I truly need to know if anyone would be comfortable representing both sides of a short sale. I thought that putting a request on here might be a good way to get a response from a wide variety of people, but at this point, no one has been willing to comment on my other post. Please, I humbly request that at least a couple people reply so I can have a better idea. Thank you so much
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Hello,
Yes, we do this all the time and commission are not an issue. The reason why you are not able to hold full commisions is because you are not negotiation properly. Of course, their other factors that play crusial to all this, like the value and what you can sell the property for. Are thier Juinor Liens and most importantly the type of offer you have ... CASH or FHA? all this can help you secure less or more commissions ... It has nothing to do with double ending a deal. Remember, at end of the day the Investor will complete a NPV test and that will determine what to pay in commissions.
Kristin, Here in Nevada we can represent both the buyer and seller(double end). I have no problem with it and prefer to do it on short sales. When you represent both sides there is no communication break downs and deals stay together.
I recently closed a deal that was my listing and the buyer allowed me to represent him also. It was all disclosed on the contract and the bank had no issues with it. They paid me 5% on the deal too. (MetLife)
I think if all parties are aware it is fine. My seller was so happy to have a buyer and my buyer was happy to get a great deal.
Case closed!
Everyone that has had their commissions cut, check www.fanniemae.com/loanlookup and see if it is a Fannie loan. Freddie can also be checked on the Freddie site. If you have a Fannie or Freddie the servicer is not to cut the commission below 6%, even if you double end it. Lenders will cut your commissions if you are not aware of the rules. If you find it to be a fannie or Freddie let them know this and if they continue call the number on the Fannie or Freddie site let them know by giving them the loan number and they will make sure you get your 6%.
Goto http://www.realtor.org/RMODaily.nsf/files/Fannie_Mae_Short_Sales_Ap...$FILE/Fannie_Mae_Short_Sales_Appeals.pdf
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