A short sale occurs when a home owner sells their home for less than what they currently owe to the lender. The lender agrees to stop the foreclosure process and allow the home owner to do this because they feel it's in their best interest. By helping the home owner with a short sale as opposed to simply foreclosing, they feel the home owner will be more responsible when exiting the property. There are many benefits to short selling as opposed to being foreclosed on by the lender. If you or someone you know is facing foreclosure, please don't hesitate to reach me in order to discuss further.
It generally means they have accepted an offer on the home and it's in the process of being sold. At this point, most agents aren't open to back up offers however some are, which means if you were to place an offer, it would be placed in a back up position in case the existing offer were to fall thru for some reason.
In this scenario rather than truly being "your" agent and attempting to negotiate the price or work on your behalf they are giving the listing agent even more money in order to secure a position in the transaction. It's not really a matter of "your found the home"; all the work begins at that point so you aren't hiring a Realtor to simply "find" a home for you.
Out of common sense knowledge and professional courtesy you should of simply mentioned that you had a Realtor and given his name when you were greeted at the builders office. That would of been the fair thing to do. A common misconception is that a Realtors job consists of locating a property. This is actually where everything begins. There is much more to the entire process a Realtor does on your behalf so just because he wasn't with you that particular day doesn't mean he had no value to the transaction.
If you are going through a short sale; you will have to rent for a while. Generally 2 years before you will qualify for another mortgage. This will also allow you to put some funds in the bank so you will be better positioned when you are ready to buy again.
Always shop around. Ask for each companies fees in order to compare. This will give you a good idea of what fees in general will be charged and the best overall proposal.
This is for the most part, the state of things in todays Real Estate world. I would suggest one of two things you could do. One is to contact a credit advisor and work with them to get your credit in line with making a home purchase. Two would be to search for non-traditional finance terms such as owner finance or lease to own options.
If you are flipping or investing then you know the way to cut costs are in other areas. Realtors negioate properties, not commissions. I agree with the comment below that if it's that serious for you then you should get the education, pay the dues and earn your own commission. It's not up to you to dictate what the agent gets paid. Finding a property is only 1 step of many a Realtor does when working for you. Do you understand the legality of a contract? Do you know how to property complete a contract? Do you work with lenders, appraisers, attorneys in order to bring the transaction to closing? Do you understand title issues? Please understand there is more to a transaction that locating a property and making a paycheck.
Unfortunately it could be. This is generally accepted as a bad practice here and developments behaving this way will eventually lose more then they will earn by cutting other professionals out of the process. However you would be giving up having a professional on your side whose sole purpose is to negotiate on your behalf. The developer is working for their best interest not yours. The Buyers agent works soley on your behalf and can generally save you thousands of dollars. Statistics have shown that those who use a buyers agent save money.
There absolutely is. Contact me in order to discuss what your criteria would be in an investment property.