If I do a short sale how does the real estate agent get paid? Bank said a % of what house sells for does not go to the agent.

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1. Licensed in NY

   

   Jean L. Chou

   New York Real Estate Attorney

   Contributor Level 2

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   Answered July 18, 2012 01:07. Even in a short sale in NY, a real estate agent is still paid from the sale proceeds, subject to the terms of any broker/sales agent agreement that you enter into. Your bank must approve the purchase price amount once you receive the offer and will designate maximum caps on the amounts due to creditors (ie: no more than $10K to be paid to broker, no more than $5K to be paid to managing agent for monthly arrears, etc.) You should not receive any proceeds personally from the sale.
   
   It's incredibly important that you hire an experienced and savvy real estate attorney with short sale experience to represent you. Each party you are indebted to will be taking a cut on amounts owed to them and your attorney is responsible for negotiating these final settlement amounts in order to facilitate and close your short sale.

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   Jeff Tomberg

   Boynton Beach Real Estate Attorney

   Contributor Level 13

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   Answered July 15, 2012 05:50. speak to a real estate lawyer. having closed over a dozen short sales in the last 10 months its been my experience in florida that the agent and the lawyer get paid from the bank in the transaction. as part of the short sale process we send the bank a preliminary HUD statement. in each of the transactions the real estate agencies were paid from the proceeds as in any other closing.

   without a detailed review by a lawyer can all the issues raised in your question be appropriately addressed...... morewithout a detailed review by a lawyer can all the issues raised in your question be appropriately addressed...nothing in this response should be construed as establishing a lawyer client relationship..the answers herein are for informational purposes and not to be construed as advice less

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