Replies to This Discussion

Permalink Reply by Trina Gonzales on April 6, 2011 at 7:20am

You legally can if you disclose it clearly. Most banks don't want you to and there is really no law barring it and you wont be compensated.  It's much better to go ahead and refer it to a trusted expert in your office. You can stay involved in the transaction as the seller and be in the know.  Have your friend swap a listing and give you hers for yours.  Make it fun and make it a win win!

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Permalink Reply by Krystal Heedly on April 25, 2011 at 3:24pm

Doug

I am the broker of my company and although I am working on a possible loan mod for my primary residence, I feel this may end up as a HAFA short sale. 

Who was the bank on your transaction?

And didn't you have to sign your name as the listing agent/person receiving the commission for your brokerage on escrow instructions or a similar form? I mean you could not just put the company name on the signature line right?   In other words you were clearly shown as the seller and listing agent.

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Permalink Reply by DoesntMatter on June 24, 2011 at 6:57pm

i can confirm 100% B of A will NOT allow the H/O to represent themselves, commision or not.

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Permalink Reply by Dr. Rodney K.Elkins on June 24, 2011 at 7:14pm

Krystal Heedly said:

Doug

I am the broker of my company and although I am working on a possible loan mod for my primary residence, I feel this may end up as a HAFA short sale. 

Who was the bank on your transaction?

And didn't you have to sign your name as the listing agent/person receiving the commission for your brokerage on escrow instructions or a similar form? I mean you could not just put the company name on the signature line right?   In other words you were clearly shown as the seller and listing agent.

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Permalink Reply by Dr. Rodney K.Elkins on June 24, 2011 at 7:16pm

although you can do your own short sale for zero commission...why?

let another agent assist you....and then let them split a future commission on ANOTHER property with you!

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Permalink Reply by Kimberley Kelly on June 25, 2011 at 2:40pm

Great stream as usual.  I would not list my own.  I would use a good Short Sale List Agent, keep my hands out of it, except as requested of course..and let 'er rip.  Why dirty the waters? 

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Permalink Reply by Doug Packard on June 28, 2011 at 11:02am

Krystal,

 

I didn't sign any escrow instruction form, wasn't given one to sign.  On the info sheet with the original submission, I was listed as the listing agent.  It was no secret.  Several times in my discussions with the negotiator, the fact that I was the listing agent came up.  I ended up contributing $7,500 of the commission to the second mortgage holder and the first lien holder knew that's where it was coming from.  The first was with Wells Fargo, the second with Citimortgage.

 

Krystal Heedly said:

Doug

I am the broker of my company and although I am working on a possible loan mod for my primary residence, I feel this may end up as a HAFA short sale. 

Who was the bank on your transaction?

And didn't you have to sign your name as the listing agent/person receiving the commission for your brokerage on escrow instructions or a similar form? I mean you could not just put the company name on the signature line right?   In other words you were clearly shown as the seller and listing agent.

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Permalink Reply by Bryant Tutas on June 28, 2011 at 2:48pm

Every lender is different. I personally sold two of my investment properties in 2010 as short sales. I was the listing broker on both. I did not receive a commission. The selling broker did. Both were with BofA.

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