Replies to This Discussion

Permalink Reply by David A. Roebuck on March 11, 2013 at 7:14am

I believe another agent can handle the Short Sale as long as those two agents are not related in any way.

Permalink Reply by Theresa Ramos on March 11, 2013 at 7:24am

Thank you! 

Permalink Reply by Celeste ODea on March 11, 2013 at 7:22am

You will have to get an agent from another brokerage.  I just tried that on two SSs and they were denied, so the property had to be re-listed with someone else.

Permalink Reply by Theresa Ramos on March 11, 2013 at 7:29am

I just called and they said would be okay - as long as not related or me purchasing the property. - Were you related to the sellers in anyway? 

Permalink Reply by Bernadette Davidson CDPE SFR CNE on March 11, 2013 at 8:43am

The seller was my son, it was disclosed prior to listing it and I was told by the BOA representative that my broker could handle it for my son.  BOA was the owner of the non FHA, non Fannie, non Freddie loan. They were not just the servicer, it was their portfolio loan.  There was full disclosure with the bank, the buyer and the buyer's agent prior to approval letter being issued. Sounds like there is conflicting opinions among our peers.  You will have to follow the direction of your broker.

Permalink Reply by Bernadette Davidson CDPE SFR CNE on March 11, 2013 at 7:25am

As long as the other agent is not related by blood or marriage or close business entity (such as being a member of the same LLC) as the seller. My broker handled my son's short sale with a BOA 1st and 2nd and it was approved and closed in 2011.

Permalink Reply by Theresa Ramos on March 11, 2013 at 7:29am

Thanks! - Think I am going to jump in and see what happens. 

Permalink Reply by Joanne Finochio on March 11, 2013 at 7:34am

I just closed on a short sale that the agent is in my office and actually sits outside my office door.  As long as it is an arms lenght you are good to go and at 6%!

Permalink Reply by Celeste ODea on March 11, 2013 at 7:42am

The agent purchasing the property was with the same company that listed it and the banks said no.  They consider that a business relationship and not arm's length.  Maybe it depends on the bank.  Mine was with BOA and Wells Fargo.

Permalink Reply by ElizabethWeintraub00697006LyonRE on March 11, 2013 at 7:52am

It's not arm's length if your broker's office handles the short sale, and I don't care how many ways you slice the pie. A business relationship exists between the seller and the broker. Will the bank find out? Why take the chance? Some things are just not worth pushing the envelope for to get a commission.

Permalink Reply by Jeff Payne on March 11, 2013 at 8:20am

Elizabeth, a business relationship exists with every single seller that I work with, my broker has a business relationship with all of my sellers.  There are agents in my office that I have never met before and have never done business with...

Permalink Reply by joe beauchamp on March 11, 2013 at 8:21am

You are on a slippery slope.  We are ALL related at some level and a buyer and seller using the same electric company is related by business. I had several discussions with top level people in this area at BofA 2 or 3 years ago. I later asked for their boundaries. 5th cousin? Brother? 1900th cousin? Both have GE stock? Both have Lexus cars? What is the boundary for a business relationship? The answer is.... OK, no answer. End of discussion. Multiple times I tried to get BofA's definition of "related" and "business relationship". Was not going to happen. So, is the sister of a divorced spouse related? Not divorced? How about the divorced sister of the divorced spouse? BofA does not want to be pinned down to actually saying what they mean - that can come back and bite them, so they don't.

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