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Randy Wells, Both Buyer and Seller in Dana Point, CA

Out of curiosity, was there a new law or bill passed in 2009 which allows the following for real estate agents in an REO transaction with banks:

Asked by Randy Wells, Dana Point, CA Wed Oct 28, 2009

1). Banks have to offer a 6% commission?
2). Buyers have the option to use their own services, i.e. escrow and title?

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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.
0 votes Thank Flag Link Wed Oct 28, 2009
California Assembly Bill 957: Buyers have the right to select their own services.

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
Web Reference: http://www.hartanovteam.com
0 votes Thank Flag Link Wed Oct 28, 2009
I want to see the answer because it sure would nice.
0 votes Thank Flag Link Wed Oct 28, 2009
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