Put in an offer on a Freddie Mac. The listing advertised 3%BAC. Got a verbal acceptance of the offer, received the addenda to the REPC(it states the 3% BAC and 2%SAC). All docs signed by my client and sent to the sellers agent. Now I am being told that Freddie as of 12 midnight has made a change in commissions and that both comissions will be reduced. Anyone else heard of this? We cannot conspire to set comissions but it looks like the seller as long as they are freddie or any other quasi-government entity can do whatever the please. Even when at the time of the offer, the comission was set.
Chapter B65, Workout Options, has been updated to provide Servicers further guidance regarding the
negotiation of broker real estate commissions on a short payoff.
Unless a real estate broker's sales commission exceeds 6% of the property sales price, Servicers must not,
as a condition of the Servicer's acceptance of an offer, renegotiate the real estate broker's sales
commission to an amount that is lower than the amount that was originally agreed upon between the
broker and the Borrower. In the event the sales commission exceeds 6%, the Servicer must renegotiate the
commission to limit it to 6% of the property sales price.
I did fail to mention it wasn't a short sale. It was an REO. Maybe B65 only applies to short sales.
ALL of the banks do this! For some reason they ALWAYS give the Selling Agent more $$ than the Listing Agent and it totally irks the majority of us REO agents! They entrust us with the condition, maintenance, valuation, code violation remediations, special magistrate hearings, MSRs, repeat BPOs - generally the 'care & feeding' and well being of their asset, of course NOT PAYING ANY OF US to perform these services but expect us to perform all of these services for them for FREE for the 'privilege' of receiving their listing; and, then they turn around and reduce commissions to the listing agent?? The majority of Realtors don't speak up and just let them do this! It will continue until we, as Realtors, value our services and time and stop giving it all away. Does any one know why the Banks demand 'stellar, on time services' - and then feel somewhat justified in reducing our paychecks? Or, shifting the bulk of our paycheck to the Buyer's Agent?