These days, I am sure most of you work with bank owned, short sales and foreclosed properties. It is bad enough that these homes are not fun to show, usually. They are cheap, usually. You finally make an offer and the bank does not respond within a reasonable time frame, say a month! You're laughing? It happened to me!
I showed 5 homes yesterday ranging from $40,000 to $109,000. All vacant, hot, smelly and walked the heck out of all of them with my clients. Going to make an offer and then I see that the commission on the peach $59,000 home is all of a whopping 2% !! I said to myself, self, are you kidding me??? Yes, it was indeed true. (I need to check these remarks before showing, I again say to myself.) But, of course, we need to show anything that fits our client's needs, but that is another post, right?
Seems like it is not enough to show these bank owned problems, but now we must pay out of our pocket for the privilege of buying these homes. What do we need to do, to convince these institutions that we are helping them? They almost never answer an offer in a reasonable amount of time, they never listen to us with our feedback, they argue about the price and now they have the nerve to cut agent's commissions in the negotiations.
It is so bad now, that the following new rule was posted on my MLS yesterday.
5.5 (a) It must be disclosed in the Agent remarks if the listing is subject to short sale approval. If applicable, the following language should be disclosed in the agent remarks: Lenders may reduce commissions in negotiating a short sale.
Are you kidding me? What are we going to do??????
Is this happening to you? Is this nationwide?