Are you a listing agent or a buyer's agent? If buyer's, you should get 2.5% to 3%. If listing, depending on what asset management you get listings through. If you list HUD direct and than its 2.5%, if you go through asset manager/s you pay them 1% from 3%, or 1.25% from 3%, or 1% from 2.5%, or 1% from 1.75% - all depends who wants a bite of your commission. I never work with any company that pays less than 2.5%. Current REO practices are abusive to agents. I strongly feel that there should be an acceptable minimum commission and it should be regulated by NAR.
Hugo W Meza > Violetta Polyakov, BrokerAugust 7, 2015 at 1:14pm
Thanks for responding. I am the listing agent. I am going to try with this one to see how it goes as its a good property to sale. I will definitely not work for pennies. Btw, HUD is supposed to award to new AM. Do you know any inside?
steve hicks > Violetta Polyakov, BrokerAugust 7, 2015 at 5:33am
Simply refuse the listing! Tell them they need to find a bottom feeder to abuse. Oh by the way NAR would get us all sued if they set any fees for membership. NAR is not an approved regulator by Obama.
I have to pay a referral fee of 1% to AM then another 25% to sister company. If HUD pays 3% it leaves at 1.75% for my office and if HUD only pays 2%, it leaves me at .75%. I have to make decision whether to take it or not
CECILIA D FOX > Hugo W MezaAugust 6, 2015 at 11:43am
Did you ask what the commission will be? I've done FNMA reverse mortgage foreclosures but those referral fees are added outside of my commission not taken from. There was a 5% or $2000 minimum. They came from an asset company that will no longer have those assets because FNMA is taking them back in house.
Replies
Are you a listing agent or a buyer's agent? If buyer's, you should get 2.5% to 3%. If listing, depending on what asset management you get listings through. If you list HUD direct and than its 2.5%, if you go through asset manager/s you pay them 1% from 3%, or 1.25% from 3%, or 1% from 2.5%, or 1% from 1.75% - all depends who wants a bite of your commission. I never work with any company that pays less than 2.5%. Current REO practices are abusive to agents. I strongly feel that there should be an acceptable minimum commission and it should be regulated by NAR.
Simply refuse the listing! Tell them they need to find a bottom feeder to abuse. Oh by the way NAR would get us all sued if they set any fees for membership. NAR is not an approved regulator by Obama.
Did you ask what the commission will be? I've done FNMA reverse mortgage foreclosures but those referral fees are added outside of my commission not taken from. There was a 5% or $2000 minimum. They came from an asset company that will no longer have those assets because FNMA is taking them back in house.
How so?