#5 Short Sale Seller Myth: Real Estate Agents Are ‘Cleaning Up’ in the Short Sale Market, Part I

While it’s been a tough time for the majority of real estate agents out there in today’s market, some agents have been able to find business in the short sale and foreclosure markets of recent years. But it’s no bed or roses; listing agents are generally getting less commission in a short sale because of a bank’s heavy involvement and efforts to keep a seller’s closing costs to a minimum.

That being said, it is often a lot more work for an agent to represent the listing because they are dealing with both the bank and the seller. There is a lot of going back and forth; they have to manage both sides to keep everyone happy and informed as possible throughout the process, often times acting as more than a regular agent. They are more like an interpreter, intermediary and peacekeeper.

Some agents have relationships directly with specific banks and are representing any number of short sale or bank-owned (REO) properties at one time. Keep in mind that when working with an agent like this, their primary customer in general is the bank, so they may not be as attentive to the needs of the seller as they would like to be. It’s not always the case, but it can be. In fact, one of the most frustrating parts of short sales for agents and clients is the waiting game because it takes longer to get the information reviewed by all the parties involved.

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