I heard it was being discussed. The question I would have is what is their definition of dual agency. A single company legally repping both buyer and seller in the same transaction? Or what?
In true agency remember that forbidding dual agency does not mean one can't have both sides of the sale. One just represents one as a client and the other is an unrepresented customer. As a single agency specialist for many, many years I regularly offer representation only to the selling side or buyer side but never both.
It is not that tough, especially in a smaller company.
Hmmm... Interesting what your BOA guy said. Must have finally figured out that they wanted their borrower, the seller, 100% repped.
As I said that is fairly common in the industry. A number of lenders do the same thing on REOs.
Dual agent scenarios would work on a conventional loan scenario AS LONG as you are not trying to accept commision for both sides.
Now with FHA, not too sure on that..
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