The lender on my short sale listing is using National Quick Sale to facilitate the short sale.

The listing agent must sign up on their website in order for the short sale to proceed. There is a $99 fee which is good for one year. Whoopee.

Then they charge an admin fee of $250 plus 1% of the purchase price. This comes out of the agent's commission.

The offer is $82,000.

Not real happy with this company. Has anyone had this experience?

I'm dealing with them right now and I didn't know about these fees... interesting. Otherwise, however, they've been quite good and I dare to say they might even EARN their money!

Hope you are a dual agent. Otherwise it looks like they are taking almost half of your commission!

Unfortunately I'm not a dual agent. I figured out after all of my fees and I'll have to bring $13 to closing. Not gonna happen.

If this is a FNMA short sale I wonder if the 1% fee is allowed. Our commission is not supposed to be cut on a FNMA deal.

It is.

What happened with this? Curious because I just had a lender I was working a short with move all their short sales to NQS and they are demanding 1% of my commission. Not happening.

My short sale fell apart. My client had a lawyer's lien that had to be paid before the home could close so I'm sure it's in foreclosure now.

Anyway they said they would waive the fees but I couldn't get anything in writing. I'm not very trusting.

So, ask them to waive the fees and see what they say. At least I had someone to communicate with.

Good luck and keep us posted.

Oh I didn't just "request" the fees waived. We went a little more in depth. I tend to be a ruthless bi**h when extorted.
They're still processing my short. I refuse to pay the 1% or any other fee for that matter to someone neither my seller or I hired. But I dont think we've seen the end of the fight yet.
So they said they would waive the 1% commission also?

i would gladly give 1% of my commission. just not 1% of the sales price;-)

9k commission @ 1% = 90 bucks! take that to the bank.

minna-with a short the bank is more the "seller" then the homeonwer is, since they're the one taking the loss on the deal.

I really feel that the whole process is kinda screwed up...we should get the bank on the listing contract up front since they're a party to it. The whole signing a contract with someone who doesn't actually have the power to sell the house thing just doesn't seem right.

The bank is not the seller, in fact they are not even a party to the transaction. Just an approving lienholder.
Banks are the real beneficiary in a short sale. They save a ton of money over foreclosure, and by not having to own the property.Now if the banks want to outsource their loss mit - fine, but dont think that the realtors are going to pick up the cost of this.
This is really just the banks trying to shift their cost of doing business over to realtors via these "vendors".
Its ridiculous.

The seller is the party on title. If you're state is a lien theory state, there should be no question about it (don't know about NJ). Look at the mortgage holder as a third party like a mortgage broker is for a buyer. They need approval to follow through or no deal.

Minna - Sent you a PM.

Right - that is exactly what I am saying. The seller is the owner, not the bank. The bank is not a party to the sale.
They can only approve the sale or not, but they are not a "decision maker" in the sales process.
A short sale contingency is just like a mortgage or inspection contingency. You need to meet those or you cant proceed, but just like the buyers mortgage broker is not party to the transaction, nor is the home inspector, same goes for the sellers lender.
They can all kill a deal, but they are not true decision makers. The parties to the sale are the buyer and seller only.

[quote=minna]Right - that is exactly what I am saying. The seller is the owner, not the bank. The bank is not a party to the sale.
They can only approve the sale or not, but they are not a "decision maker" in the sales process.
A short sale contingency is just like a mortgage or inspection contingency. You need to meet those or you cant proceed, but just like the buyers mortgage broker is not party to the transaction, nor is the home inspector, same goes for the sellers lender.
They can all kill a deal, but they are not true decision makers. The parties to the sale are the buyer and seller only.
[/quote]

Yes, I know they're not actually the seller :) But they're the ones
A. Deciding on offers
B. Making counter offers
C. Deciding how much to pay the Realtor
D. Deciding whether to make repairs or whatever

The homeowners just want the problem to go away-they don't care what the price or conditions are.

A mortgage lender on a purchase can kill a deal...but them and the buyer are in it together. They both want to get a good price. On a short sale, the seller wants to avoid foreclosure-but other then that they have no skin in the game.