Comments for Pickett Street

Comment on The anatomy of a short sale by Pickett Street Properties Team

Pickett Street Properties Team — Sun, 16 May 2010 19:41:46 +0000

Are you the buyer or the seller? I’ll answer as if you’re the seller, and if that’s not the case you’ll have to let me know.

Simply – in either case, and most every time – no, you don’t have to pay the commission. Most commonly, short sale listings and/or purchase contracts on short sale properties include language that states “All terms and conditions (including commissions) subject to underlying lien holder approval.” Part of the short sale packet includes the listing agreement between the listing agent and the seller, and this tells the bank what the contracted commission is. If the lien holder approves the short sale, the lien holder generally pays what it feels is a fair commission to the listing agent and the buyer’s agent based on the listing agreement. Let’s say, for example, that the commission on the listing agreement is 6% with 3% to the listing agent and 3% to the buyer’s agent. The lien holder (in most cases) will pay this commission to the real estate agents, but it’s not uncommon for the lien holder to try to reduce the commissions to 5% (2.5% to the listing agent, 2.5% to the buyer’s agent) as part of their negotiations for approving the short sale. In truth, real estate agents work harder and longer for less money on short sale transactions, so most agents will put up a fight if the lien holder tries to reduce their commission. Every situation varies though, so I can’t generalize too much on this topic.

In short – if you are a seller and you’ll be listing your home as a short sale, your expense in selling a home will be slight. The lien holder pays commissions and other closing costs, but it’s all a negotiation. It’s best to be prepared to have to cover some closing costs, but as a general rule, no – you will not be paying the real estate commissions. I always instruct my short-sellers to stay current on all their utilities and if you owe Homeowner Dues, you HAVE to stay current on those as well.

Comment on The anatomy of a short sale by d Claymore

d Claymore — Sun, 16 May 2010 18:59:44 +0000

My real estate agent stated that with a short sale he would get his commission. Do I have to pay that commission?

Comment on Signs of a stabilizing market? Neighborhood indicators and trends emerge… by Jay Smith

Jay Smith — Wed, 12 May 2010 19:07:23 +0000

Jesse,

Thanks for the information. I really appreciate the data that you shared in the article about stabilizing markets. I think you do a great job of sharing honest information with your clients through the newsletter and your website. Keep up the good work!! I also wanted to tell you that I appreciate your honest opinion. On multiple occasions I have caught you being very honest with me, even if you knew its not what I wanted to hear. Thanks!! I frequently read your posts and always enjoy them. Stay in touch.

Jay

Comment on Pickett Street goes to New Orleans by Meghan

Meghan — Wed, 05 May 2010 07:12:11 +0000

Wow, small world – I found your blog while I was googling Rooster – and I live in Mountlake Terrace! Anyways, we saw them play in 2004 and then I never knew what had happened to Rooster or the band after Katrina – so glad to see they are still there (or back again) and going strong. He’s pretty amazing!

Comment on NEW LISTING: Equestrian estate in Snohomish by Pickett Street Properties Team

Pickett Street Properties Team — Wed, 21 Apr 2010 02:28:36 +0000

Of course

Comment on NEW LISTING: Equestrian estate in Snohomish by Marsha Roetcisoender

Marsha Roetcisoender — Wed, 21 Apr 2010 02:08:10 +0000

We are interested in seeing this property. Would someone be available Friday afternoon to show it?

Comment on Pickett Street goes to New Orleans by Jesse's dad

Jesse's dad — Sat, 27 Feb 2010 03:35:26 +0000

Made me want to go see “Rooster and the Chicken Hawks” and drink blues from a hose.

Comment on The anatomy of a short sale by Washington State shorts sellers: an obvious problem with short sales, excise tax & Washington State’s position | Pickett Street

Fri, 18 Dec 2009 05:42:34 +0000

[...] sale process in regards to real estate transactions in Washington State, you might want to read “The Anatomy of a Short Sale” instead. The post below is a response to a policy from the Washington State Department of Revenue [...]

Comment on Where we reveal our secret marketing tool by Betty

Betty — Sat, 12 Sep 2009 14:08:28 +0000

I recently came across your blog and have been reading along. I thought I would leave my first comment. I don’t know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.

Betty

http://mortgagecalculato-r.com

Comment on Pickett Street on the radio by Posts about Short Sales as of June 25, 2009

Posts about Short Sales as of June 25, 2009 — Thu, 25 Jun 2009 12:05:10 +0000

[...] incentives are sweetening short sale deals, thanks to new efforts by the Obama Administration. Pickett Street on the radio – pickettstreet.com 06/25/2009 On Tuesday Dennis and I were asked to participate on a round [...]