I am in the completion state of a short sale. We have approval and are doing inspections. I double-ended the tansaction. The bank has cut our commission to 3% due to dual agency and a policy they have. I worked hard for this transaction, to help the seller and the buyer. The process nets a better result for the lender than a foreclosure. Why would the lender think that by cutting the commissions and the livlihood of the agent that know how to accomplish the objective and giving the bank/lender the bottom line number they need, justifies cutting the commision or life blood of the agent.
I will complete this transaction and when the next one comes along, I will do the same. In my opinion the best thing helping this market is the short sale. Until some other means of stablizing the market comes along, we do the best work in a short sale. We help the seller out of a difficult situation, the buyer to find opportunity and the lender to save money and remove an liability from their books.
Why would you bite the hand that feeds you. Food for thought!
I am Jeanean Gendron. I can be reached at 530 276-7417. Visit my website to learn about Redding and Shasta County Real Estate.
Congratulations.. Next time offer the buyer out to another agent in the office and take back a 50% referral fee and share the work.
I wish lenders really looked at How much of a help Realtors are in saving them money time and reputation via short sales.
Eric, we probably will look at that. In this case there was really no time. He wanted to make an offer right then and we did not know the bank would view it as opportunity to hurt us. I have a partner on each side and so it won't help any of us in the bottom line business sense.
Gene, in this case...it just wouldn't work. I have fiduciary responsibility for both sides. If I did as you suggest, I would hurt the seller and that is not an option. Besides, the buyer is getting a good buy on a property he really likes. It would work for him either!