LISTING: Listing are generally through First Nations Service but may be through one of the wholly owned multiple offices for maximum marketing exposure. Listings will be made in the name of Michael S. Jarrell, Broker. We may elect to pay a referral fee to another realty company for placement of a listing on a local MLS system.

COMMISSION: Listing commissions are negotiable but may be higher in remote areas.. This is generally broken down 50/50 but may be modified. Many of the homes listed are in rural areas and First Nations uses an advanced toll-free 24 hour information and document FAX back system as well as local advertising. In order to offset this expense as well as travel expenses, this higher split may be charged. In some cases, First Nations may contract with a local Realtor to place the listing on a local MLS. If this is the case, the local company will be paid by First Nations .5% as an “MLS Broker” with the other 6% split 50/50. This is similar to HUD’s Broad Listing Brokers. This will be agreed upon and spelled out in your listing agreement.

REFERRAL FEES: We will pay a maximum of 25% of the listing side as a referral fee. We will pay this direct after close unless the referral fee is owed to a licensed broker in which case it may be dispersed at closing and will be reflected in the HUD-1 closing statement.

MANAGEMENT: Properties are managed differently for different companies . If properties are pulled from listing after First Nations acceptance and start of work and prior to listing or prior to taking possession for the lender, First Nations services may be billed at $100 per hour less credits for any monthly management fees for past service rendered. Services are rendered with the expectation of profit on the property either through the listing and sale or management services. Properties pulled from listing/management prematurely (other than for contractual non-performance) may be subject to back charges.

DATA: First Nations requests lenders to supply any data which may speed the process. This includes title and any previous appraisals. First Nations will use previous appraisals for historical data only.

TITLE: First Nations will provide only security management for properties not titled to the lender/servicer or VA. It is not necessary that titles be recorded, but evidence of title must be furnished upon request to First Nations. No cleanup will be performed until title is appropriately in the lender’s or Banks's name.

TIME FRAMES: Every attempt is made to meet time guidelines supplied to First Nations. In east Kentucky, frequently these time frames are longer and very much longer than is satisfactory to the lender/VA or to First Nations. Rural Kentucky presents special circumstances for travel, clean up and the availability of comps. Paperwork that involves setting a value will not be completed until utilities can be turned on and houses emptied of debris. All of these factors will delay time frames.

PAYMENT: All bills submitted by First Nations are due and payable 15 working days from date they arrive at your location. First Nations provides these bills by overnight or other service requiring a signature as proof of date submitted. Some lender’s pay a late fee to First Nations when bills are paid after 15 business days.

MILEAGE: If the listing/management contract calls for mileage to be paid to First Nations, it is calculated from the Lexington office. Each property visit is billed as an individual trip, but first Nations reserves the right to schedule multiple property visits in a single trip. Mileages are calculated based on computer mapping systems and not on actual odometer readings.

ASSIGNMENTS: Remote assignments are taken as a courtesy to lenders with the expectation of urban assignments of better quality property in the future. First Nations has extensive experience in the REO field and can help the lender minimize losses on foreclosed properties. Placing the better listings with large chain real estate companies will result in First Nations possible withdrawal from current listings and decline of further assignments.

AFFILIATED COMPANIES: Some work may be provided by affiliated companies. These companies provide services at a profit. Services not required to be bid by you may be at a higher or lower than average rate, but in general are competitive. Other contractors may be subcontracted to perform your services and we may mark up their services when billed to you to cover our project supervisory costs.

INSURANCE: Lender shall maintain all insurance including liability on managed/listed property.

PRICING: FNSC has extensive experience in determining appropriate market price. Setting your price higher than suggested and being inflexible in the offer/counter process is likely to lead to an unsuccessful sales experience for you.

FEES: Management fees and commissions on sold listings are two separate fees. Most companies do not offer their services at no charge. We are one of these companies.