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Jennifer. If you ask the negotiator the answer will be 'No". You are probably too late to try and bring another agent in. But if you want to try just change the HUD accordingly and send it to the negotiator for approval. Asking is not the way to go.
This is one of the things you learn as you do more and more short sales. The lenders are almost always going to have an issue with paying full commission to a "dual" agent. In the future you'll have to figure out how to get paid, as mentioned in my previous comment, or just don't work with buyers on your own short sale listings. Give them to another agent and take a referral fee.
Now were getting to the solution...
To solve this issue, simply break down the commission into 2 lines (like there are 2 agents) on the HUD. I work with dual agency all the time and never get the commission cut. Lender's don't ask "how many agents involved" because hey only see the HUD and how many lines on the Realtor commission. The key to short sales is getting what you want without "involving" the attention of lenders. Do what needs to be done and get paid. If for some strange reason the lender asks how many agents involved, tell them 2 .. you the agent and your broker! Your broker signed the listing agreement, right? 2 agents.... (but they don't ask)
Bryant Tutas said:
Jennifer. If you ask the negotiator the answer will be 'No". You are probably too late to try and bring another agent in. But if you want to try just change the HUD accordingly and send it to the negotiator for approval. Asking is not the way to go.
This is one of the things you learn as you do more and more short sales. The lenders are almost always going to have an issue with paying full commission to a "dual" agent. In the future you'll have to figure out how to get paid, as mentioned in my previous comment, or just don't work with buyers on your own short sale listings. Give them to another agent and take a referral fee.
I'm in Arizona with a large company, which has many offices and operates under one brokerage. An agent in my office (NOT ME) has listed a parcel of vacant land as a short sale with M & I Bank, I have it under contract. The HUD was submitted and the lender said they consider this to be dual agency and have cut the commission from 6 to 4%. The listing states the buyer agent will be paid 2.5%. The listing agent is FURIOUS, and I am as well. Since the commission check would be cut to only one brokerage, how do we separate into two on the HUD? Any other ideas?
Maybe next time the Listing Agent will remember to include the MLS caveat:
"Short Sale Subject to Lender Approval: Commission Reductions to be Split 50/50"
The LA was greedy, wanting the bigger %...& if the LA didn't include the reduction verbiage, he gets stung, & you get the last laugh.
Jackie W. McDermott said:...The HUD was submitted and the lender said they consider this to be dual agency and have cut the commission from 6 to 4%. The listing states the buyer agent will be paid 2.5%. The listing agent is FURIOUS, and I am as well. Since the commission check would be cut to only one brokerage, how do we separate into two on the HUD? Any other ideas?
Guys, If you are going to work short sales then you need to know how to get paid. Here are 2 articles I wrote that will help.
http://activerain.com/blogsview/1774704/don-t-let-short-sale-lender...
http://activerain.com/blogsview/2027519/if-you-are-going-to-work-sh...
I hope this helps.
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