1). Banks have to offer a 6% commission?
2). Buyers have the option to use their own services, i.e. escrow and title?
Randy
The question is a great one. If we as agents could follow the action bank take it woud be easier and a year from now it will probably be available.
The great things are we get an answer within 15 days or the banks have a contract great improvement.
This would be a huge program if someone could build the program.
California Assembly Bill 957: Buyers have the right to select their own services.
http://www.reuters.com/article/pressRelease/idUS163471+13-Oc
The commission offering is by Fannie and Freddie on Short Sales. Servicers are not allowed to negotiate commission below what is negotiated by the listing agent unless it exceeds 6%.
See https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0903.pdf
I want to see the answer because it sure would nice.
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