I'm a lic RE Broker and I want to sell my house as a FSBO by owner/ agent, is that ok?

I'm selling the house I live in, I was a caretaker to my parents, now they passed and I own the house through probate, however, this will be a 'short sale'. When I tried using your service through FSBO it asked me if I was a lic real estate agent / broker I clicked yes, and then that was it I couldn't finish the listing. I assume because I'm lic? I normally sell vacation properties (timeshare) however, since I'm a lic broker with a company I decided to try and sell it myself. Can I use your site in this capacity? I don't want to misrepresent myself in anyway.

  • July 22 2013 - Winter Park
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Answers (11)

I didn't realize that I owned the home until I spoke with a short sale specialist broker who insisted that I WAS the owner! I told him that I'm not the owner, but he insisted that the mortgage company saw me that way.
He claimed he had investor's interested in these properties, but if he hadn't made such a low offer we may have been finished by now. I also said, "so you would make a commission, but I wouldn't? He said, "that's right". He aIso said 'if they promised you a commission, get it in writing".
So I called the mortgage company the next day and said, " I need it in writing that you are going to pay my company a commission." They sent me to get a HUD 1 form at their website to download info, but I had know idea which form applied to my situation. As I explained to my friends, this has been a learning curve.
You guys in CO are very courteous and I appreciate your input I believe you are saving me a lot of time and trouble and I thank you.
  • July 22 2013
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Nancy, 
  Scott Sufak's answer is correct insofar as my knowledge of the process, too.  We are licensed agents in Colorado, though.  The law may differ in Florida, though I personally doubt it does so in a significant way regarding this process. 
  I also agree that you likely won't be able to collect a commission.  The banks require these transactions to be arm's length; meaning they don't want any family or business connection in the sale.  While this means (generally) a connection between the buyer and seller, you profiting from the sale and now owning the home may have the same problem (in their eyes). 
   
Rob
  • July 22 2013
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So Robb, Mr Scott Sufak's answer is correct? There is no way that my company will gain a commission? I believe that tomorrow I will call the mortgage company to see if they consider me the actual owner of the house, I was the caretaker and my parents left this to me to handle, however, I'm not clear really that I would be considered the owner of the house by the mortgage company. Dad had a reverse mortgage, he left owing the bank everything.
This is getting complicated isn't?
Are all the states uniform about short sales and who gets paid?
  • July 22 2013
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Nancy, no I didn't receive anything from it.  As the seller at the time going through an agent, we didn't receive anything from the sale (we didn't qualify for any of the incentives or programs).  We actually ended up paying $7,000 to the mortgage company to get them to agree to the sale.  In our case, that was worth it to be forgiven the $170,000 difference between the sale price ($130,000) and the mortgage value ($300,000). 
  • July 22 2013
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Mr Rob Thompson, were you compensated on the short sale of your house in Las Vegas?
Thank you!
  • July 22 2013
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If you sell it short yourself, you will not be able to collect any compensation for the transaction regardless of if you are doing it FSBO or listing it with a broker. Only a licensed broker can be compensated and even then it can't be the owner of the house. They will allow you to conduct the transaction yourself, they just wont allow you to be compensated for it. In addition, your bank (or banks) will most likely require you to list it in an MLS service as part of the terms of granting short sale approval. They want to make sure it will be listed in a place where it will be assured of getting maximum market exposure.

Finally, you may find the services of an expert in short sales very useful whether you list with an agent or not, there are professionals out there that can help you in just this type of situation. Not only can they keep the short sale process on track with their knowledge of the process but they can minimize your financial impact and impact on your credit. Best wishes.
  • July 22 2013
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I understand.  I actually became an agent after I had to short sell my own home in Las Vegas a couple of years ago; I decided I could do this, do it with a passion for helping people (specifically those in distressed sales) and do it well.  

It took me awhile but I did get my license.  Unfortunately, I'm only licensed in Colorado or I'd be more than happy to help.  

I think that's an effective path and all you can do short of getting it into the MLS. 
  • July 22 2013
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As my parents caretaker I've lost contact with so many networking connections. Anyway, I don't like asking for those type of favors. I thought of going back to work with another Timeshare broker, but I don't think he has the MLS service, so again I decided to just try and sell it myself, as the broker. 
I plan on advertising it on my company website and on Craig's List, Zillow, or other free sites, also the newspaper. This needs to be very cost-effective and I need this sale.
Are you a Florida lic broker?

  • July 22 2013
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You did mention that.  Please pardon my oversight.  Do you know any agents in the town who'd list it for you as a courtesy or a token commission?  That way, you get the MLS exposure and are covered from an E&O perspective. 
  • July 22 2013
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Exactly what I was trying to do...disclose it by saying that I am the owner/ Broker agent. If I had access to the MLS I would use it!
Remember I mentioned that I sell Timeshare properties, we don't use the MLS, and so I don't have access to the MLS without paying for it. It would be to much money for one transaction, don't you think so?
I appreciate your input. I prefer selling it myself because it is already a 'short sale', not much commission.
  • July 22 2013
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Are you listing this property in your MLS?  May I ask why you'd list it FSBO if so?  If you're selling it, as an agent, you'll have to disclose it so why not make it a listing?
  • July 22 2013
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