Replies to This Discussion

Permalink Reply by Wendy Smith on March 11, 2012 at 10:44am

Amen, Jim.  Well said.

Permalink Reply by joe beauchamp on March 14, 2012 at 3:52pm

Maybe in other parts, dual agency isn't used much. Dual agency is not the same agent as both buyer agent and seller's agent, it is that the brokerage may represent both, and I've done many short sales this way with no issues from BOA.  If the same agent is doing both, well, yeah, banks often stick it to you here, also.

Julissa, after finding no rule for such, you should challenge the negotiator, and soon include others - supervisor, escalator, team lead - depending upon where you are.  I have found that being faced with the absolute truth from an absolute authority, BOA employees often are completely brazen to ignore you, so don't take that to mean that  you are wrong. Make them prove it and keep hammering with your facts in the meantime.

Permalink Reply by Enrique Vasquez-Plaza on March 21, 2012 at 12:26pm

On cheap properties I have,  

On expensive properties they have tried to.  My conclusion is that everysingle time depends on investor.  I was able to demostrate to 1 negotiator how I did my due diligence to obtain my out-of-state all-cash buyer (paid thousands of dollars to be on a real estate website) and she finally agree to pay me 6%.  But I have seen way more rejection towards the 6% in dual than before, that is a fact.

Good luck!

Permalink Reply by joe beauchamp on March 29, 2012 at 1:14am

NJ does not allow an agent to be paid by more than 1 entity.  Explicit in that concept is that the buyer's agent is an agent of and paid by the seller.  So, just exactly what does dual agency or any dual role really mean if everyone is working to be paid by the seller?

At least in jersey, to be a buyer's agent (except in the rare residential case where the buyers agent is actually paid by the buyer) you have to either pretend to be loyal to your buyer when you are looking to be paid by "the other side" or you have to be disloyal to the person paying you, the seller.  Ergo, if BOA actually put thought into their concept, they shouldn't allow buyer agents in short sales, right?  An agent supposedly backing one party and paid by the other.

Oh, wait, that is what servicers do for short sales - they are paid to manage accounts but are asked by their investor to get rid of the account via short sale.  I guess BOA understands screwing over "the hand that feeds you" very well..??  Hmmm... well, you say tomato, I say deception..

Permalink Reply by Matt Newman on March 30, 2012 at 5:34am

I had 3 deals where I was paid the full 6%.  One was a BOA co-op, another BOA FHA, and another Citi FHA.

Permalink Reply by TOP END Properties on October 9, 2012 at 4:09pm

This is what I assume from day one:

- Dual Agent (Same Agent/Office): 4%

- Designated Agents (Same Office): 5%

- Different Offices: 6%

Permalink Reply by Celeste ODea on October 11, 2012 at 11:54am

We do Dual Agency all the time and never receive less than 6% commission. Same office, but two different Agents - 6%.

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