Anyone received commission as the buyer agent when buying it for yourself?

I'm listing a short sale in Arizona, buyer is an agent/investor.  We are close to approval and at the last second they pulled the buyers agent commission since they are a part of the investment group purchasing the property.  Did anybody else have this happen to you or did anyone else get around this?

Thanks,

Brian

Views: 131

Replies to This Discussion

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on December 30, 2011 at 8:31am

Brian -

 

This is not unusual what-so-ever.  Agents, buying properties for themselves or as a party to an investment group typically are not provided a commission by short sale lender.  You should probably make that disclosure up-front or within your MLS agent remarks section.

 

Most short sale lenders are checking the State Licensing websites to see if any of the buyers or sellers are licensed.

 

I don't think you will get the commission paid, and if it was rejecetd, you cannot pay a commission from your portion.

 

Thom Colby

Broker / Negotiator

Palm Desert & Newport Beach CA

Permalink Reply by Brian Wood on December 30, 2011 at 8:43am

Thanks, they are still moving forward.  I didn't have this problem on an M&I or Chase but it's good to know on BofA.  I guess it's probably more the investor then the actual bank.

Thanks again,

Brian

Permalink Reply by Vickie Hunt on December 31, 2011 at 12:46pm

I had a HAFA short sale with Wells Fargo and they would not pay buyer/agent a commission but the listing agent got both sides.

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************