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Rainmaker
465,205
Maria Sapio
Berkshire Hathaway Homesale Realty - Carlisle, PA
Real Estate Agent- Carlisle, PA. Mariasapio.com

I would suggest if you are still interested in the referral based on the new information, then revisit the conversation with the referring agent and explain the new-found data and renegotiate the terms or be willing to walk away...

Nov 29, 2018 10:33 AM
Ambassador
1,512,628
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Neglects is a loaded word. If they knew beforehand I would renegotiate since short sales and foreclosure avoidance is about three times the normal work.

Nov 29, 2018 10:19 AM
Ambassador
2,893,332
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

I would reach back out to the agent, Paul. I rarely ever charged a referral fee for a short sale - there's simply so much work involved. I just wanted them taken care of by a good agent who knew short sales.

Nov 29, 2018 11:06 AM
Rainmaker
2,718,721
Nina Hollander
Coldwell Banker Residential Brokerage | Charlotte, NC - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

I think it depends on the situation and I don't know enough about how this referral came about or what you consider a standard fee. I recently referred a seller to an agent here in the Rain and when some issues arose with the appraisal she cut her commission to help the seller out, I told her not to send me any referral fee. As far as I was concerned, she had given enough. I think you have to look at these situations individually.

Nov 29, 2018 10:58 AM
Ambassador
3,725,590
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams fox cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Everything is negotiable, you could also turn it down.

Nov 29, 2018 10:29 AM
Ambassador
2,285,739
Fred Griffin
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

  I will pass on the short sale.  I may pass on the REO.  

Nov 29, 2018 01:22 PM
Rainmaker
3,044,545
Michael Jacobs
Coldwell Banker Residential Brokerage - Pasadena, CA
Los Angeles Pasadena Area Real Estate 818.516.4393

A sin of omission?  Or just a sin? What happens next? It depends.  Certainly a conversation should take place. 

Nov 29, 2018 10:52 AM
Rainmaker
2,675,726
Richard Weeks
Dallas, TX
REALTOR®, Broker

I've learned you don't get what you deserve, you get what you negotiate.

Nov 29, 2018 10:33 AM
Rainmaker
803,380
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

Like Bob Crane said, everything is negotiable and if you don't like the terms, turn it down.

Nov 29, 2018 04:00 PM
Rainmaker
2,695,743
Kathleen Daniels
KD Realty - 408.972.1822 - San Jose, CA
San Jose Homes for Sale-Probate & Trust Specialist

Good to see you back in the Rain. 

Only the agent can decide regarding referral fee.

Nov 29, 2018 01:45 PM
Rainmaker
1,337,653
Evelina Tsigelnitskaya
SIB Realty - Sunny Isles Beach, FL
www.SIBRealty.org 305-931-6931

And how that person will buy?!

Nov 29, 2018 01:19 PM
Rainmaker
625,148
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

They NEGLECTED to inform you? Or they DID NOT KNOW?
The answer to those 2 Qs determines the action.
Yeah, SS/preforeclosure is more work. How much work is the other issue. Some are easier than others. Will it close? Can it?
I will tell you though. I have accepted a referral before and did not know, NO ONE KNEW that it was gonna need to sell short, and I didn't try to renegotiate it. The family was in too much trouble. The agent should have offered. But they didn't.

If their position . . . I would have. But that's me.

What's a standard referral fee?

Nov 29, 2018 11:16 AM
Rainmaker
4,602,212
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
"Franklin MA Homes"

 if your market is strong, maybe it's not more than any other deal.... our short sale sellers all had an attorney who was well versed with negotiating with the bank... the attorney did the negotiating with the bank we marketed and delivered the offer....  and finished the deal after it was negotiated.... 

Nov 29, 2018 11:11 AM
Rainmaker
1,146,172
Carol Williams
U.S.: I specialize in helping agents who have been in the business 2 years or less create a thriving business. - Wenatchee, WA
"Customized Mentoring & Marketing Services"

It changes everything.  Renegotiate.

Nov 29, 2018 10:38 AM
Rainmaker
699,841
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Depends on the situation and the fee, but might not be worth the effort and time involved.

Nov 29, 2018 10:32 AM
Rainmaker
699,659
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

3 things you need to know.

