Replies to This Discussion

Permalink Reply by Steele V. Propp on June 22, 2011 at 3:36pm

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.

Permalink Reply by Elvira Quiray on June 22, 2011 at 3:45pm

Dual agency is allowed here as long as there is proper disclosure. I may have to eat this one, eventually, since it will be difficult to change agents when the paperwork have been submitted. First time to encounter this, anyway. Have been looking at FHA short sale guidelines, and nothing concerning dual agency commission cuts.

Permalink Reply by Steele V. Propp on June 22, 2011 at 3:48pm

Now are you saying no dual agency or that they are cutting your fees if you bring in both sides?  If the latter, this is quite common.

Permalink Reply by Elvira Quiray on June 22, 2011 at 5:28pm

It is the latter!

Permalink Reply by Steele V. Propp on June 23, 2011 at 1:00am

As I said that is fairly common in the industry.  A number of lenders do the same thing on REOs.

Permalink Reply by DoesntMatter on June 23, 2011 at 3:16pm

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..