Washington Short Sale Law: Unusual or Normal
I'm asking, what are you finding in your state regarding this situation? In Washington, anyone who negotiates on behalf of someone doing a short sale has to be a licensed real estate agent, AND, " compensation paid to the listing broker has to be "usual and customary" compensation for real estate brokerage services." That from the Washington Association of Realtor's attorney.
Unfortunately the state law seems to want us to have a standard fee rather than a negotiated fee. Annie Fitzsimmons, the WAR attorney, goes on to say: "Accordingly, the compensation paid needs to be that which the seller agreed to pay the listing broker(s) for the real estate services of selling the home. Additional compensation for short sale negotiations may not be taken by the broker."
So it seems that a short sale adviser or agent a) Must be licensed as an agent in the state; and b) Must not charge more for the additional service of working a short sale than they generally charge for working a normal listing.
Is the state making some kind of forked tongue regulation here? You can't change your (not fixed) pricing for a listing because you have months more work to do a with short sale? You must fix it to your not fixed fee.
Just asking.
Glenn Roberts, SRES*
Lake and Company Real Estate
206-524-3665
Seattle Residential ~ I Do That
Licensed broker since 1985 offering spectacular service to buyers and sellers in greater Seattle, with particular interest in Green Lake, Ballard, Phinney Ridge, Wallingford, Ravenna, Bryant, View Ridge, Roosevelt and the University District.
*Senior Real Estate Specialist
Referrals from past clients and other agents always make me smile.
