You may have forgotten something huge! You have to know this BEFORE YOU PROCEED WITH ANOTHER SHORT SALE.
Selling/Buyers Agent go right now and read the description of your duties in the Agency Disclosure. It says "You have a duty of honest and fair dealing and good faith." Translation: When your buyer asks you to participate in an act of cruelty you are contractually obligated to tell them you can't do it.
In a Short Sale transaction the Seller is in "Distress". The Buyer's agent already has the upper hand advantage because the Seller needs you to stop their bleeding, so they will accept your low offer and send it off for review and then wait in agony for Approval, while you taunt everyone that your buyer may walk away!
From the start the Buyer's Agent already has dominance on an unlevel playing field, since the Listing agent will do all the heavy lifting and your split will still be 50%.
So, when you see that the Listing Agent has been beaten to a bloody pulp negotiating an Approval and in "good-faith" will get their client to agree to a settlement that includes a $15,000 contribution from the Seller at closing because that is the only way CHASE will give a "Full Release" on their 2 loans. You choose to ask for more!
Like scavengers picking away the last scraps of flesh you inform the Listing Agent that you would allow your buyer to walk over $1,500, for an optional item. You've insulted the Listing Agents intelligence when you say ". . . you have to do this". NO that is a transparent lie! You elected not to remind your buyer that the first thing that Seller signed was an agreement that you would be honest, fair and act in good faith. You do not have to do their foraging.
Short Sale Buyer's agent -
Stop being VULTURES!!!!!!
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