Generally there are commissions involved in both REO and short sales. However I have found them to be a 50/50 split at about 4.5% which is 2.25 per side. This is only on some of the cases I have been involved in so please do not generalize. JC if you like the job your realtor has done then I would assume your realtor is experienced and will make sure that there is a coop commission offered, especially if that realtor is doing a foreclosure search for you.
As for the other topic about short sales not being worth the time, for the most part there are alot of short sales that are priced very low indeed simply to get the paperwork in and start the process without much intent for the lender to actually accept the offer. However more and more of them are indeed getting accepted.
One thing that experienced hunters know is that it takes time and patience. If you are truly serious about trying to save alot of money or get a screaming deal, then be prepared to try as many avenues as you can. Submit a hundred lowballs and you will most likely get a hundred no thank yous. However if you don’t try you will absolutely get nothing.
Personally I don’t think they are a waste of time. You just have to try and if they say no then check back in a few months.
Disclaimer – this is not an it is time to buy posting. It is just addressing that short sales, while frustrating and mostly tough to deal with, can indeed yield a deal in some cases.
