Replies to This Discussion

Permalink Reply by Karen Walls on August 21, 2012 at 5:04pm

Sure! I have deals right now where I presently and have in the past  represented both parties with BOFA and other banks etc. Never an issue or problem at all.  Haven't heard anything to the contrary.  Actually there shouldn't be an issue, buyers choose to use listing agents not always buyers agents. Just a regular sale as far as who is buying.

Permalink Reply by Thomas Zdanowicz on August 21, 2012 at 5:30pm

In my experience they WILL NOT allow you to be a dual agent if it is an FHA loan.  Any other loan they seem to be ok with it.

Permalink Reply by Karen Walls on August 21, 2012 at 6:38pm

Interesting read at this very site...I just have not had this problem fha or not? But interesting links below however!

 

http://shortsalesuperstars.com/profiles/blogs/bank-of-america-s-self

 

 http://shortsalesuperstars.com/group/bankofamericashortsales/forum/...

http://www.theshortsaleguide.com/forum/topics/boa-short-sale-dual-a...

Permalink Reply by joe beauchamp on August 22, 2012 at 1:53am

It's best if you can find someone in the office to list as the 2nd agent on the deal to avoid a fight for commission, and apparently issues with FHA, which I had not realized.

Permalink Reply by Thomas Zdanowicz on August 22, 2012 at 2:02am

Agreed Joe. I have a team of agents so if I have a BofA FHA short sale listing I know that I am sending any buyers I have to my fellow team members to avoid any issues. One agent on here says she escalated this issue to HUD and won. I believe that is possible because I read the FHA PFS guidelines and I don't agree with BofA's interpretation of it. However I didnt see the reward in fighting it when my team can solve that issue for me. Great convo as always everyone!!!

Permalink Reply by Janis Schade on August 22, 2012 at 5:58am

I also agree with Joe.  Sometimes the lien holder will reduce the commission.  It's better to have a second agent on one side of the transaction.  In addition, some Brokers won't allow an agent to represent both sides. 

Permalink Reply by Samuel Hilbert on August 30, 2012 at 12:17pm

I just closed on a BOA short sale that I did both sides of the deal. It was not FHA but they actually refused to cut my commission. I was expecting it to be cut to at least 5% but the negotiator told me that she was not allowed to cut my commission. Caught me off guard but was a very pleasant surprise.