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In brief:
In the
listing, make it subject to third party bank approval if you
know the property is short. Also list it as is; no repairs.
This will prevent problems with the buyer later after
inspections.
When a
member of the MLS brings in an offer this language will protect
you because the language makes it clear that the bank or banks
must approve the deal as a whole or there is no commission owed.
When handling a short sale my office always asks what the bank
or banks allow as commission. We relay this back to you in the
beginning if it is anything other than five percent. If you
can't for some reason get with me before listing the property
never offer a co-broke of more than 2.5 percent. Inform the
selling agent upon offer being made that commission can be less
if the bank only allows 4 percent commission or the bank finds
the property to be worth more than the offer thus not leaving
enough money in the transaction to pay a full commission.
Finally, if for some reason the deal does not close you will not
owe commission to selling agent as there will be no procuring
cause.
If you have any questions or
concerns, please feel free to contact me .
Gary L. Seymour
Seymour Law Firm, LLC
215 Coram Avenue
Shelton, Connecticut
203-924-6700
801-618-4472-efax (direct to email)
gseymour@ctlawsw.com
www.theseymourlawfirm.com
www.ebook4agents.com
www.j4ho.com
www.getthewordout.us
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