Sales Commission
The owner of a house in foreclosure has had it on the market for a while now. He is willing to consider a short sale, his listing agent says. I know the seller is to receive no proceeds from the sale, but do agents typically receive their agreed upon sales commission on a short sale? Even if I do most or all of the work?
[ Edited by cmon on Date 12/13/2006 ]
[ Edited by cmon on Date 12/13/2006 ]
Thanks ShortSalePro. One less thing to worry about.
Here is an example of one of my hardship letters. Yes I type them and have the tenant sign.
To Whom It May Concern
I have fallen behind on my mortgage payments due to tenant problems. In 2003 I had a series of tenants who did not pay rent and destroyed the house. The loss of income, legal costs, and the repair costs forced me to file Chapter 13 Bankruptcy last fall. I later had the Chapter 13 dismissed because the payment plan was increased to an amount that I could not afford.
Unfortunately the house is still in need of repair. I have it rented, but it is rented at below market because of the condition. And then the recent hurricanes caused additional damage to the roof, trees, and water damage. I do not have the money to perform the needed repairs.
With the loss of income, expenses, and repairs still needed, I am no longer able to afford the house and must let it go. I am sorry for not being able to pay my mortgage, but the last year has been very hard on me financially and emotionally with all the tenant and property problems. I am hoping that the house can be sold so that I can put these problems behind me and not have to face a foreclosure. Please approve the sale of the house so that both Homecomings and I can avoid a foreclosure.
Sincerely
You can certainly short sell vacant houses and tenant occupied houses. I have done both. FHA loans must have started out as owner occupied and there are less questions if it is owner occupied during the short sell. But I have shorted FHA vacant and tenant occupied houses after justifying why they are vacant or tenant occupied.
BTW - the short sell in the example letter was approved. I can not remember if it was FHA or not. I would guess that it was not FHA or I would have meantioned in the letter why the owner had to move frmo the house.
My hardship letters always meantion a month and date when the hardship started. This month and date will correspond to when they first started falling behind on the mortgage. Letter also specifically meantions what is the hardsip: job loss, cut back in hours on job, divorace, illness, hurricanes, needed repairs, etc. It must be something beyond the control of the morgagor. The morgagor always apologizes and asks for the short sell to be approved. If the house does need repairs, the letter always meantions the repairs and how they are so expensive and how the house really needs repairs. Lastly, I keep the letter short. Nobody really reads anymore - especially a loss mitigation rep with 50 folders on her desk.