Saturday, October 18, 2008

How much realtors get in a short sale

Bank have in general the standard of never allowing more than a 5% to be split between the two brokers involved - listing broker and buyer broker.

However I have seen cases where only 1% was offered.

In most cases, the listing states that commissions are not guaranteed, which in plain English could mean that the bank can pay the brokers whatever they want at the moment of the closing.

In effect, in real life, when the broker has presented a customer to a seller (in this case the bank), he will not be able to back up if a deal is agreed upon, where the bank offers a very low commission.

I have seen one case of a deal where the bank offered $ 1,000 flat in a $ 200,000 listing.

It could sound enough. But it does not when you realize that most realtors do a few sales every year, after hard work, hundreds of showings and uncountable calls and "busted deals".

Henry B. Nathan is a Florida Realtor at United Realty Group Inc.Visit my website: http://www.condo-southflorida.com/where you can search for Aventura Condos, Florida Condos,
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