most will pay up to 6% which is good, but sometimes in my situation there could be three agents involved in one transaction.( which cuts our $$$) Do you think

(in this case) I would be pushing my luck to ask for 7%. I'm not greedy, but we put in a lot of hard work as you all well know. Any one had any experience?

Views: 65

Comment

You need to be a member of Short Sale Specialist Network to add comments!

Join Short Sale Specialist Network

Comment by Jennifer Silletto on November 15, 2013 at 6:20pm

Anyone work with Chase bank?  Will they pay 6% for dual agency?  I spoke to the processor and she said as long as it was not me, (since I am related to the seller, lol).

Comment by James Lockard on April 26, 2010 at 10:03am
I always put 7% on the listing agreement. It usually gets cut to 6%. Some banks will only pay 6% for two agents, and 5% for two agents of the same company and 4 % for a dual agent. What do you have to lose? Make sure you disclose to the buyers agent that commissions are subject to bank approval. Hopefully HAFA transactions will eliminate some of this.
Comment by Toby Boyce on March 25, 2010 at 3:47pm
Agree with Angela all the way! I ALWAYS put 7% as the listing agreement commission. It has always been cut to 6%, but that isn't a big deal.
Comment by Angela Alfe on March 24, 2010 at 9:29am
There is no reason to have 3 people on a deal. None at all. The investors will pay up to 7%. If you are a dual agent, they will usually cut down to 4%, but I have been successful at getting even dual agents 6%. For 2 agents, I would expect no less than 6% and for dual agents no more than 4%...although you can get more if you are willing to push the envelope. Also, you should always "aim high" on the listing agreement. Meaning, if you list a property, you put 7% on the listing agreement with the knowledge that it may get cut. Otherwise, if you put 5% on the Listing Agreement and then try to get 6-7% later on down the line...the negotiator may, very well, refuse to bump it up. Just an FYI.
Comment by Mike Linkenauger on March 24, 2010 at 3:10am
Just got one at 6.5% today also
Comment by Joseph C. Alfe on March 23, 2010 at 8:35pm
7% is the max. Why on earth would you have three agents on one deal? Also, if you attempt dual agency, which you should never do on a short sale, the lender will cut you to 3 or 4%
Comment by Wendy Smith on March 21, 2010 at 6:14pm
I've gotten 7% on several sales.
Comment by Mike Linkenauger on March 20, 2010 at 8:31pm
I've gotten 6.5% once and 7% once. Someone in our network also closed one at 6% with a $1,000 bonus a few weeks ago, she got 3.5% plus the $1,000 on a 95K property. Its rare, but it can happen sometimes.

Forum

Ocwen Contacts Short Sale Package

Started by Jan Baron in Rants and Raves. Last reply by Anna Wilk Jan 14, 2016. 5 Replies

Shellpoint Mortgage

Started by Celeste ODea in General Discussion. Last reply by Brett Goldsmith Sep 4, 2015. 3 Replies

Extension Fees & Closing

Started by Colleen J Couse in Rants and Raves. Last reply by Brett Goldsmith Sep 3, 2015. 1 Reply

© 2018   Created by Mike Linkenauger.   Powered by

Badges  |  Report an Issue  |  Terms of Service