Quote:
Originally Posted by RefusetobeStressed  Moe or ANYBODY
I met with a real estate agent today to list my home for a Short Sale. I was told I would have to pay the 1% which is $3,795.00 because she will be selling the house for $379,500 although I owe over $800,000. Is this the norm? She stated I will get this money back at closing when the house sell. My husband was at work when I met with her today so he has not yet signed the documents. We suppose to meet with her on Monday.
Refuse |
Refuse,
Don't pay her a dime. Your lender pays your agent's commission. I sold my house via Short Sale and I've found a wonderful agent through bbb search. He listed my house in all the MLS listings and brought in 4 buyers in about 1 week. My first agent was not able to sell the house. To make the story short, after 2 listings, 7 buyers backed out, 9 months Countrywide Home Loans approved the Short Sale and I've waited 1 month and 10 days to close the escrow.
My agent negotiated to Countrywide Home Loans negotiator that there will be no costs to me, my buyer's agent made an extra $8 to the selling price of $290k with a condition to apply the $8 to the buyer's closing costs.
CW paid my agent 5% commission.
Some agent's are trying to make an extra buck up front because they know that it takes time to do Short Sale. Your lender will not return to you the money you have paid your agent up front, no that's not how Short Sale works. You are doing Short Sale because you are in financial hardship and you cannot afford to make payments and if you are paying your agent up front the lender may stop and think, hmnnn.
That is a big red flag, DO NOT HIRE THIS AGENT. Get someone else that will only accept Short Sale after the escrow close. Even in regular home selling,
I've sold my house in 2005, my agent did not ask me anything, I've paid him
when the escrow closed.
I hope this helps and God bless.
Faith
