Hello,
I had some questions. First of all I am in California and I am Using a NODPA with an addendum to the NODPA (Option contract)
I met with the homewoner had everything signed. My question is when it comes to the HUD. There are real estate commissions. 6% to the Selling Agent / Buying Agent that I have the bank paying once this deal goes through. I am doing an A-B B-C transaction.
With the Option contract this gives me the right to sell the property. I have some confusion how all the listings work.
If the bank requires a listing I was told to do a pocket listing, have the home owner sign it. How long does this listing last? For only 30 days? What if this listing expires and the deal closes in 60 days, How are Realtor commisions paid out? who gets the listing after 30 days. Does the listing with the seller ever cancel.
When do I as the one that has the option on the house sign my listing agreement so I can market and find a buyer. I was told after the BPO but of course I am marketing the property through out the whole process.
Can someone please explain the process! When to list the property with the Homeowner. What happens with the property to be listed at a later date.
Thanks!
