I found my first short sale deal through direct marketing to absentee owners. How do I go about negotiating with a listing agent their commission or choose the correct listing agent?
What do you guys usually agree on?
I would find an agent that primarily deals in short sales and ask them to list it for you. If you get the wrong agent or someone that does not know how to work the short sale they can kill the deal. I would pay they 3% and ask for referrals on any other short sale leads letting them know you will buy them. Next time they might bring you a deal.
Unless your licensed you probably cant legally get a fee for the listing or sale, only a per-lead fee (not tied to the listing or sale). The listing agent will put 6% on the listing agreement and give a percent to the buying agent.
Don't forget in a short sale the bank must approve all fees. You will need to select a local licensed realtor to put the details to paper. The commission should be submitted at 6% which is then subject to the lender deciding how much of a commission they will actually agree to pay.
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