Replies to This Discussion

Permalink Reply by joe beauchamp on December 16, 2012 at 7:26am

Nope - no bank will allow that - they don't like anyone profiting from anything, except them. (look at most of the arms-length addenda). People have a lot of trouble just trying to get a relative to be the agent for them.

Permalink Reply by Thomas O'Brien on December 16, 2012 at 7:44am

I figured as much. Just did not know if anyone did it. Thanks

Permalink Reply by Jim McCormack on December 16, 2012 at 12:20pm

Yes, I have had several agents buy my short sale listings and get a commission.  Please know that you can only get paid a commission if the short sale is another agent's listing (and preferably a completely different brokerage company) and you are not related to the seller.  Bank of America just sent out guidelines specifically approving this type of commission and I am fairly certain Wells Fargo will allow it as well.

Permalink Reply by Amara Ibeji on December 16, 2012 at 6:03pm

I concur with Jim..  Here's some of the information sent by BOA, and I would assume most banks may have similar rules..

 

Acceptable and Unacceptable Short Sale Transactions

In an acceptable transaction, commissions will always be paid within the following guidelines:

Related Party	Connection	Commission Paid?
Buyer (Including Individuals Representing Entity Buyer)	Representing self with valid license	Yes
	Related/affiliated with selling agent (agent representing buyer)	Yes
	Related/affiliated with seller	Short sale declined
	Related/affiliated with listing agent	Short sale declined
	Acting as the listing agent (agent representing borrower)	Short sale declined
Seller (Homeowner)	No connection to any party	Yes
	Representing self with valid license	Short sale declined
	Related/affiliated with selling or listing agent	Short sale declined
	Related/affiliated to buyer	Short sale declined
	Acting as selling agent	Short sale declined
Dual Agent	Dual agent unrelated and unaffiliated to buyer or seller	Yes
	All others	Short sale declined

* Positive mitigation is the amount of loss Bank of America will mitigate by accepting the short sale as opposed to foreclosure.

** Minimum acceptable net proceed is the amount the investor requires to complete the short sale transaction.

An eligible short sale transaction is made on an arm's-length basis, meaning the buyer and the seller have no personal, familial or professional (business associate, business interest) relationship and the property is listed for sale on the open market at fair market value. There may not be any actual or implied conflicts of interest.

Permalink Reply by Ben Benita on December 17, 2012 at 10:01am

Negotiations 101 - Always, get a decision maker on the phone for ANY short sale exception you are seeking.

Your offer either results in "positive mitigation" or it does not.  Lower level persons are given scripts (like the one below) from which they do not have the authority to deviate.

Upper level decision makers can deviate, go directly to the decision maker and again, most any exception will get approved or at least considered!!!

Don't quit......14 days left in 2012!!!!

Permalink Reply by Thomas O'Brien on December 18, 2012 at 6:46am

Spoke to Wells customer serve and they said no.