Dear fellow short sale specialists,

 

Has anyone ever seen problems with a broker receiving commissions when they are also the buyer?

 

Thank you, Paul

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Paul. We must be having a rush on this question. You are the third one to ask it over the last couple of days. The answer in a nutshell is that most investor/lenders are going to have a problem with paying a party to the contract a commission. I would go into the deal expecting not to be paid.
Thank you Bryan

I represented a buyer/agent in my office on a short sale since she was told, that the investors would not pay her a commission.  We split the deal 50/50 and she received a referral fee.

 

Yes, it happened to me from Chase, but not all banks do that.

The new BofA Short Sale Addendum (in use for file initiated after April 4 per the BofA website) requires that there be two agents involved - one on either side of the transaction - no more double-ending by agents.

But it also requires the listing agent have no business relationship with the buyer.

Can a seller that is also an agent actually accept a referral fee from another agent on the sale of their own home by short sale?  I would want to read the bank addendum very carefully.

I have seen arms-length-transaction addenda that specifically forbid the payment of commission to an agent who is also a principal or who is representing a family member or business associate.

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