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I would hate to be this agent
One of my friend's house recently got foreclosed upon. I never listed the house. I didn't really want the listing because it was worth $80,000, had two mortgages, and it was my friend's house. This is a pretty close friend and my friendship is more important than making a couple bucks.
The REO agent contacted him. Fannie Mae is willing to pay him $2,000 to move out. However, the agent has to give him the $2,000 upfront and then wait 6-8 months to be reimbursed. She told him she didn't have the $2,000 right now, but has a closing coming up and should have the money then. This agent is still waiting for reimbursements on other listings.
The house will probably sell for $80,000 at a 3% commission. She'll make $2,400. But, this agent is going to have to give her entire commission check to the homeowner. Basically she is doing a bunch of work today and then waiting 6-8 months to get paid for it. She still has to pay for gas, lockboxes, and spend her time handling the listing and closing. It always amazes me at how desperate some people are for business.
This is what happens when you ... more

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