According to the Fannie Mae Announcement 09-03, 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%.
This is great news–no more guessing what your commission will be and no doubt this will have a positive impact on the short sale market! I know that some agents would rather have impacted wisdom teeth removed without anesthetic than submit an offer on a short sale and after hearing about some of the horror stories, I can’t say that I blame them. However taking into consideration my earlier blog “how to navigate the short sale offer” and asking one more important question, has a BPO been done by the bank, I think short sales can be accomplished with less headache than ever before.
March 1, 2009 at 9:18 am
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