Replies to This Discussion

Permalink Reply by Shannon Noble on July 28, 2010 at 11:37am

They will only pay you the 3%. Perhaps you can find someone in your office to do the other side for 1% or a referral fee. For example, your HUD needs to be equal 3/3 split - then do a referral fee with someone in your office.

Permalink Reply by Shannon Noble on July 28, 2010 at 12:07pm

Not true - even if it's a FHA they can reduce you to 3% for handling both sides.

Dawn Maloney said:

FHA or Conventional? They can't cut you if it is FHA.

Permalink Reply by Andrew on July 28, 2010 at 12:13pm

that's ok. I'll just pass the lead to someone else to write it. Not worth taking the chance.

Permalink Reply by Ben Benita on July 28, 2010 at 12:54pm

Your call......

If you tell them you are the lone agent, they will likely only give you 3%.....find another agent, and the full 6% (as much as 8% depending on who the Ivnestor is on the ntoe) will be coming your way.

My 2 cents -- never lie to the bank, but, no need to "volunteer" information either.....

9 times out of 10, the ONLY thing the bank looks at is the HUD to check the gross offer and NET to them.....

Permalink Reply by Victoria Frieberg on July 28, 2010 at 2:27pm

i have no problem with Fannie files..from Homecomings or Wells when dual agency occurred, Gmac cut to 5%, which was fine with me. They were all aware I was both sides, the hud stated buy side commission 3% to my company, sell side 3% to my company.. I have to say the negotiators were all super on these transactions..

Permalink Reply by Tammy Davis on August 11, 2010 at 1:06pm

Andrew, I don't know about Chase...but I recently handled both sides of an IndyMac short sale. They paid a five percent commission to me.....which is exactly what Chase just told me is the maximum they allow.
By all means...handle both sides.