Foreclosure in Illinois City>Question Details

Gmrjr547023, Home Seller in Illinois City, IL

Does an agent get a commision on a house that is foreclosed on and goes through the sale process.?

Asked by Gmrjr547023, Illinois City, IL Mon May 31, 2010

I have a house that has been on the market for 2 years. We were no longer able to make the payments and now the house is going through the foreclosure process. When and if it is sold at the foreclosure sale, does the real estate agent still get a commission?

Help the community by answering this question:

Answers

3
If you sell the home the realestate agent gets the real estate commision because of your contract. However, if the property goes to foreclosure sale, you will no longer be the owner and the agent will not get a commision. The bank will list it with a different agent or someone else might puchase the property at the foreclosure sale. Your agent will not be the procuring cause and there is no contact, so there will be no commision paid.

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee

http://www.milwaukeebailout.com
0 votes Thank Flag Link Mon May 31, 2010
It depends how it is sold... if it is foreclosed than your agent gets nothing. If you choose to sell it through a short sale to avoid foreclosure, then teh agent does get a commission as approved by the bank. If your house does get foreclosed, the bank will more than likely you an asset managment compnay, who will assign it to a local realtor where they will get the listing commission.

i hope this helps
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon May 31, 2010
If there is still a listing agreement in place with the agent and it sells before a foreclosure, then the agent can still get a commission, but I'm assuming it would be a short sale and the bank would have to approve. If the bank forecloses, the listing agreement would no longer be in force because the owner would no longer have the right to sell the home.

I'm sorry that you are going through this. I hope it works out for you.
0 votes Thank Flag Link Mon May 31, 2010
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer