Can a broker make an offer on a short sale listed in his ofice?

Will BOA accepet an offer from the listing Broker?  Can my Broker make an offer on a short sale listed in our office?  His is the only offer we have after 30 days.

 

Any advice or input?  Thanks

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Permalink Reply by Smitty on September 9, 2011 at 6:25am
No.  BOA doesn't like that.  You'll  have to switch listing agents to another company entirely.  BOA will consider it violating an arms length agreement.
Permalink Reply by Wendy Rulnick on September 10, 2011 at 8:51am
Smitty - Have you encountered that?
Permalink Reply by Cameron Novak on September 10, 2011 at 8:26am

You can place the offer to get the process started (also to find out where the bank stands).  You likely will have a problem when the Arms Length Affidavit comes over.

Permalink Reply by Smitty on September 10, 2011 at 11:09am

Yes.  My friend owns a brokerage and put an offer and went to purchase a property that was BOA serviced.  He thought that because an agent in his office listed it, it would be ok.  They denied the sale and said it wasn't arms length.

Permalink Reply by Cameron Novak on September 10, 2011 at 11:17am

The agent in his office is operating under his license... bank sees both of them as the same entity.

Permalink Reply by Wendy Rulnick on September 10, 2011 at 1:22pm
Smitty - They change their rules all the time. I would hope each investor has the opportunity to see an "opportunity".
Permalink Reply by Smitty on September 10, 2011 at 1:35pm

It's exactly as Cameron said. 

 

I agree with you wendy.  I think it's crazy, but I can tell you from his experience they would not let him as a broker buy a property from his listing agent.

Permalink Reply by Becky Martin on September 10, 2011 at 1:44pm
How about agents from same office?  Can a listing Realtor sell to another agent in his office as long as the other agent is only the buyer and not also wanting a RE commission off the sale?
Permalink Reply by Kimberley Kelly on September 11, 2011 at 12:50am
The reason they have the arms length affidavits are to insure no "insider trading" so to speak.  I think it's dumb as long as it's fair market value for that Short Sale, but there you go.  I can see from the thread that it has been tried and failed. 
Permalink Reply by Joshua Gayman on September 11, 2011 at 7:53pm

Yes, just make sure that it is 2 different agents within your office.(You can actually divide up the pay however you want within your brokerage anyways). When you put it in equator, it is at your own discretion, but I hear it is better to mark the question in equator that "listing and selling agent are: different" ;)

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