K:
I was busy while you called. Below are my answers in red.
Oscar
At 08:54 AM 3/10/2009, you wrote:
Hi Oscar,
I see you received my email last night. Thanks for your patience with this process. There are a few things I've been told that should be part of the documentation which I don't see here.
Question: 1. There should be a short sale addendum that explains that in a short sale, it's not under contract unless the 3rd party accepts the short sale agreement. The offer and negotiations are not under contract until the third party accepts and that both the buyer and seller understand this.Answer: The is no short sale negotiations until there is an offer. NO offer no short sale negotiation, no buyer, no sale.
Question: 2. In Section 3, right to compensation... Will you please explain very clearly what you mean by this. I'm not understanding the wording.
Answer: I assume you are referring to the Oregon Listing Contract Form. All this document is about me getting paid if there is a sale. This is all on the contingency of the property been sold. The payment is by earned commission in this case. Not by fee for services.
Question: 3. It should be explained that both the buying and selling agent's commissions should be based on contingency of banks approval on what they are willing to pay. This should be made clear in the documentation. I don't see it explained or mentioned.
Answer: In a short sale the creditor(s), which are "the bank" make a space of the commission. You will not come out of pocket for this. If you don't like the settlement, then you don't close. Commissions are shown on the HUD 1 settlement statement that will be used for closing by the title company.
Question: I hope that we can sort this out and move on to list my property once we can agree on things. The person I'm having read over the docs will be busy today. I'm hoping we can have this resolved soon and move forward with the signing and listing agreement.
Answer: I am glad you look at the documents well.
Oscar
Thanks, K
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