When you have done the research and have decided to have your Santa Clarita Residence “sold short”, you will want to ask your real estate agent at which “commission rate” they are going to place your home into the MLS(multiple listing serice).
I know not why, but some of those in our industry are advertising that you as the seller are offering 2.0%.
In this economy everyone wants a pay-check. I totally get that. However, if your home is a one of a kind and there are no others for sale that have similar features, it might work out. Today’s real estate market place in the Santa Clarita Valley is not lacking listings.
Short Sales, foreclosures and standard sales are all out there for sale in the SCV. When it comes accomplishing your Short Sale, make sure that your agent is not cutting those commissions that the Buying agent depends on. Especially when the “re-sale market” in the Santa Clarita Valley has competition that is at an all time high.
Also, the banks are the ones that are paying the tab to both of the agents that will be involved in your short sale. So your “short sale expert agent” and the “agent representing the buyer” are both covered.
Most banks are approving a 6.0% total Short Sale fee, due to the agents, upon completion of the Short Sale. The rule of thumb is that commission rate is split 50/50 between both the selling and listing agent’s offices. That is unless a reduction of commission is ordered by the Bank that owns the paper on the property being sold short. In that case, the disclaimer that, any reduction in commission will be split 50/50 between the brokerages, is usually in force.
When we are looking at the Santa Clarita Multiple Listing Service and scouring the system to find our Buyers that “perfect” property, we could care less about the commission offered. There are others in our industry that are of the same “school”.
But think of it this way, “If you could sell your old beat up washer for $50.00 to one party, but had an offer for $100.00 from another party”, which party would you sell it to?
Be careful and make sure you are being represented to the best of any real estate agent’s ability and getting the most advantage when Short Selling in the Santa Clarita Valley 🙂