As a beginner I have 1 question.
I read that bank wouldn’t me to pay for RE agent. Looking for
pre-forclosures I noticed most of the houses is listed in MLS, which
is the last chance to the owner to save anything. What can I do in
this situation? The contract is signed so I don’t think the broker
would resign. Can I get rid of him or her? If I can’t pay at closing,
should I pay out of it?
Thanks for replies.
If a RE agent has a listing that they know they probably won’t sell because the seller owes to much, they may be willing to work with you. If you tell them your plan to do a short sale you could offer them the listing once you are ready to sell.
Also, I’ve been involved with a short sale where the bank did agree to pay a 2% commission to a RE agent as part of the deal. They definitely prefer not to and ideally you should approach a short sale without a commission as part of it.
BANKS HAVE NOTHING TO DO WITH THE LISTING.
THEY GO BACK IN THE GAME WHEN YOU APPROACH THEM AND WANT TO DO A SHORT SALE
OR
WHEN THE TIME HAS COME FOR THE AUCTION.
COMMISSIONS ARE NEGOTIABLE AND EITHER SELLER, BUYER, OR BOTH CAN PAY THEM. THE AGENT DOESN’T CARE WHO PAYS, AS LONG AS THEY GET PAID.
YOU, AS A BUYER CAN NEGOTIATE THE COMM. WITH SELLER THROUGH THEIR AGENT.
Dan
Atlanta Investor/Agent