BOFA TRYING TO REDUCE COMMISSIONS TO 4% ON A DOUBLE END
I thought this was not allowed any more but yet again BofA is trying to reduce my commission from 6% to 4% because I double ended at deal. The previous buyer walked, which was not my buyer, and BofA approved a net and so I got another buyer to agree to write the offer for the EXACT same net. Except I was representing the buyer. So just as we are supposed to get an approval my negotiator says they Quality Control rejected the approval because of dual agency. No exceptions. UGH!
Replies to This Discussion
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Permalink Reply by Cheryl Sommerville on
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One thing you have to remember is that BofA is just the servicer. A lot is dependent on the investor. Many investors have their own rules and regulations and it doesn't matter about HAFA. I have the exact same problem and there appears to be no solution to the commissionectomy they perform consistently.
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Permalink Reply by Guerry Clegg on
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Jennifer, thanks for posting this, as I also have a deal with BoA where my buyer is purchasing my listing. I asked my negotiator, and she said it will be reduced to 4 pct unless it's approved for HAFA. Then it will be 6 pct.
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