New here: Please - could I get some advice? - Forum

Jeff Bradshaw March 7, 2011 at 11:34am

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

Judith Sailors March 7, 2011 at 11:21am

Do you mean representing the seller and the buyer in a short sale? Yes I have done this if that is your question.

Julie Cendejas March 7, 2011 at 9:04am

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!

Teresa King March 7, 2011 at 7:13am

I have completed a short sale with both sides.

N. Draper March 6, 2011 at 5:12pm

Why would a short sale be any different than a regular sale? If you are an HONEST, capable agent, go for it. There is nothing wrong with doing both sides of the transaction as long as your buyer/seller both understand and you explain Agency to them.

Albert Clark March 6, 2011 at 5:10pm

Yes...it is a part of the business to sale a buyer one of your listing in normal circumstances...why not a short sale? Being a should not have any bearing on it.

Brian Del Terzo March 6, 2011 at 11:57am

I don't know why someone wouldn't however, most of the time if the sale is a "hogger", the commissions will be cut back to 3 or 4%. In some instances even commissions on a dual agency transaction will be slashed because many times agents with a hogger will throw another agent from their office on the PA to protect the commissions. However, just two weeks ago, I had an agent with a true hogger who was being cut to 4% and he sent in a letter pointing out the listing time and showing history as evidence of his hard work. I couldn't believe it, but the negotiator agreed to the 5%.

Jeff Bradshaw March 6, 2011 at 11:42am

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.

Frank Shamoo March 6, 2011 at 9:12am

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.

Linda McMillan March 6, 2011 at 7:54am

I have done it several times. As long as neither buyer nor seller has a problem with it. It works out better for everyone since you KNOW what is going on and don't have to wait for another agent (who may or may not know what they are doing) to get back to you. I have closed each one of them.

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