Home Selling in 94587>Question Details

Shortseller, Home Seller in 94587

I am interested in short selling my home and was wondering how I go about finding an agent to list it for me? What is the typical charge for this?

Asked by Shortseller, 94587 Wed Jan 20, 2010

Does the bank pay the agent or does the seller?

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Get in touch with your bank and talk to them. You have options, such as a loan mod or short sale. Both are not automatic, as home buyers must qualify for both. For example: there must be a hardship. Do your homework ahead of time and find out if a short sale is your best option. Find out your options as well as the pros and cons of each. This will help prevent you from wasting your time and energy. To answer your question, when a bank approves a short sale they are the ones who determine the commissions paid to both the buying and selling agents and the ones taking the short, including the cost to sell the property. Any Realtor who is knowledgeable about short sales and is willing to take the listing can list it. Many of the local Realtors posting on this site are well known within the industry and very credible. Contacting one of them would be a good place to start.

-Steven Michael Fong
REALTOR
Sunil Sethi Real Estate
Fremont, CA
Web Reference: http://www.sunilsethi.com
1 vote Thank Flag Link Sun Apr 25, 2010
As the other agents have conveyed, it's not all about the commission - since the lender will ultimately pay this and most of your other closing costs.

It is important to meet several local agents and review the marketing plan. Interview the agents and their real estate experience. The agent you choose should have knowledge in the short sale process as well as patience to deal with this, sometimes long, process.

As Dawn mentioned, you & your agent will put together a 'package' including a hardship letter, bank statements, pay-stubs, tax returns, and additional information for your lender will request.

Good luck,
Brian Ripp, CRS, GRI, Broker
Check my web site: http://www.BrianRipp.com
Real Estate Market Weekly Update Webcast: http://realtytimes.com/REUv/BrianRipp
510-710-4905 cell
510-794-9006 wk
Realtor since 1985
DRE Lic. 00886348
1 vote Thank Flag Link Thu Jan 21, 2010
Don't make the commission the selection criteria for a short sale agent, since you 1st need to confirm doing a short sale is even advisable from a liablitity prospective. If it does make sense, than the choosing the agent should be based on their ability to negotiate a settelment.

Cheers,

-sunil

SUNIL SETHI REAL ESTATE

Sunil Sethi / Broker, President, REALTOR, MBA / CPA (inactive)
38750 Paseo Padre Pwky Suite B3 / Fremont, CA 94536
Main 510 200 0505 / Cell 510 388 2436 / Fax 510 431 9046
My Bio: http://sunilsethi.com/about_me.htm
My blog: http://fremontrealestate.blogspot.com/
LinkedIn: http://www.linkedin.com/in/fremontrealtor
CA DRE#: 01173766
Web Reference: http://www.sunilsethi.com
1 vote Thank Flag Link Wed Jan 20, 2010
Hi, to do a short sale you have to apply with the lender for you need to fill out paperwork and write a letter to the lender explaining why you need to do a short sale. I have 100% success with all my short sales in the past......What you should do is interview 3 Realtors and see which one you feel comfortable with. Pick one that has some experience with short sales. (most of us do at this point) good luck feel free to contact me if you have any other questions I will be happy to answer them with no obligation on your part....Dawn
Web Reference: http://DawnRivera4Homes.com
1 vote Thank Flag Link Wed Jan 20, 2010
Shortseller
You have some very good advice.

The essence of a short sale is to prove to your lenders that selling your home for less than you owe, plus having them pay the closing costs, which include commissions, is in their best interest.

Foreclosing is very expensive in comparison, so if you can prove that due to circumstances beyond your control you are no longer able to make mortgage payments and do not foresee that situation changing in the near future, it could be a suitable option.

The best advice I can give you is to make sure that you talk in person with a Realtor with short sales experience and have them analyze your situation and develop options.

Note that the first thing the lender will do when you submit your short sale package is review your loan application. If they suspect loan fraud you could be in trouble.
0 votes Thank Flag Link Fri Jan 22, 2010
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
In a Short Sale, the lender will pay commissions.
When looking for an agent to handle your sale, make sure they have the experience in handling Short Sale transactions.
There are far too many agents out there who have no clue as to dealing with the lender, the paperwork, and Buyers. So many deals fall apart because of lack of knowledge and experience.

Willy Olsen
Cox Real Estate Services - REO Div.
Trillium Real Estate Group
714-766-6460 office
760-536-4075 or wolsen3129 Skype Me
760-462-4778 fax
0 votes Thank Flag Link Thu Jan 21, 2010
I am sorry that you are in need of someone to handle this for you.
I can't stress enough that you need to seek out an agent that has actually closed short sale transactions as a listing agent!!
There are many excellent agents that handle traditional sales however you need an agent that has experience negotiating with lenders and understands how to market homes in your immediate area as well.

