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559 S. Washington Ave., Kankakee,IL 60901

P.815.929.9258 P.815.929.9200

walter@waltersanford.com

I have been using "If I Could Start All Over Again" and have spoken with (so far) seven area top producers - wow!!! Everyone should do this! Daniel H. Peaslee, Century 21

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Short Sale Administrator Interfering with Your Commission? February 10th, 2009 | Posted in General Real Estate

I recently received the following question from an agent:


Walter,  I’ve met you a couple of times over my 20 years in real estate. In Orlando at NAR, I loved the way you came back to the lender/short sale administrator and told them to talk to their legal department about tortuous and wrongful interference in regards to not messing with your listing contract.

How can I say, do, or write an e-mail to stop them from cutting my commission on a short sale? They sent a demand/request today for that very thing!  Could you please tell me how to do it?….Can you share a script or a paragraph to fax and/or e-mail the SS administrator to get them to forget about cutting the commission?
Here was my response:

This is the letter that I would send:

Date

Name
Company
Address
City, ST  ZIP

Name:

Today, I received your request to lower the commission I require my sellers to pay for my help in determining whether a short sale will solve or mitigate damage toward achieving their goals.  I also have presented a marketing plan and determined value.  I have made suggestions to enhance value in addition to marketing and showing the property to buyers who I develop from my marketing.  My sellers are happy with this arrangement.  I will not adjust my commission.   

The contract that I have with the sellers is in writing.  It has been dated and signed.  Substantial monies have been expended by my company to execute my promises.

As you must know, you have no right to interfere in my listing contract, because you are not a party to it.  You are the lender, and we have offered you a reduced amount on your payoff in return for a full reconveyance.  This has been necessitated due to the market and poor lending practices.

Your interference in my contract in tortuous interference in the relationship that I have with my seller, and I request you cease and desist in any further attempts to modify the existing contract between my seller and me. 

After taking into consideration the market indicators that I have sent to you and if you find that you need more money, please request more money.  Please do not try to modify a contract with which you have interest.

Sincerely,

Name
Company Name

***As always, this is my opinion.  If you want a green light on implementation, go see your attorney.

2 Responses to “Short Sale Administrator Interfering with Your Commission?”

  1. Great information.. I will share this with my real estate agents I work with who are getting stuch on thier short sales. thanks again

  2. Marie Stika says:

    I’m sure you know that Fannie Mae just released a statement forbidding lenders from interfering with a short sale contract by demanding that the commission be reduced to anything less than 6%. Yeah!

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