Reduction of Commissions for Dual Agency on HAFA Short Sale ?
I'm working on a Pennymac HAFA at the moment. The Short Sale Agreement from Pennymac says "Real Estate Commissions. We will allow to be paid from Sale Proceeds, real estate commissions as stated in the listing agreement between you and your broker, not to exceed 6% of the contract sales price, to be paid to the listing and selling brokers involved in the transaction." The negotiator is warning me (after I submitted the offer) that since I am the agent for seller and buyer, they will cut the total commission to 4%. Are they really allowed to do that on a HAFA? My listing agreement says 6% total commission. Any feedback is appreciated. (I don't think that the loan is a fannie or freddie)
Replies to This Discussion
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Permalink Reply by Kevin - Greenville, SC on
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No HAFA guidance prohibits dual agency as long as the agent is not the seller.
Laurie A. Maggiano
Director of Policy
Homeownership Preservation Office
Department of the Treasury
> Laurie,
>>
>> Is there anything is HAFA that would prevent an Agent representing
>> both Purchaser and Seller from getting 6%? Bank of America is
>> telling me they will only pay 4% for Dual Agency. -
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In other words Penny Mac CANNOT dictate commission on a HAFA SS unless they exceed 6% of the purchase price.
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Permalink Reply by Sharon Burgos on
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I'm closing a short sale on Thursday where I am a dual agent and receiving full 6% commission. It is a HAFA short sale with CitiMortgage.
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