Agent

Red flags in short-sale counteroffer

Home Sale Hindsight
Published on Aug 20, 2010

Q: I'm an independent investor unhappy with my agent. I made an offer on a short sale in April. In June, my agent (who rarely contacts me) said she was unable to get a response to my offer, and the property was scheduled for auction! My loan officer (who coincidentally works for the bank involved) postponed the auction. Last week, my agent said the bank countered and asked if I would accept. Because the price was the same and only the closing date was different, I accepted the bank's counter. Later, the agent said the bank wants the seller to contribute more money, and because the seller can't the deal may not go through. Also, the counter included a commission increase from 5 percent to 6 percent even though my agent appears to be the only Realtor involved. What is really going on here? Am I wasting my time? --Mike, California A: Mike, I'm not exactly sure what's going on there, but I am sure that you're right to be concerned. Until the last sentence of your question, ...

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