Will Chase pay a listing agent commission if the owner is also a realtor but not a listing agent

Hello,

I am listing agent on a Short sale property which the owner is a licensed real estate agent.

The owner is not a a listing agent.

Would chase approve the listing agent commission if the owner is also a Realtor?

Has anyone ran across this?

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Replies to This Discussion

Connie

As long as the current homeowner/seller does not represent themselves as agent on the purchase contract you should be fine with getting approved for a commission with Chase.

If your last name is the same as the sellers then you've got a problem.

The listing agent and the homeowner cannot be with the same brokerage nor can they be related.  If you and the seller are with XYZ Company, the seller will have to list the property with ABC Company.  Conflict of interest.

Double dip... The seller gets no money at closing. Why would the bank let the seller get paid a com on the sale of their home.

Having worked on the lending side of the equation, most banks are most concerned with the borrower getting any commission funds (either a split or a referral). I have not found them so concerned with a listing agent in the same real estate company as long as there is no fee splitting (and don't do it under the table).

Remember you represent the seller, not the lender. Just respect the lender's policies and be honest with them if they ask for clarification.

Commission should not be a problem if they are not the listing/buying agent and are not related.

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