Who do pay the commission to Agents on Short sale property since there is no equity left ....seller or lenders? I want to buy certain property on

Asked by Mrcool, Lake Las Vegas, Henderson, NV Sun Feb 21, 2010

short sale in cash. I want to use buyer agent to submit the offer because I want to have some one on my side to protect my interest since I will pay cash.......I do not want any mistake..As the same time in short sale the commission is so little it may discourage the listing agent to work with my buyer agent.....because listing agent do not want to split the commission......What is the normal % commission on shot sale? I will need buyer agent to help me any way . so what is the smart and practical way to have my buyer agent do the work on behave of me if I have to spend money ...I will....thanks for your advice

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David Grant, Agent, Las Vegas, NV
Sun Feb 21, 2010
Mrcool, normal comm on a short sale is 5-6% and split between the two agents and this is customary. I also notiiced your title says hoe buyer Lake Las Vegas, please consider this choice carefully with the recent changes out there. The Ritz is closing in May and now Casino Montelago is also closing in April. This area may rebound at some point , however i also read in Nv legal news that lowes hotel may be next.
Good luck.
Dave Grant
2 votes
Doug Bradford, , Henderson, NV
Sun Feb 21, 2010
Mr. Cool...don't worry about the commission. The bank is responsible for paying that so there is no money coming out of your pocket. You buyer's agent will be compensated even if the commission is reduced and ethically, is bound to represent you regardless of how much he/she receives in commission. The final commission determination is made between the bank and the agents.
Should you decide to move forward, your agent will provide you with a "Duties Owed", which outlines the agent's responsibilities to you during the home buying process...from initial meeting with you to negotiating on your behalf to handing the keys to your new home to you. Your interests will be protected no matter what.
If you are looking to purchase in the Lake Las Vegas area, keep in mind, the median price of existing homes sold in 2009 compared to pirces in 2008 have fallen about 30% . For your home buying purchase, that's good news because prices in LLV are good. The Ritz and Casino Mantelago have, or will be, closing their doors soon, But that's a temporary situation. Like everthing else in the economy, things will eventually rebound.
Let me know if I can be of assistance to you. I'll be more than happy to provide you with a step by step guide in the home buying process as well as use my years of experience in real estate to your benefit.
Thank you.

Doug Bradford
Realty One Group
Web Reference:  http://www.RealtyInfoman.com
1 vote
Gerard Dunn, Agent, Chevy Chase, MD
Sun Feb 21, 2010
The seller generally pays the commission on a short sale. The commission may be reduced or negotiated based upon the final contract agreement - but usually it is split equally between the listing and selling agent.

You SHOULD have someone on your side to represent your interests. Paying cash will increase your chances of negotiating a deal that will benefit you.

There is not a NORMAL commission paid on any individual sale. It is negotiated between the listing agent and the seller - and is generally outlined in the MLS.

Hire an agent to represent you - and let them work with the listing agent to negotiate their commission. Your focus should be on identifying the property and structuring an offer that makes sense for you. The selling agent will handle the rest!

Good luck!

Gerry Dunn
1 vote
Gregory Ray, , Flowery Branch, GA
Sun Feb 21, 2010
All monies dispersed at closing are paid from the funds use to close the deal. Usually one check from a lending company turns into the checks necessary to cover all the involved parties at closing. The closing attornery cuts the checks to pay all agents, taxes, insurance, escrows and ect. All this is listed in the closing paperwork.
1 vote
Paul Arroyo, Agent, Las Vegas, NV
Tue Feb 23, 2010
Hi Mrcool

The seller stills pays the Realtor commission. When you are doing a short sale
and escrow is figuring the numbers, the commission is part of it.
I am a big fan of Lake Las Vegas, closing a condo in Tramondo next week.
Take a look at my Virtual Tours, i have a couple of Lake Las Vegas Home there.
Call anytime, Have a good day.

Paul Arroyo
Merit Realty
website: vegashomes247.com
Virtual Tour: http://www.propertypanorama.com/inventory.asp?id=30394
0 votes
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