Seller Agent Commission Kickback

[recordsclerk]

The rental agreement was in the confidential remarks. The seller was willing to pay PITI for 30 days rent. We just gave them the 30 days free. The secret pay out was not disclosed. It was in an adendom that was not shown to escrow or lenders. These are the things that make short sales difficult and you are proving your own point by not wanting to play along with the unwritten rules. On that deal we were putting down 40% and had plenty of reserves to pay off any request. We have lost on so many bids, I have lost count. Short sales are the best deals out there for the patient buyer that is flexible.

[Scarlett]

[quote=recordsclerk]
This is why I suggest that you talk to the agent to get the advantage. If you call it cheating then it’s cheating. I make 35K a year working 40hrs a week and I’m not going to throw away my money because I want to play fair. The system is cheating us.[/quote]

RC, believe me, I am with you. I wasn’t implying anything about you. I was deploring the system. It’s the system that’s wrong. You do what you have to do. I was earning as much as you not so long ago, and still fear I’d go back to that salary, so I can totally relate.

As a buyer, I hate short sales because of all these uncertainties and unexpected things. I can understand dealing with multiple offers and REOs, there the game rules are clearer. You will be judged by your offer price and your downpayment/cash. And you hear back very soon, compared to short sales. Unfortunately, a good portion of the market is now short sales 🙁

Really, why do short sales have to exist?. Why not just foreclose if one can’t/won’t pay and let the bank(s) sell the house.

[Scarlett]

[quote=recordsclerk]
This is why I suggest that you talk to the agent to get the advantage. If you call it cheating then it’s cheating. I make 35K a year working 40hrs a week and I’m not going to throw away my money because I want to play fair. The system is cheating us.[/quote]

RC, believe me, I am with you. I wasn’t implying anything about you. I was deploring the system. It’s the system that’s wrong. You do what you have to do. I was earning as much as you not so long ago, and still fear I’d go back to that salary, so I can totally relate.

As a buyer, I hate short sales because of all these uncertainties and unexpected things. I can understand dealing with multiple offers and REOs, there the game rules are clearer. You will be judged by your offer price and your downpayment/cash. And you hear back very soon, compared to short sales. Unfortunately, a good portion of the market is now short sales 🙁

Really, why do short sales have to exist?. Why not just foreclose if one can’t/won’t pay and let the bank(s) sell the house.

[Scarlett]

[quote=recordsclerk]
This is why I suggest that you talk to the agent to get the advantage. If you call it cheating then it’s cheating. I make 35K a year working 40hrs a week and I’m not going to throw away my money because I want to play fair. The system is cheating us.[/quote]

RC, believe me, I am with you. I wasn’t implying anything about you. I was deploring the system. It’s the system that’s wrong. You do what you have to do. I was earning as much as you not so long ago, and still fear I’d go back to that salary, so I can totally relate.

As a buyer, I hate short sales because of all these uncertainties and unexpected things. I can understand dealing with multiple offers and REOs, there the game rules are clearer. You will be judged by your offer price and your downpayment/cash. And you hear back very soon, compared to short sales. Unfortunately, a good portion of the market is now short sales 🙁

Really, why do short sales have to exist?. Why not just foreclose if one can’t/won’t pay and let the bank(s) sell the house.

[Scarlett]

[quote=recordsclerk]
This is why I suggest that you talk to the agent to get the advantage. If you call it cheating then it’s cheating. I make 35K a year working 40hrs a week and I’m not going to throw away my money because I want to play fair. The system is cheating us.[/quote]

RC, believe me, I am with you. I wasn’t implying anything about you. I was deploring the system. It’s the system that’s wrong. You do what you have to do. I was earning as much as you not so long ago, and still fear I’d go back to that salary, so I can totally relate.

As a buyer, I hate short sales because of all these uncertainties and unexpected things. I can understand dealing with multiple offers and REOs, there the game rules are clearer. You will be judged by your offer price and your downpayment/cash. And you hear back very soon, compared to short sales. Unfortunately, a good portion of the market is now short sales 🙁

Really, why do short sales have to exist?. Why not just foreclose if one can’t/won’t pay and let the bank(s) sell the house.

[Scarlett]

[quote=recordsclerk]
This is why I suggest that you talk to the agent to get the advantage. If you call it cheating then it’s cheating. I make 35K a year working 40hrs a week and I’m not going to throw away my money because I want to play fair. The system is cheating us.[/quote]

RC, believe me, I am with you. I wasn’t implying anything about you. I was deploring the system. It’s the system that’s wrong. You do what you have to do. I was earning as much as you not so long ago, and still fear I’d go back to that salary, so I can totally relate.

As a buyer, I hate short sales because of all these uncertainties and unexpected things. I can understand dealing with multiple offers and REOs, there the game rules are clearer. You will be judged by your offer price and your downpayment/cash. And you hear back very soon, compared to short sales. Unfortunately, a good portion of the market is now short sales 🙁

Really, why do short sales have to exist?. Why not just foreclose if one can’t/won’t pay and let the bank(s) sell the house.

[SD Realtor]

Recordsclerk, had your escrow closed the payout to the second lender would have been on the HUD. It would not have been hidden and the first would have known about it when they reviewed the HUD.

As far as secret goes, once more it is all about strategy and working the deal out as it moves forward. Generally you get approval in stages from each entity.

However the bottom line is that all payouts to all parties are going to be on the HUD. All parties will know who got what and when they got those funds. It is presentation and the timing of it that is what is important.

