Replies to This Discussion

Permalink Reply by Sheila Vardakis on March 7, 2013 at 7:13am

Steph I would be cautious and definitely disclose..................it's not worth it.  As for him not getting commission, does he state in the contract that he is forfeiting this or how is this being handled.  I just got off the phone with your husband..........great and very nice guy.  Feel free to call me if you like.  have a blessed day!

Permalink Reply by Stephanie Hart CA 310-930-2342 on March 7, 2013 at 7:28am

I know the principle is an agent but he didn't disclose it in the offer. I just talked with the other cash offers and their llc has a principle that is licensed as well. It isn't the same agency as the buyers agent repping him.. Not one of them has disclosed.

Permalink Reply by Ben Benita on March 7, 2013 at 8:18am

I know with 100% certainty he CAN get his commission on some short sales as long as it is disclosed up front.....LONG story how I learned this and the Investor on this was Fannie Mae as I recall.

Anyway, as you noted, just disclose it and you should be fine!!!!

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Permalink Reply by Lillianne Echevarria on March 7, 2013 at 11:20am

Just closed an FHA short sale where the buyer's agent was part member of the LLC purchasing the home - they provided LLC docs staing that the agent was a member and found no issues. The agent got paid a commission as well. 

Permalink Reply by TOP END Properties on April 2, 2013 at 4:00pm

I would have it disclosed in the Additional Terms section of the Purchase Contract.  DONE.