Buyer's Agent as POA for Buyer - Commission Issue
Evening! I have a FHA short sale with WF where the buyer's agent has no material interest in the investor company that is purchasing my seller's property, but WF is stating it is again FHA/HUD guidelines to pay the BA a commission since "the buyer and the buyer’s agent may not have a relationship outside of the agent/customer relationship."
Any ideas on where this FHA/HUD guideline regarding commission is or on how I can get WF to understand the use of the POA and no material interest in the company by the BA?
Thanks!
Replies to This Discussion
-
Permalink Reply by Kevin - Greenville, SC on
-
Q. Is there anything in Mortgagee Letter 2008-43 that would prohibit an Agent that represent's both Seller and Buyer from collecting the full 6% commission in a PFS?
A. Max commission is 6%, servicer is to follow state law on how commission can or cannot be paid.
Source:
Matt Martin
Program Director, Loss Mitigation
-
-
Permalink Reply by joe beauchamp on
-
Love the way you are often in there with spot-on advice right away. Just had to finally say it....
-
-
Permalink Reply by TOP END Properties on
-
apparently having POA is outside the (typical) agent/customer relationship.. I would request the buyer get another POA (his attorney?) or start signing his own documents.
-
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons