Connect with us

Hi, what are you looking for?

The American GeniusThe American Genius

Economic News

Good News from Fannie Mae

FNMA6%

Fannie Mae has announced effective March 1st, 2009 New Policy Changes which prevent modification of Commissions by lenders as a condition of approval on pre-foreclosure sales… (Short Sales)


Servicing Guide, Part VII, Section 504.02: Contacting Selected Borrowers Effective March 1, 2009, closing of pre-foreclosure 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 pre-foreclosure sales.

This is great news for the professional REALTOR and I wanted to pass it along.

You can download a PDF of this from Fannie here.

Advertisement. Scroll to continue reading.
Written By

Russell has been an Associate Broker with John Hall & Associates since 1978 and ranks in the top 1% of all agents in the U.S. Most recently The Wall Street Journal recognized the Top 200 Agents in America, awarding Russell # 25 for number of units sold. Russell has been featured in many books such as, "The Billion Dollar Agent" by Steve Kantor and "The Millionaire Real Estate Agent" by Gary Keller and has often been a featured speaker for national conventions and routinely speaks at various state and local association conventions. Visit him also at nohasslelisting.com and number1homeagent.com.

7 Comments

7 Comments

  1. Eric Stegemann

    March 2, 2009 at 10:32 pm

    WOW Thanks for this information. We have a whole short sale department that works 10x as hard as a regular listing and gets 5% or less for it. This is great news!

  2. Thomas Johnson

    March 2, 2009 at 11:03 pm

    This was inevitable. If Fannie/Freddie want access to the MLS, they had to stop conditional offers of cooperation. All MLS’s which operate under the NAR guidelines mandate unconditional offers of cooperation for the payment of commissions between brokers. All the listing broekrs which have gotten into bed with Fannie/Freddie(kinky, huh?) would have to pull their listings from MLS or go broke.

  3. John Kalinowski

    March 3, 2009 at 5:33 am

    Thanks, Russell, for posting the document link. I think this is a huge step toward moving more of the short sale inventory, as most buyer’s agents were avoiding these sales for fear of having their commission chopped.

  4. Ken Brand

    March 3, 2009 at 7:19 am

    You Da Man for sharing this diamond. Thanks.

  5. Paula Henry

    March 4, 2009 at 9:41 am

    Russell – I received this from another source last week – but man I just can not do these articles justice without your creative graphics.

    I’m excited to see this, I can now offer buyers agents what they deserve for the stress of working a short sale, without a stipulation that their payday may be less than they bargained for.

Leave a Reply

Your email address will not be published.

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Advertisement

KEEP READING!

The American Genius is a strong news voice in the entrepreneur and tech world, offering meaningful, concise insight into emerging technologies, the digital economy, best practices, and a shifting business culture. We refuse to publish fluff, and our readers rely on us for inspiring action. Copyright © 2005-2022, The American Genius, LLC.