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:

Randy Wells
Both Buyer and Seller
Dana Point, CA

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

Answers (3)
Michael Benning...
Broker
91739

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.

Wed Oct 28 2009, 18:59
Drew Hartanov
Agent
San Clemente, CA

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

Wed Oct 28 2009, 18:01
Michael Benning...
Broker
91739
FIRST ANSWER

I want to see the answer because it sure would nice.

Wed Oct 28 2009, 16:48

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