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#426296 - 07/25/13 12:37 AM Short Sale Processor Referrals
Twill Offline
Member

Registered: 07/17/07
Posts: 17
I just got a call from a company in Denver who process short sales nationwide who wanted to refer a listing to me for a referral fee, half of the commission on the listing side, which would be a standard total of 3% or 1.25% for each of us unless the bank cuts the commission to 5%. They claim that all I have to do is list, market, show, and accept offers on the property and they will deliver seller, ready to sign contract, and handle everything with bank and seller.

Doesn't seem like a bad deal if seller is ready to sign and I don't have to deal with bank. If I have to win seller over, its another story. Also, I get full buyer commission if I find buyer and also am able to charge processing fee on buyer side.

Was just wondering if splitting the listing side of commission is standard when dealing with these type of companies.

Thanks,

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#426526 - 07/30/13 04:22 PM Re: Short Sale Processor Referrals [Re: Twill]
Captain Mortgage Offline
Member

Registered: 08/30/11
Posts: 169
Loc: Upland, CA
I wouldn't do it for them just to process the short sale, but if they're giving you a customer, then a 50% referral fee sounds pretty good.

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#426531 - 07/30/13 05:37 PM Re: Short Sale Processor Referrals [Re: Captain Mortgage]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7456
Loc: Vermont's North-East Kingdom
Originally Posted By: Captain Mortgage
". . . a 50% referral fee sounds pretty good . . ."

And I think it would be outrageous.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#426533 - 07/30/13 06:11 PM Re: Short Sale Processor Referrals [Re: Vermont]
Thunderstruck Offline
Member

Registered: 05/17/10
Posts: 250
Loc: Townsville, Australia
I agree with Vermont!!!

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#426550 - 07/31/13 01:53 AM Re: Short Sale Processor Referrals [Re: Thunderstruck]
johnnyloans Offline
Veteran Member

Registered: 03/29/09
Posts: 870
Loc: Los Angeles ,CA
50% referral fee sounds pretty high but if you are not producing your own Leads Appointments Listings then it might look pretty good.
_________________________
Johnny James
Real Estate Broker in CA
(855) 898-3354
Greater Los Angeles Area
www.PalmdaleRealestate.biz
Have Car Will Travel
For Those That Google JohnnyJamesBroker@gmail.com

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