Buyer's agent related to buyer = no commission
Hi Superstars,
I'm in a GMAC short sale in which the buyer is being represented by her mother, and after rounds of negotiations we get an approval that happens to cut the buyer's agent's commission to zero because of this. We have signed an Arm's Length agreement that specifies Buyers and Sellers cannot be related, and one that uses the general term "parties", which they say includes the buyer's agent.
Has anyone had luck getting past this? The unlabeled stand-alone paragraph seemed to be clear that we were ok, but it turns out that was for HAFA, not GMAC.
Thanks! --Sue
Replies to This Discussion
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Permalink Reply by Sandy Skover on
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If this was BOA they would have declined the short sale according to their "understanding Realtor's commission" memo they sent out to agents today. At least GMAC allowed the short sale to go through.
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Permalink Reply by Sue Irwin on
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looks to me like BAC would pay the commission in the 2nd block of that chart BAC sent.
Frustrating!
Buyer related to:
Related/affiliated with selling agent
(agent representing buyer)Yes
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Permalink Reply by Dean E Eshelman, CPA, CDPE, IRES on
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I had a daughter that we did a short sale with GMAC and I referred it to another agent in our office for that reason. I still did a lot of the "leg work" in getting documents and financials together, keeping the grass cut, cleaning the inside, painting, landscape etc. Spent just over $2,000 and it sold. But I was not a party to the transaction for that reason.
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