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Tuesday, May 29, 2007

more on hud properties

HUD properties are still off the market (see previous post). There is going to be a change regarding the listing broker when these come back. In the past, Michael Rath, out of Akron, was the listing broker and his office received a 1% commission on the sale.
The new scheme is to allow the listing broker to place their sign on the properties and they will no longer receive the commission. The number of buyers the listing office acquires through calls to the phone number on the sign is supposed to more than compensate for the loss of the 1% commission. The 5% commission on the buyer's side will stay the same. I understand that Michael Rath is out of the game now, and I'm curious to see what office has picked up the listings for Richland County.

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