Dsignated Broker

I am the listing agent and the selling agent for a proeprty in which Wells Fargo is the lender.

Is it importnat to use someone else as the designated broker?  What would the correct amount to

pay them be if they do not have to do any work?

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Permalink Reply by Jeff Payne on March 27, 2011 at 4:16am
Hi Karen, it is NOT an issue, you can list and sell the property and Wells will pay you a commission.  Never had an issue with it as I have been on both sides of the deal many, many times.
Permalink Reply by Alyce Nelson on March 27, 2011 at 6:23am
Yes, I concur with Jeff's experience, with one additonal note.  We have seen them cut the REACommision down to 4% when we have both sides of the transaction... they don't always... depends on the underlying investor....  sadly we are seeing 4% happen more often than not when we own both sides...
Permalink Reply by Jeff Payne on March 28, 2011 at 3:22am
Alyce, which banks/investors are cutting down to 4%.  The only one that I had recently like that was due to a debt collector on the second dipping into the commission.  Lately I have been getting 6% even on double sided deals.  BBandT is famous for cutting to 4%

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