Appealing Short Sale Commissions and New HomePath Property Alerts
Appealing Short Sale Commissions
In February, Fannie Mae instructed its servicers (PDF) to honor the agent negotiated commission on a short sale, unless the commission exceeds 6%. This instruction is applicable to properties where Fannie Mae is the investor.
Important note: Servicers must continue to obtain any third-party approvals (i.e., private mortgage insurers) and those approvals may impact commissions.
If you are working on a short sale and believe a servicer is negotiating your commission outside the bounds of this Announcement, there is a new process for appealing the servicer’s decision.
- Confirm that the loan is owned or guaranteed by Fannie Mae. With written permission from the homeowner (or in their presence), use the Fannie Mae Loan Lookup tool at www.fanniemae.com/loanlookup. Alternatively, the homeowner can call Fannie Mae’s Resource Center at 1-800-7FANNIE (8am to 9pm Eastern Time).
- If the loan is owned or guaranteed by Fannie Mae, provide a copy of Announcement 09-03 (PDF) to the servicer and negotiate an appropriate commission based on the listing agreement (up to 6%).
- If the dispute is not resolved, contact Fannie Mae at 1-800-7FANNIE. Be prepared to provide the property address, name of owner, and Fannie Mae loan number (if available).
Looking for new Fannie Mae REO in your area?
HomePath.com just launched an updated property alert system that notifies you of new listings in your choice of zip codes. Just click here or go to www.homepath.com and click “HomePath Property Alert” under Related Links at the bottom of the page.
Update courtesy HomePath Real Estate e-news. Subscribe here.
Electrical power has been restored to our office located in the Dole Ofice Building, however there is still a power suppy problem to some of our equipment. Customers are still not able to access the BOC documents but the roster functions are now available. Our office phone, email and internet services have been restored. We will let you know when all of our services are back on-line.
We appreciate your patience and apologize for any inconvenience this may have caused you. Mahalo!
We are currently experiencing an electrical power outage at our main office, located in the Dole Cannery Building. One of the electrical panels on the floor we are located on has tripped, and as a result, we and the other tenants do not have electrical power to anything except for the lights.
This outage does not affect services except access to the BOC documents, and the office roster functions. Also, our office phones and office email service are not available. The building management has an electrical contractor assessing the problem now. We will send you an update as soon as we have information as to when we can expect our power to be restored.
We apologize for your patience and for any inconvenience this may cause you. Have a wonderful weekend, Mahalo!
Maintenance Scheduled for Sunday, July 26, 2009, 6:45 a.m.
HIS will be performing software upgrades to our Web Servers on Sunday, July 26, 2009, starting at 6:45 a.m. The upgrades will take about 30 minutes to complete. All REsearch, IDX, Aloha Living, and Public Site customers will experience a loss of service for the first 15 minutes of this maintenance window.
We appreciate your patience and apologize for any inconvenience this may cause you. Should you have any questions or concerns, please contact our Customer/Tech Support Team at 1-800-628-3121, if calling from the neighbor islands or 599-4224, if calling from Oahu, or send an email to TechSupport@HawaiiInformation.com.
In case of emergency……
You may leave a message in our emergency voice mailbox by calling the main office number and pressing * (star). Leave your message and your contact information and our phone system will notify our on-call staff that there is an emergency message. Phone: 1-800-628-3121, if calling from the neighbor islands, or 599-4224, if calling from Oahu.
Recently we posted a bulletin about an phishing scam that was going around the real estate community. An agent e-mailed me a few days ago saying that she and a few other agents had replyed to the e-mail scam and since then have had their in-boxes overflowing with SPAM. She asked if the two were related and if so what could be done. A bit of checking around with our tech department revealed the following:
The first thing to know is that when you reply to that kind of email, it gives the sender of the original email some information about you:
– that your email is a valid email address
– someone reads the email messages
– recipient is in the Real Estate business
The fisher then may sell/share the email address to a myriad of people in the internet black market (not by itself but as part of a list of email addresses). So to answer the question, if your spam amount has increased after replying to this email, that is the most probable cause.
To mitigate the spam amount you should contact your ISP (internet service provider) and see what they can do to help. Specifically, your ISP may have tools for spam that they may be able to turn on, if not already, for your mailbox.
Also, getting your own domain might also be something to think about, then you are not dependant on what the owner of the “aloha.net” domain does, and could even host your new domain with someone like Google that has very good spam controls.
The other possibility with that email is you could decide to call that number, however, the 882 prefix is used by satellite phones, and there might an overcharge that goes to the owner.Lastly, there are many sites online that offer suggestions for spam. One from McAfee is located here: http://www.mcafee.com/us/threat_center/anti_spam/spam_tips.html.
Most important is to be vigilant of these types of phishing e-mails. If you receive one, please send to us with an alert and we will be sure to post it for everyone as a warning.
“I get frustrated when a Realtor posts an Open House on HIS but it’s not open when I go to it. Fortunately I’ve never had a client with me at the time.”
Help to improve the practice of good business within the Hawaii Real Estate industry. Please share with us the things your fellow Realtors (or business associates) do that you both appreciate and don’t appreciate.