"Super, I thought you were one of the agents here that refused to work for Ocwen at all.

Since you're new to REOs, I'm sure eventually you'll get more companies wanting you to work for less than you want. Then you'll have the chance to turn them all down."

Yes I guess I am spoiled LOL. My last REO I double ended and made 22k on.

I know that is not an everyday occurance. Yes you are right I do not work for OCWEN. Everyone's business is different on what they will accept or not. I know at 1.5 percent and waiting on reimbursements would not be worth it for the way I run my business.

I am doing 2 deals right now where one I will buy and pocket about 75k on a flip and another I am fixing up for my mom to move into. Old victorian ranch charmer 3/2 for 50k cash ARV of 120k and I will put 20k in it to get it liveable with an after equity position of 50k.

I don't mind giving my all as long as I am justly compensated for it. For say a 150k house 1.5 would be 1,500 commission. In the time I did that my per hour figure would be much higher doing investment activity.

In the flip side the one I made 22k on I spent about 12 hours on so that was a homerun there.

I have total respect for everyone and I say do what you love that brings in the most per hour so we can all live a better life!

"I don't mind giving my all as long as I am justly compensated for it. For say a 150k house 1.5 would be 1,500 commission. In the time I did that my per hour figure would be much higher doing investment activity."

Sorry meant to say 2,250. I have been looking at investment property in Atlanta all day and just have got back into the office.

So what about the minimum? This new listing contract also states that they will pay a minimum of $2500 to the brokers. Does that mean if I sell a $25,000 home that I have to split 1/2 of the $2500 to the selling agent and then minus the 1.4%?

Not minus the 1.4, you'd just split the $2,500 with the buyers agent in the example you gave.

I got an executed contract back on my first listing with the new commission structure. They did give me the $700 bonus. But I had an offer 2 days after it was reassigned to me. It had been listed with them for over 10 months prior. But at least we know they do give the bonus...

You basically have two choices.
As long as I have been in business, I've never turned down an assignement based on the commission.

The commission structure means you need to low ball Ocwen on all the valuations. The pay is so little, the property needs to be priced to move quickly.

The way it reads , seems you don't split the $2500, it is your minimum commission. It is not real clear IMO


The 1.6% is ridiulous, I got one today along with new picture requirements. They are asking for alot for 1.6%, driving to property once a week to take pics and check on property.

Can we bill them for mileage(travel charge to listings for pics)?

I just did a VA (buyers side) the addendum outofilled it to say 3% on a 4k property $120 my side.......LOL I penned in that the seller is to pay $1,000....we will see. I havn't done a VA in a couple years(list or buy)

Bump

I tried doing the 2.5% & 2.5% in the OLD Addendum A and they changed it back to 2% & 3% but when I filled out the NEW Addendum A with 1.4 to the Referral, 2.1 to my company, 2.5 to selling broker, plus the $700 management fee.... they left my numbers alone. I expect I'll get paid in accordance with those terms. YAY!

I just go one of my listings challenged by the asset manager after I emailed in the MLS sheet, she said change the commssion to 3% on the buyer's side. I refused, referencing the agreement that in lieu of specificity the listing broker decides. We are going back and forth and she suggested I direct a letter to management which I will do.

I have another in escrow with the new structure and I have put the 1.4/2.1/2.5 split and the AM has accepted. I'm not sure they know what the policy is over their, but I expect the agreement will change soon and we'll see the familiar 3% back in.

I'm curious how many of you will work for the 1.6%, I'm on the fence, as a broker, I keep all of it and with the extra $700 (if I get it) on a $200k house, I still make 1.95% which is about what it was before and with other companies. On a $100k deal, it's 2.3%, again consistent.

Hello Status and Dr.Reo, please let us know how's your commission paid after your closing, we hope you get 1.4/2.1/2.5 plus $700 at closing, any updates after closing will be helpful to us

Here's a tactic for you: Just send them the client version of the listing. Then follow status's advice above. Remember, you are dealing with the most overworked AM's in the industry.

That's a great idea!