Foreclosure in Diamond Bar>Question Details

James Browni…, Real Estate Pro in ,

how can I prevent a commission cut in the face of foreclosure?

Asked by James Browning, , Sat Apr 3, 2010

I am currently working on a transaction in which the seller is facing foreclosure in approximately 68 days. I am the listing Broker and during this period of time how do I perserve my commission so the Lender does not cut or change our commission structure before the sales date of foreclosure? Any help would be appreciated.

Help the community by answering this question:


If the offer on your listing is at or above market value, then you should be able to get the max commission that the lender allows.
Good luck!
0 votes Thank Flag Link Sat Apr 3, 2010
There should be someone at the bank you are working with that has the athority to stay the foreclosure. You need to make sure this is done! Then you won't have the pressure you are feeling now. Try showing comps to the bank in which the commission was part of the sale. You need also to point out to the bank that they wil loose far more if they foreclose and then they will just end up paying the commission anyway! Make them understand you are helping them! Treat them like they are your client not the enemy, because they are not.
Connie Bramble
Prudential CA Realty
0 votes Thank Flag Link Sat Apr 3, 2010
Is this a short sale or a traditional? Who is cutting commission, the lender or the seller?

1. If traditional, sell the home as fast as you can and maintain your commission based on sell price.
2. If short sale, the lender should give you 5-6% regardless depending on price and investor.
0 votes Thank Flag Link Sat Apr 3, 2010
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