short sale question

What happens when you are trying to do a short sale or sub2 and the owner already has the property listed with an agent? Where does the agent factor in? Should they get anything from the deal? Any help would be great.

Hopefully the agent has some knowledge in the area and already knows that their listing is going to be a short sale. If that is the case, they should have already contacted the lender about it (does the listing say “subject to lender approval”?). If the listing agent is familiar with short sales, they should be far enough along with the lender (paperwork, BPO, etc.) that it speeds up the transaction. If the house is listed, your offer needs to be presented to the listing agent and if it sells, they will get whatever commission the seller agreed to pay (and the bank approved if they accepted the short sale).