Wells Fargo / FHA mortgage - short sale in process.
All parties have signed the FHA Pre-Foreclosure Sale Addendum, item (b) of which states: Any Relationship or affiliation by family, marriage, or commercial enterprise to the Seller(s) or Buyer(s) by other parties involved in the sale of the Property has been disclosed to the Mortgagee.
We disclosed that the Buyers' Agent was their adult son, a local Realtor(R).
Now Wells Fargo says they "can not" pay real estate commission to him due to familial relationship to buyer.
Comments?
Tags:
Take it , I am surprised they didn't cancel the whole deal.
That is right. This has been the policy on short sales for several years now. Not just Wells.
They're right -- haven't seen one Short Sale yet where an agent has collected commission if related to the buyer and/or seller -- or if they are purchasing for themselves.
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