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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  May 26, 2010  |   When Should You Use a Short-Sale Negotiator?
Short sales abound, but many real estate sales associates do not possess the time, training, or temperament to process this type of transaction. In particular, many sales associates would rather use the time that would be lost processing paperwork to instead pursue marketing, lead generation, and other more productive activities.

Rather than distract themselves from their core tasks, sales associates handling a short-sale listing can benefit from the involvement of a short-sale negotiator, but they must be careful to adhere to rules on agency relationships, insurance, and compensation.

Home owners may choose their own negotiator, although they often do not have the expertise to select the best professional; selling sales associates may retain a negotiator as part of their team, or this individual may be an independent contractor that they hire; or the buyer's sales associate may bring in the negotiator, although this may lead to agency issues since the buyer's sales associate then begins to represent the seller.

In any case, it is critical for listing and selling sales associates to be certain of their Errors & Omissions policies, which may or may not cover these activities. They also must take care to address how the negotiator will be paid out of commissions that have been earned or as a separate or negotiated fee.

Source: Realty Times, Bob Hunt (05/25/10)

© Copyright 2010 Information Inc.

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