Hello.  This is my first post here, and I wonder if the superstars can help me. There's a question in my Activerain SFR group that I think needs some authoritative answer.  The question is, can an agent be the listing agent for a short sale property owned by the same agent?  ( I think I mangled that - lol.)

 

I believe the agent can, as long as the same agent doesn't benefit (get paid commission) from the sale. I know I read this somewhere, but can't cite chapter and verse.  Can you help?  Thank you so much!

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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!

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.

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


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.

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!

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? 

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.

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.

I wouldn't bother guessing .. just have someone else in your office 'list' the property. You can do the showings and the Short Sale.

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