About Boone County, IL

I'd like a little help and feedback. My son and I (I fully disclosed agent related from the start of transaction) purchased a short sale. The MLS published a 2.5% split to the buying broker.

One day before closing, the LISTING Broker called me to say the short lender will not allow any commissions to be paid to the buying broker, (who is agent or agent related). Just won't do it.

I thought that was bad enough.....

However, the listing office made it one worse and refused to pay 1/2 of the 2.5% that WAS paid out. They said, "SInce the lender did not approve it, we do not have to pay." We closed and the buying broker (me) was paid zilch.

I am ready to take this to arbitration as the MLS published a 2.5% split, and further, the remarks stated 50/50 split of lender approved commission.

What do you think my chances of winning arbitration are?

PS: has anyone else heard of a law in March of 2009 that forces lenders to pay 6% on short sales, ?? Fammine Mae short sales ??

Thanks for any input, Beth

Well.... "these dreams are made of this!!!" NOT!

Glad to put '08 behind, with the bailout, the housing crisis and now looming rising unemployment. Being a devout agent, I am glad to say "I Made it" Actually, my "P and L" looks fairly good-- although not quite like 2006! We'll get back those numbers Virginia, I promise!

Be well everyone-- and be glad that 2008 has passed! Stay strong and remember your clients in everything you do!!

Beth Turek