Andee Bemrose

Hi Harry,
So what I'm hearing is that you would ask your "friend" to give you 2/3 of the selling office commission that the seller had already committed to pay the agent that brings in the buyer. This money wasn't yours to begin with! It's how real estate agents make thier living. Just as you get a salary, agents depend on the commission to live. It might be an understandable scenario if you were the one paying the commission. I don't really care for self serve grocery lanes. I like the checker to ring my purchases and put them in a bag, even offering to carry them to my car. But I have the choice. You have that choice as well when it comes home buying. If I were your friend, I'd probably say "go ahead and use Redfin, but thanks for asking me first." As a full time, full service agent, I can't do a partial job, thus my time would be better spent finding a client that values what I do. I might ad, that it's often better to keep friendships and business seperate! Yes, you should ask, but don't expect him/her to be flattered.

Andee - Mon Sep 29 2008, 12:14

OK, just to give this a little different twist, I'm going to toss in the Kitsap Penninsula!! I live in Port Orchard, and commuted to downtown Seattle for 3 years! Depending on the time of day, I could drive it in 50 minutes, or I could relax on the ferry and only drive a few miles. From Port Orchard to Sea-Tac is 45 minutes. From here to the U. via several choices of ferry routes could take about the same, maybe an hour. OK, I realize it sounds like a long commute, but once over here, there is no traffic, the air is clean, and you can buy alot of home for $300,000!! - Thu Sep 11 2008, 12:56

If it seems too good to be true, it probably is! I'd recommend talking with your attorney before making any committments on a property like this. - Fri Sep 5 2008, 15:55

Short sales are an opportunity to buy property at less than what the current owner owes on the loan. Logically this would be a great investment. One would assume that the loan was made after an appraisal of the property was done, and the property (at the time of the loan) was worth at least what is owed. Market values change, and unfortunately some homes are losing value, yet the loan amount from "better times" stays the same. Factors can include, what type of loan, when the loan was initiated, was it to buy the home, or to refinance. Are the current owners having trouble because they are facing a balloon payment, was it an interest only loan?
All this being said, yes, usually a short sale is a good investment. The next topic would be about the time involved in a short sale, especially not knowing if it will be accepted by the bank. But that could be another blog...or call me! - Mon Aug 4 2008, 13:51

Hi Mie,
I would need more information to answer this question with confidence, but let me address what I see here. Generally an REO (not short sale) is bank, or investor owned. not just John Doe seller, waiting on the couch for an offer. The time to get a response is anywhere from 3-4 days, to 6 to 8 weeks, depending on the specific "owner." However, your question is valid. In order for property to go pending, it should be "signed around" by both buyer and seller. If the REO has a wait time for the seller to sign, then it's not yet a pending contract! This differs from a short sale where a seller signs, the property goes pending, and then all parties wait for the lender to "approve" the sale. Hope this helps.

Andee - Fri Jul 18 2008, 14:59