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An informational source for people who are relocating, with a particular focus on moving to the Carlsbad area of North County San Diego, with advice, guidance and true stories to help you on your way and make it a great journey, from a REALTOR® with plenty of personal (4 major moves, most recently from Boston to Carlsbad, California) and professional relocation experience. Are you running into problems selling your home? Need to find a new one quickly? Never moved before and haven't a clue? You'll find some great tips on how to solve your relocation issues here. Or ask me a question any time and I'll share some solutions or tell you where to get more information.


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Carlsbad Homes - Short Sale Questions and Answers (Part 3)

Here's another common question about buying a short sale (and again, it applies, to some extent, to the typical sale).

WHO PAYS THE COMMISSIONS?

In a short sale, as in the typical sale, the commission is paid out of the proceeds due the seller in accordance with the listing agreement the seller has with the brokerage.

In a short sale, because there is a financial hardship and the amount of money that is being paid for the home is less than the amount owed, the lender, who must approve the short sale, will generally make a final determination of the amount of the commissions paid to the agents involved out of the final proceeds. These amount MAY vary from the original agreement.

If you have a signed buyer agency agreement with your agent, be sure to check on the terms and conditions regarding commissions to see if you will be liable for any portion (e.g., if, for example, the amount being offered as commission to the buy side is less than your agreement on commission with your buyer agent as stipulated in the contract).

Previous Questions and Answers on Short Sales:

Who Pays the Taxes and Penalties?

Who Pays the HOA Fees?

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Posted: 10:44 AM, Nov. 20, 2007		 Comments (2) | Add Comment | Link
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RE: Carlsbad Homes - Short Sale Questions and Answers (Part 3)

Why do the banks let these short sales go until last day of the redemption period?  I know there is no mortgage insurance on the home we are still waiting to hear about, but won't the bank lose everything after the redemption period?  We have our loan originated already and one of the lenders and the seller signed the purchase agreement and we already were supposed to close April 1st?  I'm having a hard time accepting the "banks" are that backed up and can't sign one signature.  The realtor is saying each day it's going to happen and it doesn't!  Please help!Thanks

Posted by Jill at 12:53 PM, Apr. 3, 2008
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RE: Carlsbad Homes - Short Sale Questions and Answers (Part 3)

Jill:

Well I wish I had a good answer. There do not seem to be any good explanations for why these things take so long, even to get a signature. Typically there are multiple people involved, including senior management, so I imagine the administrative process gets very bogged down. It feels like it is far more complicated than it needs to be, and more time consuming. One would think that since we have been dealing with these issues for over a year that the banks would have a process in place that works well, staff that know what to do and when, and so on, so they can handle the volume (some banks gave reduced their staff in these departments which does not help). Clearly some ARE able to do it well since short sales DO close.

Besdt of luck to you. Hopefully it won;t be much longer.

Posted by Jeff Dowler at 1:43 PM, Apr. 3, 2008
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