Hello. This is my first post here, and I wonder if the superstars can help me. There's a question in my Activerain SFR group that I think needs some authoritative answer. The question is, can an agent be the listing agent for a short sale property owned by the same agent? ( I think I mangled that - lol.)
I believe the agent can, as long as the same agent doesn't benefit (get paid commission) from the sale. I know I read this somewhere, but can't cite chapter and verse. Can you help? Thank you so much!
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Yes, you can list and handle your own short sale but as everyone has pointed out you will not receive a commission. I also recommend referring the deal to another agent but you should NOT expect to receive a referral fee. Most banks will require the arms length document mentioned in another post as well as a document from the seller (you) that verifies the seller will not receive any monies from this transaction (might be the same document as the arms length, might be a separate one because the arms length is often directed more to the buyer).
While you can't accept a referral fee from the agent who will process your short sale, you will undoubtedly receive their undying appreciation and possibly a referral in the future. :-) A win/win. :-):-)
Good luck!
The agent is not who is getting paid the commission, the broker is. The problem would come in if the broker were to pay the agent a commission.
I would do as the others have said and refer it out, let an expert handle it.
My recommendation is to use another Realtor - NO referral fee - but maybe you could take the leads for the property to make it a win win??
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