Confused Buy…, Home Buyer in Rehoboth Beach, DE

Do buyers pay commissions for short sales in Delaware?

Asked by Confused Buyer, Rehoboth Beach, DE Tue Mar 2, 2010

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4
Dustin & Mariya’s answer
Great questions Confused Buyer. In nearly all cases, as part of the short sale negotiation the bank will pay any commissions. However, if you engaged a REALTOR as a Buyer's Agent to approach a private home seller that may be in distress but not listed on the Multiple Listing Service, and you have agreed to a buyer's agency agreement agreeing to compensation (commission) then you may. Even in that scenario the bank would most likely be willing to pay the commission.

We have found that banks are higher to the purchase price offered as opposed to the net they receive. Some agents will attempt to manage the transaction and paper chase of financial docs from the seller which can be problematic. We prefer to engage a short sale negotiator, like Bill & Denise McCormick of CK Capital Management, in the process to keep the process moving along fast enough to be practical. Did you find a good short sale property to make an offer on?

Warm Regards,

Dustin
0 votes Thank Flag Link Sun Dec 30, 2012
As a rule, a buyer never pays commission, it comes from the seller. On a short sale, the lender pays the commission. Most of the time it is less then stated on the MLS. Hope this helps you. If you would like other information on short sales please visit my Blog.
0 votes Thank Flag Link Wed Mar 3, 2010
No, the commissions come out of the Sellers proceeds at settlement. How much the REALTORS get is not guaranteed by what is stated in the MLS system.
0 votes Thank Flag Link Tue Mar 2, 2010
The seller pays commissions and it will come out of the proceeds of the sale--unless you have a buyer agreement with your agent that is for more than is offered by the seller--then you would pay the difference or whatever your agreement states--if you have an agent ask him/her the question.
0 votes Thank Flag Link Tue Mar 2, 2010
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