Home Buying in La Mesa>Question Details

Sidney, Home Buyer in Santee, CA

Short sale and agent comission Question

Asked by Sidney, Santee, CA Sat Mar 22, 2008

I was just making sure that the buyer and seller agent get a comission on a short sale, right? Is it usually the full 3% on each side?

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Some lenders have a set fee to the agents of 5% , others will go over that fannie mae pays 6% , as a home buyer, you shouldnt worry about it, YOUR agent will be paid by the bank anyways,
0 votes Thank Flag Link Mon Jul 26, 2010
Realtor Commissions are initially set by the Seller and the Sellers agent. However, on a Short Sale, the banks who are loosing money in the sale often insist the agents take less commission. If you are concerned that your agent is not being fairly compensated, you can, as MaryAnn recommended, use the Buyer Broker Agreement to make sure your agent is paid a set commission from escrow. If the Sellers (banks) refuse to pay the full amount, the difference of that amount would come from your funds in the form of a closing cost.
0 votes Thank Flag Link Wed Oct 21, 2009
That is so nice of you...but you don't need to give your agent anything. This is just what we do. Some properties we make a lot of money on and others not so much!

You can ask your agent anything you want
Web Reference: http://www.DotChance.com
0 votes Thank Flag Link Sun Mar 23, 2008
Would it be rude for me to ask my agent what she will be making? I feel like if it's not a lot, I should pitch in and give her something out of pocket.
0 votes Thank Flag Link Sun Mar 23, 2008
I just sold a short sale property and the bank reduced the commission so that each side only got 2%
Web Reference: http://www.DotChance.com
0 votes Thank Flag Link Sun Mar 23, 2008
Sidney,

Like Matt just mentioned: "We've seen it all over the map!..."

I've seen 6% paid on a $90,000 house sale ($5,400) and I've seen a $10,000 commission paid on a $600,000 home sale .... go figure.

I'm sure in the next 12/15 months we'll be seeing flat fee's across the board, National City is already setting up their structure for it ...


:^)
0 votes Thank Flag Link Sun Mar 23, 2008
It's very negotiable. We've seen it all over the map! (like a lot of things this year in real estate).
Make sure you have a buyer's agent representing you that has done this a few times (at least)
0 votes Thank Flag Link Sun Mar 23, 2008
The lender decides. The lowest I have seen is 2% on each side. The split is up to Listing Agents. On a few of my listings I did the 60/40 of the selling agent to listing agent ratio. It works well whenever sales are slow.
Web Reference: http://www.cimpler.com
0 votes Thank Flag Link Sun Mar 23, 2008
ARTUR URBANS…, Real Estate Pro in Burlingame, CA
MVP'08
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No. It is whatever the bank decides in some circumstances. When this occurs, the agents should split what commission is given 50/50.
0 votes Thank Flag Link Sat Mar 22, 2008
No. It is whatever the bank decides in some circumstances. When this occurs, the agents should split what commission is given 50/50.
0 votes Thank Flag Link Sat Mar 22, 2008
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