Question;
A family from my area contact me regarding their pre foreclosure. When I met with them they told me that they sighed with real setae broker about 3 weeks ago for 6 month. they are behind on their mortgage 5 month already and it looks like short sale will be the best situation or them, since the value of the house is less than the mortgage. My question is how do I worK with the broker regarding the commission. on the agreement they wrote 6%, and that's high.
Bank will set a limit on short sale commission of usually no more than 5% total - 2.5% and 2.5%
Also work with your mortgage broker on fees. Hope this helps. You can save on the lending side too! Best Regards!
[ Edited by TheShortSalePro on Date 02/25/2008 ]
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See if they'll drop the listing. They may take a small ref fee to get out of the way. Otherwise negotiate the fee down. No banks pay 6% for one realtor, they'll know that. 2 is fair especially if they don't have to do a thing on the lender side.