Fha shortsale and buyer's broker representing family member
Approval conditions came back with "Fha will not pay buyer broker commission because buyer's broker related to buyer."
I knew this was so with seller's broker, but buyer's broker? Any thoughts on this?
Replies to This Discussion
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Permalink Reply by Laura Marshall on
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It is in the Mortgage Letter 2008-43, Dated December 24, 2008. Page 11 . You may be able to find a copy in the FHA section of this website. I hope this helps.
Use of Real Estate Broker".............The broker/agent selected should have no conflict of interest with the mortgagor, the mortgagee, the appraiser or the purchaser associated with the PFS transaction. Any conflict of interest, appearance of a conflict, or self-dealing by any of the parties to the transaction is strictly prohibited. A broker/agent shall never be permitted to claim a sales commission on a PFS of his or her own property or that of an immediate family member (e.g., spouse, sibling, parent, or child).
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Permalink Reply by Cathy Andersen on
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wow, that helps alot. Thanks so much! I love this site! So much help!
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Permalink Reply by Kevin - Greenville, SC on
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I'm fairly certain this is talking about the Listing Agent, not Buyer's Agent.
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humm, I thought this was the case, but the negotiator said fha wouldn't allow buyer rep to be paid a commission if representing a family member. This is a DHI Fha mortgage. So we were going to have to put in in QBs name.
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