Upcoming Foreclosures

Can a agent get commissions from Foreclosures?

I am currently a NYC real estate agent, my brokerage never dealt with foreclosures before. I found a foreclosure that one of my buyer wants to participate. Am I entitled to a commission? Do I get the commission from the bank?

Public Comments

1. yes, it should be on the MLS listing sheet. If not, then ask them what the comm is.
2. If it is listed in the MLS, the SOC should be in the listing. If it's not listed, there should be a provision in your sales contract that allows you to write one in.
3. If it is listed in the MLS, it should indicate what the commission will be. Some lenders pay a very small commission, but some are better. REOs can be tough, they have addendums that your buyer will have to sign, they sometimes don't want to to any repairs, getting a straight answer can be impossible, just make sure you prep your clients that this could be an exercise in frustration at times.
4. Yes you are entitled to a commission. As others have stated, it should be listed on the MLS sheet and if it is not, you should ask. Foreclosures are a pain at times and can be very frustrating, but in the end clients usually save a good deal of money and can earn a lot of "instant equity" just fixing things that have been allowed to decline. Your clients will remember you for your effort and refer you to their friends. Hope this helps. I am a licensed real estate agent in NC and work with foreclosures regularly.
5. a buyer is someone who is ready able and willing to purchase a property. The seller is the same in terms of a transaction. The price they arrive at it is called the "market". (most often as is th case). Nothing is written in stone I guess as to reduced commissions. But a Realtor provides a valuable service between the two parties. Hmmmm what am I missing here. Good Luck