Scarlett remember that the contingency period does not start until after all approvals have been delivered and those are written approvals. So after it is all said and done and you get the approvals and you do your inspections and you are uncomfortable because you will not have enough money left over you simply back out and get your deposit back as long as it is done prior to contingency removal. Remember, approval by the lender is the BEGINNING of the process not the end of it with respect to your own due diligence.

[SD Realtor]

Recordsclerk, had your escrow closed the payout to the second lender would have been on the HUD. It would not have been hidden and the first would have known about it when they reviewed the HUD.

As far as secret goes, once more it is all about strategy and working the deal out as it moves forward. Generally you get approval in stages from each entity.

However the bottom line is that all payouts to all parties are going to be on the HUD. All parties will know who got what and when they got those funds. It is presentation and the timing of it that is what is important.

Scarlett remember that the contingency period does not start until after all approvals have been delivered and those are written approvals. So after it is all said and done and you get the approvals and you do your inspections and you are uncomfortable because you will not have enough money left over you simply back out and get your deposit back as long as it is done prior to contingency removal. Remember, approval by the lender is the BEGINNING of the process not the end of it with respect to your own due diligence.

[SD Realtor]

Recordsclerk, had your escrow closed the payout to the second lender would have been on the HUD. It would not have been hidden and the first would have known about it when they reviewed the HUD.

As far as secret goes, once more it is all about strategy and working the deal out as it moves forward. Generally you get approval in stages from each entity.

However the bottom line is that all payouts to all parties are going to be on the HUD. All parties will know who got what and when they got those funds. It is presentation and the timing of it that is what is important.

Scarlett remember that the contingency period does not start until after all approvals have been delivered and those are written approvals. So after it is all said and done and you get the approvals and you do your inspections and you are uncomfortable because you will not have enough money left over you simply back out and get your deposit back as long as it is done prior to contingency removal. Remember, approval by the lender is the BEGINNING of the process not the end of it with respect to your own due diligence.

[SD Realtor]

Recordsclerk, had your escrow closed the payout to the second lender would have been on the HUD. It would not have been hidden and the first would have known about it when they reviewed the HUD.

As far as secret goes, once more it is all about strategy and working the deal out as it moves forward. Generally you get approval in stages from each entity.

However the bottom line is that all payouts to all parties are going to be on the HUD. All parties will know who got what and when they got those funds. It is presentation and the timing of it that is what is important.

Scarlett remember that the contingency period does not start until after all approvals have been delivered and those are written approvals. So after it is all said and done and you get the approvals and you do your inspections and you are uncomfortable because you will not have enough money left over you simply back out and get your deposit back as long as it is done prior to contingency removal. Remember, approval by the lender is the BEGINNING of the process not the end of it with respect to your own due diligence.

[SD Realtor]

Recordsclerk, had your escrow closed the payout to the second lender would have been on the HUD. It would not have been hidden and the first would have known about it when they reviewed the HUD.

As far as secret goes, once more it is all about strategy and working the deal out as it moves forward. Generally you get approval in stages from each entity.

However the bottom line is that all payouts to all parties are going to be on the HUD. All parties will know who got what and when they got those funds. It is presentation and the timing of it that is what is important.

Scarlett remember that the contingency period does not start until after all approvals have been delivered and those are written approvals. So after it is all said and done and you get the approvals and you do your inspections and you are uncomfortable because you will not have enough money left over you simply back out and get your deposit back as long as it is done prior to contingency removal. Remember, approval by the lender is the BEGINNING of the process not the end of it with respect to your own due diligence.

[recordsclerk]

SDR,

The secret is where the money comes from. The money is going to the lender and will be on the Hud. I agree with that. My point was that I had to make a contribution under the sellers name into escrow via a blank check or a check with the sellers name on it. The check could not have my name on it. The money was not going to the seller to keep. There was only 1 lender because the seller put down 20%. We were the second buyers for this deal and that’s why we knew what the BPO had come in at. While under contract with the first buyer they tried to counter out the contribution to the bank from seller. I think that’s why the deal fell out.

[recordsclerk]

SDR,

The secret is where the money comes from. The money is going to the lender and will be on the Hud. I agree with that. My point was that I had to make a contribution under the sellers name into escrow via a blank check or a check with the sellers name on it. The check could not have my name on it. The money was not going to the seller to keep. There was only 1 lender because the seller put down 20%. We were the second buyers for this deal and that’s why we knew what the BPO had come in at. While under contract with the first buyer they tried to counter out the contribution to the bank from seller. I think that’s why the deal fell out.

[recordsclerk]

SDR,

The secret is where the money comes from. The money is going to the lender and will be on the Hud. I agree with that. My point was that I had to make a contribution under the sellers name into escrow via a blank check or a check with the sellers name on it. The check could not have my name on it. The money was not going to the seller to keep. There was only 1 lender because the seller put down 20%. We were the second buyers for this deal and that’s why we knew what the BPO had come in at. While under contract with the first buyer they tried to counter out the contribution to the bank from seller. I think that’s why the deal fell out.

[recordsclerk]

SDR,

The secret is where the money comes from. The money is going to the lender and will be on the Hud. I agree with that. My point was that I had to make a contribution under the sellers name into escrow via a blank check or a check with the sellers name on it. The check could not have my name on it. The money was not going to the seller to keep. There was only 1 lender because the seller put down 20%. We were the second buyers for this deal and that’s why we knew what the BPO had come in at. While under contract with the first buyer they tried to counter out the contribution to the bank from seller. I think that’s why the deal fell out.

[Author]

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