OK, ready? Repeat after me… “NO”
Try it again…”NO”
That’s what you should be saying firmly when the bank/lender says or “demands” that you lower your commission on your short-sale listing.
That’s also what you should be saying firmly when the listing agent says that the bank “demands” that the commission be lowered and that you, as the buyer’s agent, have to “split the difference”.
Too many agents are letting banks get the best of them. I’ve said “no” several times and have never had a problem. There are plenty of other agents that have also said “no” and have not had a problem either.
Can you actually say “no”?
Yes, you can! And you should. If you haven’t already, check out Lem Marshall’s presentation on short-sales which covers what’s required and what’s not and what’s legal and ethical.
Will the bank kill the deal if you say “no”?
I’ve yet to hear of a bank not approving a short-sale over 1 percent worth of commission. If someone has, please let me know and I will stand corrected.
So next time the bank tells you that you have to cut your commission to almost nothing, just say “no” and move on to the next subject. You’d be surprised at how well that works…