We will have 3 more disclosures on every Short Sale listing. One at beginning when sellers is signing listing agreement, other when the short sale is approved by lender, and the last one when Lender send additional materials in faact with the Short Sale approval letter.
Also, we need to 'add an speciaal wordking with any ad or commercial doing.
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Julia, this disclosures, will informed a little more to sellers that we, the realtos don't work on behalf any govermenet agency. But, some sellers will get in a great confusion to my understanding. Lenders, in every short sale agreed to pay real estate commission, sometimes they don't agree to pay full 6%, and only allow to pay 5%, but they pay it. Thelisting agreement says that 'seller will pay real estate commission', but again on short sale lender does.
These new disclosure specify that sellers agreed to pay the commission. This is the new question to us.
I asked to legal department to my association, about these disclosures, and the attorney explained to me that 'seller has to pay the commission to us,', as states in the listing agreement; but none of these seller will agree to pay, because they are loosing their porperties, if they can't afford the mortgage payments, how can they pay us?
Julia Fishel said:
Aida,
I was just studying these yesterday. And I have yet to understand how this helps us or the consumer but I'm keeping an open mind. More paper - just ducky!
Julia