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.
I figured as much. Just did not know if anyone did it. Thanks
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.
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.
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!!!!
Spoke to Wells customer serve and they said no.
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.