OK, since it will be years before we see another housing market like this, I thought I would share some of my experiences, challenges, opportunities for growth (yes, we are growing...sometimes painfully) and fall on the floor funny tales from the trenches .
Here's a tip for short sale sellers. First of all sometimes agents are able to offer credits for closing costs to buyers or perhaps assist with repair costs incurred by sellers in a conventional sale. In a short sale however, agents can offer no monies of any kind to sellers. When the bank approves a short sale, they include paperwork that clearly states that the seller will close the sale with no financial gain of any kind. So, sellers, don't be offended when your diligent agent says no, they cannot credit you or further discount their commission. The bank pays all of the closing costs including commissions so you will also not be out of pocket. Don't call your agent a "bloodsucker", you have not hired a vampire to sell your home, just a professional agent. The agent is negotiating with your lender to get the debt forgiven and typically they reduce their commission anyway. If the agent did offer you $$ from the commission, both the agent and you as the short sale seller could get in a lot of trouble, the kind that involves orange jump suits and bars and fines...not pretty.
That's today's tip, as everyday is eventful in my world right now, surf tomorrow for another tale from the trenches.
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