Short sale, go directly to listing agent?

Question

Is there any advantage to going directly to listing agent (i.e. not using a buyer's agent) on a short sale that's listed on MLS, if the agent is a transaction broker? I was thinking it might be possible to get the agent to shave off part of their commission since they'll be able to double dip, and get a lower price.

Also, is anyone having luck getting an offer lower than the listed short sale price accepted? I was told that the listed price is usually too low because the seller has an unrealistic idea of what the bank will accept on teh short sale, but I was wondering if it ever works the opposite way?

Mark Brian · Answer

If you are dealing with a transaction broker, then it would not hurt to approach and might help. As far as commissions, the banks like to shave the commissions, so most experienced short sale agents submit the offers asking for the whole commission expecting the bank to counter back with the commission lowered.

The listed price is often set low by the listing agent to get more attention and multiple bids. I try to set my price according to recent sold comps, but below any competitive listings. Unrealistically low list prices on short sales is a big complaint among agents regarding short sales.

Make your offer based on your numbers and recent sold comps. Good luck and hope you have great success!

Timothy W. · Answer

What Mark said plus you're one less weak link away from the deal.  I lost a deal waiting for my agent's voicemail to be retrieved by the listing agent's voicemail as they bank accepted another offer in the interim.  This is usually not as much an issue with REOs but I ran into it on realtor shortsales.

Bienes Raices · Answer

thanks Mark