Posted by aciardoNY on 12/19/06 7:45pm
Msg #166780

SS wants to pay half if Bo recinds

Hi Everyone, I'd like some feedback an opinions on the subject of,
If a bo uses their right to cancel, or halts at the table, the sign co wants to pay you half.

Doesn't that give me a financial interest in the transaction and isn't that illegal?
NOT That I would want to work for a co that does this , but I'd like to know how you all would handle this. Thanks

Reply by Poppy on 12/20/06 10:01am
Msg #166885

If you're willing to take the risk, charge accordingly... Add x amount to all the signings you do with those companies and hopefully it will even out in the end. I won't negotiate my fee with companies who will only pay 50% for no signs... (I can't)
The only caveat here is that companies who only pay 50% for no signs are "usually" tight with the fees in the first place...
***Also keep track of the ratio of funded vs. no sign or recind... If you notice a particular company shows a pattern of no sign/recind then cut them off...

Reply by Howie35CT on 12/20/06 10:36am
Msg #166895

When asked, and I get this very rarely, I simply respond with asking do they accept a 50% reduction in fees if sitting at their computers all day only to have their supervisor come up at the end of the day and say, "sorry, I can only pay you half of what I promised you today". Once they say that they would never stand for that, I usually have no problem getting them to amend their confirmation to me stating that I will be paid 100% of the negotiated fee regardless of loan funding or not. Good luck, and Merry Christmas to all!