In the world of shortsales there are many interesting twists and turns. It is important for all of us to realize that banks want to take over real estate. You might find it interesting to know that the only real estate agents in the United Kingdom work for banks. This is a preview of what the world would be like if Realtors did not exist, and banks took over.
Second point here is that there are MANY cases of banks and lenders stipulating exactly what the terms and conditions of the sale may be. In our area it is not recommended for Realtors to conduct both sides of a transaction in general, however even if two Realtors from the same brokerage, even just the same BRAND, which may be actually under different BROKERS (meaning no legal relationsihp), lenders are playing hardball on fees, including commission.
Before blaming the Realtor or broker for problems, realize that for the lenders this is business. It sounds to me in your post that you are selling on your own and this Realtor was going to represent the buyer and you, but she brought the buyer, is that correct?
Here is a heads up: Most lenders involved in short sales insist that the seller use a Realtor. Why? Because if this is a true short sale, the BEST decision is for the lender. That means that after careful examination of the FACTS, the lender thinks they need to sell the property to avoid a llarger oss.
So, if a lender will agree to let an owner sell their property without professional representation, what does that tell you? According to NAR statistics, owners selling without professional represntation list with a Realtor 86% of the time. So if the owner is in danger of foreclosure, that means that time is of the essence. Why would a lender allow an owner to sell by themselves, then, when there is an offer, cut the commission to the point where the buyer walks away?
Could it be that they truthfully want to foreclose? Aren't you as the owner worried about having a foreclosure on your credit report?
I am very concerned about this situation, and the truth is, if the lender does not want to do a short sale, they can make it so hard to conduct a short sale, while paying lip service to the idea, that after they issue the notice of default, you could simply run out of time, and there is absolutely nothing you can do about it.
I suggest takling with a Realtoir with experience in short sales to learn your options