Finally the good guys win one! If you are like me and often finding yourself helping folks get out of home BEFORE they foreclosue in a short sale situation, then you know it can be frustrating. Banks are hard to work with, require a lot of time and effort, and often the agent loses in the end.
Dont get me wrong, if we help a family get out of bad situation and avoid foreclosure then there is no losing. However, all our extra efforts are often un-rewarded as banks force us to cut commission at the last minute to cover something….it happens, a lot.
I once recieved a $400 commission for MONTHS of hard work with both the buyers and the sellers trying to make something happen before the house hit the court house stairs.
WELL NOW there is hope. According to the Fannie Mae servicing guide there is a section dedicated to agent commissions. In that section we get some protection and reward for doing the right thing all these years:
“Part VII, Section 504.02: Contacting Selected Borrowers
No Negotiation of Preforeclosure Sales Commission
Effective March 1, 2009, closing of preforeclosure sales may not be conditioned upon a
reduction of the total commission to be paid to real estate agents to a level below what was
negotiated by the listing agent with the borrower, unless the fee exceeds 6 percent of the sales
price of the property in aggregate. Servicers are reminded that they must continue to obtain
any approvals that may be required by interested third parties in connection with preforeclosure
SO DONT LET ‘EM STICK YA!!! You worked hard to help those familie and they appreciate it and you deserve to get paid for you hard work! Thanks Fannie Mae!