I don't have a problem with representing both sides, but Elizabeth is right in that the lender(s) in the short sale will likely see having only one agent as an opportunity to reduce commission.
I wouldn't answer the question "how low will the seller go" to a buyer, because I truly don't know the
answer - and don't want to know. What I could tell my buyer is what the loans are on the
property and that's public information from tax records.
For buyer "how much should I offer", I don't suggest a set price. I'll show them what's sold, how quick
it's sold, does the area average certain % of list price to sales price. For example, if an area in
Sacramento averages 98% of list to sale, and it's a desirable home, client can see for themselves that
coming in offering 90% of list price most likely won't work. If a buyer asked me, "do you think the seller
would take "x" dollars? I'd truly say, we won't know until we write it up and see what they come back with.
Elizabeth is correct - as always. The list agent would most definitely think twice about receiving another
offer from you with a different agent. You may have very valid reason for wanting to switch, but chances are
list agent will see this as a complication and short sale processes are difficult enough without adding additional complications.
Agents working short sales may be blamed for a lot of things completely out of their control, but agent should
continue communicating - even if it's to say, "no new news" - which is the likely case for weeks or months.... more