Trying to Buy a Home in Sacramento and Representing Yourself?

By
Real Estate Agent with RE/MAX Gold DRE #00697006

buy sacramento homeI've got one of those rare short sale listings that appears to go on forever. It seems like I've always got one of those in my inventory, but that's because I never give up on my clients. Some of them require more work than others, and that just comes with the territory.

This particular Sacramento short sale has endured problems because of the condition of the property. It needs work. Plus, the back yard is a bit of a mess, it's all concrete. No grass. I want to say: People, stop turning your back yard into a parking lot. A back yard is supposed to have a lawn.

Still, the buyer who made an offer on this short sale is getting a tremendous bargain. We got short sale approval last week from the bank.

Trying to buy a home in Sacramento is not an easy feat these days. It can be compounded if you're trying to buy a Sacramento home and represent yourself. Because the approval we received from the bank did not allow the seller to pay a commission to the buyer, as the buyer holds a real estate license and noted that license as the buyer's agent in the contract.

I struggled with this because a change in the contract terms meant we needed to sign an addendum. However, the buyer's agent is not a party to the contract, even if the buyer's agent is also the buyer. Fortunately, we have ZIP forms and a Cooperating Broker Compensation Agreement. I used the CBC and amended the MLS commission to none.

Photo: Shutterstock

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Weintraub and Wallace Realtors

 

 

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Elizabeth Weintraub is co-partner of Weintraub & Wallace Team of Top Producing Realtors, an author, home buying expert at The Balance, a Land Park resident, and a veteran real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown, Carmichael and East Sacramento, as well as tract homes in Elk Grove, Natomas, Roseville and Lincoln. Call Elizabeth Weintraub at 916.233.6759. Put our combined 80 years of real estate experience to work for you. Broker-Associate at RE/MAX Gold. DRE License # 00697006.

Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of RE/MAX Gold. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice; it could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

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Topic:
Home Buying
Location:
California Sacramento County Sacramento
Groups:
Northern California Real Estate Professionals
California Short Sales, REO's, and Foreclosures
Posts to Localism
Lyon Realtors
Diary of a Realtor
Tags:
cbc
buyers agent commission
buy a home in sacramento
cooperating broker compensation agreement
representing yourself as an agent

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Ambassador
760,392
Lori Bowers
La Quinta, CA
The Lori Bowers Group

I say you get paid for waiting on short sales. They do seem to be good bargains, but do take a long time.

Aug 12, 2012 01:19 AM #1
Rainmaker
664,192
Kathy Stoltman
Rockwood Realty - Ventura, CA
Ventura County Real Estate Consultant 805-746-1793

Thanks for sharing Elizabeth, never a dull moment when dealing with short sales.

Aug 12, 2012 01:20 AM #2
Rainmaker
2,919,376
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Not a good morning Elizabeth the last sentence got my attention.  Commission is none?  There are times you need to do it I guess but thankfully it hasn't happened to me yet. You did catch yet didn't you?

Aug 12, 2012 02:48 AM #3
Rainmaker
519,027
Harrison K. Long
HomeSmart, Evergreen Realty - Irvine, CA
REALTOR , GRI, Broker associate, Attorney

It's tricky when a buyer wants to represent themselves and does not have professional Realtor or real estate representaion.  Your using the Cooperating Broker Compensation Agreement and amending the MLS sounds like it worked OK in that situation as long as it does not violate MLS rules.

Aug 12, 2012 03:00 AM #4
Ambassador
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

I've had buyers who were licensed agents and recommended they have another agent represent them in the contract and work out a deal with referrals on their end.  The banks hate paying out commissions to principals of the transactions.

Aug 12, 2012 09:20 AM #5
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