Arm's Length Transaction is it a violation to sell an agent's home in my office
I am the Broker of my office and one of my agents ask me to be the listing agent for his home he is doing a short sale on. I explained to that agent that he would not get any commission at all and he is find with
it. Is it a violation because I am the Broker?
Replies to This Discussion
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Permalink Reply by Las Vegas Short Sale Queen on
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It shouldn't be. I don't know what your State RE laws are. I'm in Las Vegas and we do it all the time. The "Arms Length" is between the seller and buyer. It has nothing to do with your being the listing broker of the seller, who happens to be an agent in your office.
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Permalink Reply by Imran Mohamed on
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I would say not since the arm's length ruling was meant to make sure that there is no collusion between buyers and sellers. Once you agent is not actually involved in the transaction and the seller properly discloses that he is an agent there should not be an issue. Just my opinion, but you can always check with your state's legal hotline!
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Permalink Reply by Bryant Tutas on
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I just closed on a short sale for one of my agents with BofA. It was not an issue at all. The agent did not get paid.
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Permalink Reply by Jim Schneider on
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Question, for you Bryant, did BofA still pay your office a commission?
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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
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Although it's legal - Check with your E&O Carrier to see if they will cover you !
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Permalink Reply by Kimberley Kelly on
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Shouldn't be a problem. Agent may not receive ANY money from sale. I just had a fellow agent ask me to help him sell his short sale..he wanted a referral fee. NOT.
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