What you don’t know about your agent and what they are charging for your Short Sale could hurt you

    What is your agent charging you for your Short Sale, to get it negotiated? Nothing I’d hope. In fact, the charge to a short sale client, aka the short sale seller, from their Short Sale Agent should be ZERO!

    On the other side of the coin, we had someone in our offices talking about their short sale and their short sale agent they had hired first out of the chute.

    We negotiate short sales, we have hired a person that is on my payroll, sits in my offices, works for The paris911 Team, who is licensed, who was trained by a law firm in short sale negotiation, and who is stellar at the negotiation of our short sales for our short sale sellers. What do we charge to have her negotiate our sellers short sales – NADA.. Nothing, Zilch, ZERO. She is paid from the proceeds the Bank agrees to pay us for handling the short sale for our sellers.

    You may be wondering where the extra money could come from and if it is not coming from the Seller, what is the harm? The extra money could be asked for the Buyer of the Short Sale To pay. It could be as much as 3% extra – cash money or paid in escrow(or outside of escrow). If a home is selling short at 500K – that agent could be getting an extra $15,000.00 from the buyer, if the buyer agrees. If you want us to short sale your home click here.

    That 15k is on top of the fee(commission) the bank had agreed to pay. Heck, where do I sign up 🙂

    Unfortunately, there is a problem with that. Most buyers won’t do it. Most banks won’t bless that fee. If they do, who would want to pay extra for buying a home that is a short sale, when that fee is not commonly charged by real estate agents with their short sale transactions. Also – FHA/VA would not allow for that fee to be paid. Thereby limiting the buyers that could buy your home as a short sale with this extra fee attached.

    Ask your agent what their “countering fees” are. That is because this is typically how this is handled by these short sale experts. They don’t let any of the buyers know upfront on the MLS that they are going to be charged a 3% fee on top of any down payment and closing costs. Those are what they counter the buyer of your short sale. See if they are charging special or negotiation fees directly from themselves to the buyer. It may be hurting your chances to have your short sale go through…

    Trackback from your site.

    Paris and Connor MacIvor

    Connor and Paris MacIvor are in the Top 1% of Realtors Nationwide, starting their real estate business in 1998 with RE/MAX Gateway - Santa Clarita Valley and Valencia CA. Their becoming licensed real estate consultants and representatives came from the horrible experience they had when they bought their first home. There were many things that the agent they had hired did not explain and disclose, which per law he should have. Getting that agent on the phone after they closed escrow and after he had gotten paid was impossible. Paris and Connor called the broker, the board of realtors, the office manager and all they received was the promise of a phone call back. The remedy did come, but not as fast and in the way they wanted. That act - that bad agent was the reason why Paris and Connor became Realtors. That was all they needed to vow to never let the same fate befall anyone else, that befell them. Today Connor and Paris are focused on client service. Protection and top-shelf service with regard to their real estate clientele. They primarily work within the Santa Clarita Valley and Valencia CA. However, for a referral, where 80+ of their business is referrals they have License and Will Travel to other parts of Ventura County, Los Angeles County, and Orange County to handle real estate transactions for those who trust their real estate operation. Writing on their Real Estate Blog is a passion. SCVnest.com/blog is where you will find over 10,000 real estate articles. Go to SCVnest.com/radio to listen to their latest real estate radio broadcast.

    Leave a Reply

    Contact Us Now

    Any questions, comments, or feedback

    SCVnest Radio Show (listen now)