Hi all.....does anyone know if there is any short sale guideline on a HELOC short sale with Wells that requires elimination of the buyer commission if the buyer is an agent?  I just received communication that I am required to remove the buyer agent commission from the HUD for final approval as the buyer is also the agent.

If this is standard, has anyone tried to resubmit using a different buyer agent within the same firm?  I would like to see this agent get a commission as it has been months she has hung in there with us.....

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This is standard. Replacing buyers agent will work as well.

Standard practice. Especially with WF.  All parties have to sign an Arm's Length & Fraud doc stating buyer / seller will not receive any funds. 

Yes, this is common and yes, I've seen an agent buyer switch representation in order for commission to be paid out to selling side.

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Yep, change agents

Easiest to do, as noted by several people here, simply have the Buyer use another Agent in his/her office and just give them back the commission.

They WILL pay that commission if you push back and demand that it be paid, but, it will likely take some doing. 

You may need to go up the food chain to have them "make an exception", but keep in mind:

EVERYTHING is negotiable on a short sale


Banks typically lose 20% - 40% more on a short sale vs. a foreclosure.  If they believe for a second that the Seller will just let this go to foreclosure, they become VERY negotiable!!!

See if they will give you the MNR (Minimum Net Required) as this will give you the "net" number they will accept after commissions.

I'm in the final stages of a Wells HELOC SS right now. 

Their Arms' Length Addendum includes this language:

The sale must be an "arm's length transaction." This means the parties to the transaction (buyer, seller, and their respective agents) cannot have a close personal or business relationship. Also, the Buyer and Seller, and/or any agent of the Buyer or Seller, cannot knowingly misrepresent the fair market value of the property during this sale/purchase of the property. Any knowing violation of the arm's length transaction requirement or misrepresentation of the fair market value may cause this approval to be void and Wells Fargo may pursue available remedies at law.



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