Need advice - buyer on my short sale listing is an agent - Chase says will NOT pay commission
This is our second buyer - first buyer couldn't perform due to a contingency but was approved at $310k, no seller-paid closing costs, full 3% commission to the agent. Second buyer is a licensed agent, same offer $310k, no seller-paid closing costs BUT Chase is saying they will NOT pay him a commission for representing himself per "their policy". Buyer/agent needs the commission to help pay his closing costs. Should the buyer/agent re-write the contract to include 2-3% seller-paid closing costs? Anyone with experience with this with Chase? Thank you!
Replies to This Discussion
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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
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Janie - Buyer is not going to get money if they are representing themself. Since Chase has aleady seen the offer without closign costs, why would they reconsider with closing costs?
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Permalink Reply by Janie Howard on
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Well, because the buyer/agent needs the funds to make this work.
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Unfortunately, if the deal is that "tight", maybe the buyer can't afford the house ! :-(
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Permalink Reply by Kevin - Greenville, SC on
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I would advise a re-write. No commission with Seller Paid Closing Costs.
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Argue their net is the same.
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Yes, that's exactly what I'm thinking. We just re-catagorize the expense to something they can approve. It's the same net as they previously approved for the first buyer. Plus, I've been told more than once by them that this offer amount "is a great offer" and so I know they want to get this done.
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Permalink Reply by David A. Roebuck on
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I agree with Kevin -- the net will be the same -- it is just a matter of what you are calling it. Agents know banks will not pay a commission to a buyer agent purchasing for themselves. Change the commission amount to seller paid closing costs. I've actually seen this done and it worked!!!
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Ok! Awesome help, thank you!
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Permalink Reply by Cindy Chamberland on
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I have personal experience with this. I just closed on a Chase Short Sale and I am a licensed agent and they would not pay a realtor commission. Once they countered my offer, I agreed but asked for closing cost to help off set the price increase, they denied. Did inspections and inherited a failed leach field, asked for a concession and they told the listing agent to put it back on the market and find a cash buyer. I changed my financing to a 203K and financed the expense. They will not help you.. RUN!! Today I learned that they are threatening a reverse closing because they have misplaced the arms length form we signed at closing. From the beginning of this 6 month process - I knew they day I closed, it wasn't going to be the end of it. Any one have experience with reverse closing?
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