Bill--when I come across this situation, I make sure that I have 2 different agents on the HUD. They can be from the same realtor and still get the 6% commission, but just make sure you have 2 different agents on the buying side and selling side. I hope this helps.
I don't see anything in the VA Compromise Sale Guidelines that would expressly prohibit you from collecting 6%.
Q15. Can we have the agent short their commission to complete the short sale?
A15. It's a good option and needs to be negotiated by you.
Q16. If the buyer is an agent are we required to pay a commission?
A16. Commissions are paid to the listing agent, through the closing process, and the
listing agent negotiates the amount payable to the purchasing agent.
Like everything else consider their counter of 4% as negotiation...
Thanks for the feedback. I also could not find anything in the VA materials that prohibit the 6% commission. My instinct is the 'cap' stems from BAC's own 'policy' developed behind the curtain.
I'm doing some pushback with the BAC negotiator on the issue. I would like to get the full 6% for the hardworking agent. I'll post the final result when known.
Hi Everyone,
I just got hit with this, first thing this morning. I have done tons of short sales with Bank of America...... FHA, VA, you name it! I have also had another agent from my company on the opposite side of the transaction, as I do now.... She stated that it was "VA's" policy that dual agency only gets 4%........ That may apply if you only have one agent for both sides, but that is ridiculous when two agents are involved. We have a large company, so I have asked her is she really would like for me to market the house to 200 LESS agents? Because that is exactly what she is saying! I am looking for anything from VA that states this policy, but am yet to find it. If anyone has anything, please let me know. Thank you!!
I think that we often forget that we are dealing with "negotiators" at the banks and their job is to negotiate. Stand your ground.
Amen Brother!
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