Mar

26

Can a agent get commissions from Foreclosures?

Filed Under Foreclosure 

foreclosures
ridikuloz asked:


I am currently a NYC real estate agent, my brokerage never dealt with foreclosures before. I found a foreclosure that one of my buyer wants to participate. Am I entitled to a commission? Do I get the commission from the bank?

Lucina
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Comments

5 Responses to “Can a agent get commissions from Foreclosures?”

  1. zocko on March 27th, 2009 3:07 am

    yes, it should be on the MLS listing sheet. If not, then ask them what the comm is.

  2. Dawni Do Right on March 28th, 2009 9:03 am

    If it is listed in the MLS, the SOC should be in the listing.

    If it’s not listed, there should be a provision in your sales contract that allows you to write one in.

  3. godged on March 28th, 2009 9:42 am

    If it is listed in the MLS, it should indicate what the commission will be. Some lenders pay a very small commission, but some are better.

    REOs can be tough, they have addendums that your buyer will have to sign, they sometimes don’t want to to any repairs, getting a straight answer can be impossible, just make sure you prep your clients that this could be an exercise in frustration at times.

  4. Wendy on March 30th, 2009 6:56 pm

    Yes you are entitled to a commission. As others have stated, it should be listed on the MLS sheet and if it is not, you should ask. Foreclosures are a pain at times and can be very frustrating, but in the end clients usually save a good deal of money and can earn a lot of “instant equity” just fixing things that have been allowed to decline. Your clients will remember you for your effort and refer you to their friends. Hope this helps.

    I am a licensed real estate agent in NC and work with foreclosures regularly.

  5. borrowerhotline.com on April 2nd, 2009 11:54 pm

    a buyer is someone who is ready able and willing to purchase a property. The seller is the same in terms of a transaction. The price they arrive at it is called the “market”. (most often as is th case). Nothing is written in stone I guess as to reduced commissions. But a Realtor provides a valuable service between the two parties. Hmmmm what am I missing here.

    Good Luck