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…