Century 21 Aadvantage Gold
Some banks like CountryWide will only pay 1.5% commission, (probably why countrywide cant get rid of their REO properties, unlike WellsFargo and other will pay alot more
I am an experienced Agent that lives and specializes in Rocklin and Roseville. The short sale process is a tenous one, as you are probably aware, and to find an experienced Agent who can manage the process will cost more than 1%. As mentioned in the many responses below, the Loss Specialist that is assigned to your friend's file, will determine the viability of the sale and the commissions will be factored into the overall loss. In the many short sales that I have completed, the average commission is 2.5% to each side, totally 5%. Given that we do not know exactly what the home will sell for at this time, there is no way of knowing exactly how short it will be. I would suggest that you find the best person possible, and not worry about the commission at this time. If you would like to discuss this in depth, I can be reached at 916-847-8144.
I agree with all colleagues that have responded. The seller should be looking at quality not quantity. All banks cover the cost of the commissions since they are not in business to sell real estate. Short sales are hard work and the seller needs to hire someone that has tenure in the business and know how the handle the proecess from start to finish.
With all respect, commissions are negotiable for a reason. Most lenders who are considering a short sale want a competent Realtor to handle the case so everything is smooth. The amount of the commission is set by the lender, not by the seller. The lender wants a professional that will handle the details and save the lender as much time and money as possible. To that end a listing specialist that knows value , how to market, and get a home sold when many are just sitting on the market, losing value.
Your friend needs the best Realtor they can find.
I would be happy to refer your friend to a professional experienced in short sales that can get the job done.
I am just wondering if your friend feels that he cannot afford the commission. Usually, the commission is already a part of the mediation process. The bank, most of the time, determines the commission given to the agent based on the net sheet submitted by the listing agent. It will behoove your friend to get an agent who knows how to deal with the bank and worry less on the commission. All the best to the both of you.