Douple End Commission-BofA-4%

 

Hi,

 

I just received a counter on the equator for 4% commission for dual representation:

Questions:

 (a) Must I accept 4% if I am representing both Buyer and Seller.

(b) I was recently solicted by a company wishing to reprsent me for mandated commission reductions (class action) Any feed back on this? 

 

Thanks,

 

Steve

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Replies to This Discussion

Permalink Reply by Keri Sweetland on April 13, 2012 at 9:54am

Revise the contract to list your broker as the listing agent and you as the selling agent the HUD1 will need to reflect this as well.  Here in FL at least the customer is a customer of the Broker so it is still being honest and truthful on the agreement.  They are looking for two different names.  Just update it and let them know you just uploaded the corrected contract and HUD1 and request the counter task back to correct the commission.

Permalink Reply by Ro Reed on April 14, 2012 at 1:09am

Steve, HSBC states they pay 5% on two different agents, different brokers; 4% on two different agents, same broker; and 3% on dual agent. Mine was an albatross; 1 showing at listing, not another until I showed it 7 months later and they wrote. I was relieved it was closing vs. foreclosing, and it was such a small amount I didn't fight it.

Permalink Reply by Michael Schneider on April 15, 2012 at 4:23am

HSBC is one of the worst to deal with IMHO.  I give warning whenever an HSBC deal comes my way.  Expect to be cut.  If that's not okay, don't take the listing.

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