i’m noticing some listings of short sales are real estate agents who are listing their own home.
since homeowners receive any compensation from a short sale, can they still receive a commission?
I don’t believe so, at least not in Tennessee. I am a real estate agent in that state and I have a home listed (short sale). The homeowner is an agent in our office and according to our broker she needed to list it with another agent.
The broker of record or broker/owner - is entitled to commission - depending on the Independent Contractor Agreement.
No, the homeowner cannot receive any proceeds from the sale, except for the HUD-approved cash for keys program. This is true for the homeowner’s real estate commission. Some of the secondary market investors will reject the proposal outright. Others may approve the short sale but provide the condition of the realtor/homeowner not receiving compensation.
The area where we leave in Port Saint Lucie, Florida lots of short sales and houses inside the Traditions Community are dropping in price and the houses inside this community are new. The real estate and rental are lot more reasonable versus Ft Lauderdale, Miami and other places in Florida.
No, we agents cannot recieve commission from short saling our own properties. In fact, in one instance, WAMU knocked a dual broker commission to 4% because the owner is an agent and their logic was he should have done the short sale to save on commissions.