RealTown's RealTalk

If the listing broker stated in the mls that the buyer commission is 3%, that is what they must pay. If they don't, I would not hesitate to take it through the arbitration process with your local board or state.  I have a short sale listing now. I am fully prepared as the listing ahent to bite the bullet if necessary and not punish the buyer agent for not selling them another house.

 

Paul who claims to do a lot of short sales says:

 

 

I've done several short sales and I've usually got the laundry list long before the buyer is aware of any demands from the lenders from this list.  The only time I share that list is when I have a legit offer.  I then discuss with the selling agent how their buyer would feel about paying these additional fees and how they may feel about what the lender may think is a reasonable compensation?  As far as the compensation is concerned it's a non-negotiable option.  If a buyer's agent is fool enough to put it in the contract and the seller (lender) is willing to pay it,so be it.  But I would never want to be party to a contract.  Either the buyer can make up the difference for inadequate compensation or we/they can look for another property.  If I'm representing the short I only release the seller's (lender's) REQUEST so there is no miss-understanding.  But usually what the seller (lender) does... is take the deal pay out of the proceeds what ever is necessary to close and get out of Dodge.  All these Official Lender Demands means nothing to a buyer regardless of who, where or when!  That's why we are seeing so many foreclosures sitting vacant and no court house sales!  It doesn't make any difference what the seller (lender) wants if the buyer doesn't offer something acceptable then the seller (lender) is going to either wait until somebody says yes or they will take what the buyer has to offer and shut up about it.  It all boils down to a Poker game when it comes to who blinks first!  It's just a question of how much is enough to satisfy.  All this crap about the lender demands this and the lender demands that is nothing more than scare tactics that every investor knows is BS!  Just because the property is a foreclosure doesn't mean it's a good deal.  Actually I have found most foreclosures that are so short it makes me wonder what these silver tongued boneheads tell their stock-holders!  I can hear the whining now, I can also see the stock-holders cashing in their stock.  Run the comps where is there a deal right now.  You would think that a foreclosure would be a deal.  I've seen foreclosures that foreclose again because as long as the market goes down the property will become the next appraisers statistic and the highest selling property in a declining market.  You see even the Free Market system, which we have, Capitolism, is the the best market, yet it can bite you if you are not aware of what's going on.  Unfortunately few know what's going on, that's why everybody is so hesitant about purchasing anything at any price.  It's called a bad attitude in the market.  Does anybody have any ideas on how to turn this market around?  How about representing sellers and allowing the buyers to beware for a start, and learn how to cooperate and let the market clear itself out, instead of more misery indexing and hedging on an uncertain future.

 

Robert King