short sales

By
Real Estate Agent with Windwalker Real Estate

Any short sale experts out there? I just had a client put in an offer there a short sale rep that is charging the buyer 1% who claims he has connections at the bank that can move the process along faster. I think he sells snake oil too! I have also been told that a bank can bypass you and not pay your commission?!? So, why would I want to be involved in a short sale . If the bank wont pay a fee to me then they should sell and market the house themselves. Looking for any feedback. Justin

Posted by

Nantucket home sales are up!!!

Our dollar volume is almost at 2006 levels. click www.windwalkerrealestate.com for home sales and beach rentals.

I am also a home builder and my website is www.justinquinnllc.com

 

Comments (2)

Dave Humphrey, Broker
RE/MAX Marketplace - Celebration, FL
Real Estate Advice You Can TRUST!

Justin remember the contract is between the buyer and the seller, and it is a contract. The bank can not just do what they want. If the listing has the standard language we use here on short sales, the commission will be subject to bank approval and may be negotiated down. However, when Freddie Mac and Fannie Mae started paying a full 6% few if any deals afetr that got reduced.

You adn any seller or buyer should beware of third party facilitators because there are a lot of scams out there. In our market the facilitaotrs are charging the banks their fees if they are reputable firms. I would be very careful with your deal, and I do not see why a buyer would pay the fee in any case. IF anyone is going to pay it should be on the sell side.

Feb 11, 2010 02:22 AM
Justin Quinn
Windwalker Real Estate - Nantucket, MA

whats the best way to check if the facilitator is reputable? There seems to be no regulation with these guys.

Feb 11, 2010 02:51 AM