The sales price agreed to by your mortgage company will include an agreed upon comission for your agent.
0 votes Thank Flag Link Thu Jan 21, 2010
Hello Shortseller,
Did you do your due diligence on the short sale process? Is it really the best option for you? It's very important for a seller to know all the liabilities of a short sale process, and set up an efficient communication with the lender from the start.

Commission is hardly a selection criteria for an agent as they are negociated and paid by the lender. My advice is "Chose someone you absolutely can trust", as the process may test your and your agent patience and negociation skills more than you think... I'd be happy to help more, let me know.

We're ready when you are!

Mihaela Mattes
Century 21 Realty Alliance
1528 South El Camino Real, Suite 110
San Mateo, CA 94402
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
t 650.558.5208
c 650.799.9496
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
email: mihaela.mattes@century21.com
website: http://www.e-realtorone.com

I donate 20% of my professional fees to The LAM Foundation http://www.thelamfoundation.org to help women diagnosed with this cruel disease.
Web Reference: http://www.e-realtorone.com
0 votes Thank Flag Link Thu Jan 21, 2010
The bank pays me, you dont have to worry about anything.

Please call me 562-895-9428
Rafe Gonzalez
csp certified, e-pro, GRI
Web Reference: http://WWW.RAFEGONZALEZ.COM
0 votes Thank Flag Link Wed Jan 20, 2010
First, let me tell you how sorry I am that you feel the need to let your house go as a short sale. That is not a decision that is easily reached. I am sure that you have experienced sleepless nights agonizing over this decision. Far too many homeowners are giving up their homes or having them taken from them during these historically tumultuous and difficult economic times.

Second, the costs of a short sale are paid out of the proceeds from the sale. In the case of a short sale, the seller (you) does not receive any of the proceeds. The lender controls what amounts are paid out, including the commissions to the REALTORS® who represent you and the buyer. The seller is taking a loss on the loan and feels justified in controlling the terms of the sale.

Third, the local REALTORS® who have responded to your question here on Trulia can be of service to you. I echo the suggestion that you contact one or more of us to discuss the process. Our real estate team, for instance, has handled short sales on behalf on numerous sellers and buyers.
0 votes Thank Flag Link Wed Jan 20, 2010
The bank pays the commission so you as the seller will not have to worry about any costs associated with selling the house in a short sale.

I have negotiated several short sales so I can speak from experience. I have had a 100% success rate dealing with short sales and all the different lenders in the industry. I negotiate all my short sales. I do not trust an outsider to negotiate for me.

Some agents are so put off by the whole process that they don't want to sell a short sale listing. And then there are agents that will list it but are not motivated enough to follow up with the lenders. They think that the lender said they will respond in a week so even when they don't hear back, they do not want to call the lender again and in a short sales situation, as an agent you need to call the lenders every week and keep following up till the approve the short sale.

From all of this you can see the patience one needs in dealing with the challenges of a short sale. It just does not make sense as to why the banks cannot get their act straight and help in making the short sales easier since it is a win-win situation for them, and the seller who can avoid a foreclosure and of course the agent and the overall market since the foreclosure properties are bringing the prices down.

If I can help discuss the short sale process in detail you can reach me at 510-279-9580.

Meena Gujral
Help-U-Sell Achievers Realty
Fremont, Ca. 94539
0 votes Thank Flag Link Wed Jan 20, 2010
We never charge for our short sales...lenders pay our fee. Want a FREE book: Should I short Sale MY home? You can find it at http://www.alamedacountyforeclosurestoppers.com We are located in Hayward Ca. And have successfully help clients in Union City.
0 votes Thank Flag Link Wed Jan 20, 2010
Short -

If you are looking to sell your home and you are in fact short, the commission of the agents basically is paid via the lender through the short sale. Lenders can adjust commissions on short sales and is the biggest reason why many agents do not list short sales.

It is best to consult with several agents about the short sale. Ask for references, ask how they handle the short sale (do they handle themselves or use a 3rd party). Which lenders are they experienced with? What do they know about your market? Etc.

There are as many ways to list a short sale as there are agents. The more comfortable you feel with your agent, the less stress the situation will involve.

CJ
Web Reference: http://www.TalkToCJ.com
0 votes Thank Flag Link Wed Jan 20, 2010
Contact a few realty offices, interview a couple of agents and choose the one you like best--commissions are always negotiable between you and your agent--if you do short sell the bank will pay commission.
0 votes Thank Flag Link Wed Jan 20, 2010
The commission to both the listing agent and selling agent comes out of the purchase price. The commission is negotiated between the seller and the listing agent, but the bank can change the amount. You should find an agent that is familiar with your area and has experience listing short sales as they are handled differently than a traditional sale.

You can search http://www.car.org for a listing of Realtors who can help you. Feel free to contact me if you need any further information.

Good Luck,

Ray
0 votes Thank Flag Link Wed Jan 20, 2010
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