BANKS FOR SHORT SALE OWNERS MAY NOT LOWER YOUR COMMISSION. IF THE LENDER CONDITIONS APPROVAL OF A SHORT SALE ON A REDUCTION OF THE CO-OP OFFERED IN THE MLS, IT VIOLATED FANNIE MAE GUIDELINES.Fannie Mae has released Announcement 09-03 titled, "Miscellaneous Servicing Policy Changes".No Negotiation of Pre-foreclosure Sales CommissionServicing Guide, Part VII, Section 504.02: Contacting Selected BorrowersEffective March 1, 2009, closing of pre-foreclosure sales may not be conditioned upon areduction of the total commission to be paid to real estate agents to a level below what wasnegotiated by the listing agent with the borrower, unless the fee exceeds 6 percent of the salesprice of the property in aggregate. Servicers are reminded that they must continue to obtainany approvals that may be required by interested third parties in connection with pre-foreclosuresales.See entire Announcement on this link:http://www.safeguardproperties.com/index.php?option=com_content&task=view&id=2253&Itemid=106
You need to be a member of REO Pro Network to add comments!
Replies