How Much To Pay A Short Sale Transaction Facilitator?
I'm fairly new to the site and might be overlooking the answer to this.
I was trying to search the forum post to see if there was a discussion about paying a Short Sale Transaction Facilitator. I'm in the Dallas/Fort Worth area. I'm thinking of letting a Short Sale Transaction Facilitator do my short sales but I'm not sure of the pay scale for them. A typical RE Transaction Coordinator pay in this area is from $250 - $500 flat fee but I can't find anything regarding a Short Sale Facilitator.
Any suggestions, or can you post what you have paid recently?
Thanks for your help.
L
Replies to This Discussion
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Permalink Reply by Lisa Payton on
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Can you email me the strategy so I can check for my state?
Thank you for your comment.
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Permalink Reply by Smitty on
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I've seen 1-3% of the sales price and also flat fees. I guess it depends on your area.
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Hi Larry,
I negotiate and write up my own listing or sales contract, they are doing the paper work and facilitation of the transaction to close.
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Permalink Reply by Short Sale Superstars LLC on
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Typically 1% of the purchase price. This can be structured many ways to avoid having the Listing Agent eat the whole 1%.
310-564-6389
[email protected]
www.ishortsalenow.com
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Permalink Reply by Shannon Noble on
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call me 512-785-9001
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Permalink Reply by Lydia Santa Cruz on
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I am in California and know of some professional NEGOTIATORS who charge .50 of the sale price, which is sometimes paid by the listing agent, or split between the listing and selling agents. It's fair. Then there are offices who have their own Short Sale Dept and really all they do is the paperwork. BIG diff in outcome.
I am seeing now that in Southern California, primarily Orange County...there are agents who are doing their own Short Sale Negotiating (or processing) and actually taking 4% of the list price and offering 2% to the selling office. Or they charge 6% commission, and take 1% off the top for their work, offering 2.5% to the selling agent with a caveat that any commission reduction will be split. This is because of our housing "shortage" Hah. Real negotiating is cost and time intensive, I think that it might be more productive AND effective for these agents to get more listings and hire someone else to do the real negotiating...Lydia Santa Cruz 909 227 2792.
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Hi Lydia,
Correct me if I'm wrong... Here in Texas, the banks are trying to streamline their process. There is not much to negotiate. You send the documents, they order their appraisal and bottom line they want 84 to 88% of value. Your only choice is to request a re-evaluation. If I'm correct on this what other than paper work is left for the SS Facilitator to do?
I'm having a difficult time understanding why I would pay some one a percentage of the sales price when they are doing paper work and facilitating closing? If you have a listing with a $150,000 sales price vs. a $300,000 sale price and the transactions go smooth on both properties the facilitator is doing the same paper work but getting paid more on the higher listing when they are not acquiring the business, referring it or negotiating it. I just think it should be a flat fee.
I might be wrong or not appreciating what they do, but I have done several of my own short sales and I did not find it took long (other than waiting for the bank to reply at times) or any harder than a listing with a difficult seller or buyer (which happens often). Jury is still out for now until someone can show me what I'm missing.
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Hi there, thanks for he note..please scroll down for my answer Lisa. Take care.
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In St. Louis, 1% is pretty typical. There are ways of getting this a little lower, but the negotiator is looking at this area to make more than their typical 1%, so it's a negotiation between the agent and the negotiator also. We've been tossing around the referral bonus to who ever brings in the short sale and/or lead. If you use the same person everytime, it's not a bad incentive to keep everyone happy.
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Hi Janice,
I understand this a little better if your negotiators are actually bring leads or listings to the table. That is creating business not administrative support.
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Permalink Reply by Joseph Alfe on
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I would never do that much work for 1%, but then again, I do not charge agents. I don't believe they should give up their hard earned commission either.
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I do not charge agents at all. I charge the buyer with a fee agreement that is disclosed at time of offer. I give the buyers an incentive to pay me by getting them closing credits or a lower approved price than they may have thought possible. Buyers are happy, because if they weren't they won't close. I make it worth their while.
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