Posted on: 11th Aug, 2009 05:54 pm
listing agent wants me to pay $1500 from my comission to pay 2nd mortgage 8)
geoalcantara
Welcoem to the forum
Your question is not clear.
Can you please provide more information
Good luck and feel free to ask
Welcoem to the forum
Your question is not clear.
Can you please provide more information
Good luck and feel free to ask
I am the selling agent on a short sale. and it has taken 4 months to this point. we have signed loan doc and just waiting to fund. today I got a call from listing agent telling me that the 2nd mortgage wants $8,000.00 to afirm the short sale and they want me to give $1500.00 of my commision to help pay off the 2nd mortgage co. I fell that that is listing agent and short sale negociator who should deal with that.Then they tell me that if 2nd doesn't get money , we can loose the sale . I need help on this issue
hi geoalcantara,
the second mortgage holder needs to approve the short sale offer. if they do not approve the offer, the short sale cannot go through. the second mortgage holder probably wants the money to settle the debt. there's no such rule that makes you, the selling agent, pay a certain part of your commission to get the short sale offer approved. but in order to carry on with the short sale, you will have to pay off the second mortgage company. otherwise, you could lose the sale offer. but the amount payable to the mortgage company is negotiable. there are chances that they could be convinced to accept an amount less than what they have asked for.
the second mortgage holder needs to approve the short sale offer. if they do not approve the offer, the short sale cannot go through. the second mortgage holder probably wants the money to settle the debt. there's no such rule that makes you, the selling agent, pay a certain part of your commission to get the short sale offer approved. but in order to carry on with the short sale, you will have to pay off the second mortgage company. otherwise, you could lose the sale offer. but the amount payable to the mortgage company is negotiable. there are chances that they could be convinced to accept an amount less than what they have asked for.
it's unsettling to be asked to forfeit some of your commission, undoubtedly, but at the same time, you'll be forfeiting the entire commission if the deal doesn't close.
i don't know how you get relief in such a situation, though i suppose you could bring it up to your local realtor board. but, of course, that'll take a bit more time than you probably have.
it's really a call you have to make for yourself, i believe.
i don't know how you get relief in such a situation, though i suppose you could bring it up to your local realtor board. but, of course, that'll take a bit more time than you probably have.
it's really a call you have to make for yourself, i believe.
thank you for your input I very much appreciate this
thank you again
thank you again
thank you for your input I very much appreciate this
thank you again
thank you again