Don't Agree to Pay That Short Sale Negotiator!!!

With the continuous boom of the short sale market there are many listing agents out there that "Choose" on their own free will to hire a short sale negotiator.. Though it does save some time and headache in order to do so, I mean who really wants to spend hours and hours and hours on the phone with the bank and getting 10 differnt answers for one simple question, its no fun! When the listing agent does decide to hire on a short sale negotitiator there are alot of agents out there that feel that it is right to expend half of that self-opted charge to the buyers agents. I personally would never hire a short sale negotiator, though negotiating with the bank is a pain in the you know what,its not exactly what I would call "hard work". I however have been on the buyers side of a short sale whenever the agent did hire a negotitator, and tried very hard to get me to sign that addendum to agree to pay half of the negotitator fees...

Whenever you run into something like that, just in the beginning you have to play nice in order to get the deal accepted and in escrow (which I make it a practice to always play nice, but if you try to take whats mine, look out!) Prove that your buyer is strong and ready to go, after all your job as the buyers agent is to provide the seller with a buyer that is ready, willing, and able to buy their property. Get the offer accepted, and heed these next words that I have tell you, I will even put them in bold so you post a mental sticky note to your brain...PAY ATTENTION TO THE DOCUMENTATION THAT THEY SEND OVER TO YOU TO SIGN!!!! DO NOT AGREE TO SIGN ANYTHING STATING THAT YOU WILL PAY HALF, 1/3, 1/4/, OR EVEN 1/8 OF THE NEGOTIATOR FEES!!! They can be very sneaky about putting it in a bunch documents that you need to have signed, so pay attention to what you put your signature on....

During the transaction that the agent tried to get me to sign that little addendum, I was smart enough to smell the fishness of the situation (that and I am not going to opt for a pay cut unless I know its legit) I decided to call the C.A.R. Legal Hotline and ask them to about paying the short sale negotitator fees. They told me NOT to agree to pay anything, my job as the buyers agent is the provide the seller with a strong buyer, and not to pay the listing agents negotiator! They also referred me the August 2010 issue of the Realtor Magazine, page 18 and 19. Here is the link  http://www.onlinedigitalpubs.com/publication/?i=43714, it will further explain to you why, as the buyers agent its not your job to pay the negotitator fees. If you ever encounter this, its not best to right out tell the listing agent your not going to pay that, but it will help further down the road once you get further into the escrow of explaining to escrow why you are not going to take a price reduction over a listing agent-opted expense..

Best of luck to all those out there in Short Sale land!! Remeber if we play nice we all get paid!

 Stacey Smith
The Homefinding Center
949.350.8922 
http://www.staceyrealtor.com/

I help buyers find homes and sellers sell their current home and assist with relocation in Corona, Yorba Linda, and Anaheim Hills. Neighborhoods I specialize in include Eastlake, Eastlake Village, Kerrigan Ranch, Terra Linda Estate, Travis Ranch, Vista Del Verde in Yorba Linda. Nohl Ranch, Parkside, Peralta Hills, Rimcrest Villas, Running Springs, Summit Hills, Westridge Estates, Yorba Regional Park in Anaheim Hills. Eastvale, Eastvalle, Corona Hills, Coronita, Dos Lagos, Down Town Corona, Eagle Glen, El Cerrito, Ethomeloan, Glen Ivy, Green River, Horsethief Canyon, Inland Empire, Lake Hills, Mountain Gate, Parkview Estates, Sierra Del Oro, South Corona, Sycamore Creek, The Retreat, Trilogy, Villa Corona, and Wildrose in Corona.   

 

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