1. What is the likelihood of closing (number of lenders)

2. Does the house have acceptable appeal

3. Your direct time. Clearly if YOU do the negotiating, your direct time goes out the roof. Short sale companies can add their fee to the closing costs paid by the lender. So why get in the way.

With that information you can determine if this is business you want or if it is a 'go broke' opportunity.

If you can make good money, you must pay to play. But, being the stellar negotiator you are, you advise the referring agent no on will touch this with a 10 foot pole and you might consider taking if off their hands.

 

Nov 29, 2018 10:31 AM
Rainmaker
4,046,098
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Paul,

I think you are in for a major headache with this.  I would suggest that you pass on the referral.  That is what we would do.  A

Nov 29, 2018 10:30 AM
Rainer
136,959
Don Baker
Lane Realty - Eatonton, GA

learned the hard way to get all the details before signing the agreement.

Nov 29, 2018 01:22 PM
Rainmaker
918,872
Valeria Mola
SIB REALTY - Sunny Isles Beach, FL
305-607-0709 SIB Realty

No way! I guess, it is not about fee, it is - will they buy or not. 

Nov 29, 2018 12:53 PM
Rainmaker
4,960,464
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

That is for you to decide. Reject the referral if you do not want it.

Nov 29, 2018 12:06 PM
Rainmaker
1,422,314
Bob "RealMan" Timm
Tivoli Custom Homes - Minot, ND
Bob Timm, Project Coordinator for Tivoli Homes

To many variables here Paul S. Henderson, REALTOR®, CRS . If it's a high end home I may proceed. If the lender is BOA I'd run like hell.

Nov 29, 2018 11:32 AM
Rainmaker
577,430
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
Raleigh - Cary Triangle Real Estate 919-602-8489

It depends on many factors as mentioned above including the relationship with the agent who sent you the referral. I have a few referral partners I work with on a regular basis. I'd like to think they'd tell me up front. However, I wouldn't want to damage our relationship either.

Nov 29, 2018 11:12 AM
Rainmaker
2,822,713
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

That should be part of it and i just had that happen. The referral fee remains the same, but the commission charged to the seller went up. 

Nov 29, 2018 05:21 PM
Rainmaker
589,720
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I am not aware what a "standard" referral fee is. Don't tell me, either. Negotiate based on what you think the opportunity is worth or pass it up.

Nov 29, 2018 04:10 PM
Rainmaker
2,932,059
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Wow, might want to revisit the referral fee!

Nov 29, 2018 03:46 PM
Rainmaker
3,043,309
Tony and Suzanne Marriott, Associate Brokers
BVO Luxury Group @ Keller Williams Arizona Realty - Scottsdale, AZ
Serving Scottsdale, Phoenix and Maricopa County AZ

Maria Sapio nailed this one!

Nov 30, 2018 07:41 AM
Ambassador
2,812,009
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I learned in the school of hard knocks to ask those questions.  Divorce? Shortsale? relocation where someone else will also want a referral?  But in the past when I had already signed it and agreed, I bit my lip and honored my agreement.

Nov 29, 2018 09:02 PM
Rainmaker
4,313,757
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Yes.

Nov 29, 2018 05:17 PM
Rainmaker
2,846,901
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Wow, never had that happen.

Dec 04, 2018 12:40 PM
Rainmaker
3,829,398
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

It may be worth another conversation.

Dec 03, 2018 04:30 PM
Rainmaker
3,851,101
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I woud be having a new conversation

Nov 30, 2018 06:56 PM
Rainmaker
1,155,636
Ryan Huggins - Thousand Oaks, CA
www.HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I'd probably try to renegotiate if they knew about it ahead of time and "forgot" to mention it.

Nov 30, 2018 10:54 AM
Rainmaker
4,631,745
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I think it's your call.  I probably wouldn't accept it.

Nov 30, 2018 07:54 AM
Rainmaker
2,353,980
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Depends on the outcome but certainly this is relevant info. Sniff this out

Nov 30, 2018 07:52 AM
Rainmaker
1,435,120
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

It is possible, they did not know such information. And a deal is a deal, you can always walk away from it.  

Nov 30, 2018 12:15 AM
Rainmaker
731,710
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

Ooof. We'd probably still take it and do it since we have a great deal of experience in short sales. Good disclosure for the other agent though...

Nov 29, 2018 11:09 PM