Aug 26, 2009
Freddie Mac puts short sale commission policy in writing
26 Aug 2009
Posted by VAR
From NAR: Freddie Mac has confirmed in writing a policy about renegotiating commissions.
Here’s the exact wording from Freddie Mac, as released in Bulletin 2009-22, available for download on their Web site.
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.
Watch this video with NAR Government Affairs staff for more information and an update on potential regulatory changes to the for short sales process on the horizon.
VAR special counsel Lem Marshall says it all the time: Stand firm on your commission and you’ll get what you’ve rightfully earned working these treacherous transactions.