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.
