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The beginning of the story of closing the Northstead short sale in Natomas goes back to last summer. I received a frantic call from the mother of the owner (a veteran) of this home. Recently discharged from the military for medical reasons, the veteran’s mother held power of attorney to sell his house. Both mother and son lived in South Dakota. When the seller bought this home originally, his wife executed an interspousal transfer deed, and she moved into the home with their children.
What foresight, though. Like he almost knew the relationship would not last. The interspousal transfer deed meant the wife could not claim any community interest in the property. Ever.
It’s been a long time since I’ve had a bank try to discount our real estate commissions, but a Guild Mortgage short sale shows the bank is not in tune with Sacramento short sales. All of the federally insured mortgages, including the HAFA short sale program, pay 6% commission but not a Guild Mortgage short sale. By the time I’m through paying my assistant for handling all of the paperwork, the net result is pretty minimal.
The MLS instructions allow the buyer’s agent to share in that forced reduction. Sometimes, depending on the transaction, including how much work I have to do on the buyer’s side, I let the buyer’s agent share in that reduction, but I have not done that for a long time. Generally, I am generous. I often will absorb the full hit myself rather than pass it along to the other agent. Especially if that agent has cooperated fully with the terms.