maximum of commission for dual agent is 4% per BAC short sale policy
I just got this in an email from BOA when asking about status:
Please also note the maximum of commission for dual agent is 4% per BAC short sale policy.
There is only our agaent as buyers, there is no one on the sell side - the owner is deceased and the executor is an estate that gave our lawyer 3rd party authorization.
Shouldn't our agent get the 6% and are they trying to hack off the 2% with the dual agent trick or that legitimate?
Replies to This Discussion
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Permalink Reply by Christy Brock on
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No. BOA policy is if there is 1 agent = 4%, 2 agents same company = 5%, 2 agents different companies = 6% (but not always)
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The exception would be if this was a HAFA transaction...then you could get a full 6% for dual agency. If no one is representing the Seller then BOA could cut commission to 3% for a single side. Are you sure the attorney representing the Seller is not getting paid? Attorneys are entitled to receive commission.
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Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
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To add to what others have already said - why is is YOUR agent who only represents YOU trying to grab the commission of 2 agents?
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Permalink Reply by joe beauchamp on
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You need to find the investor's policy, not the servicer (BAC). The servicer is supposed to follow the investor guidelines. For instance, the Realtor assn pressured FNMA to not cut less than 6% if the contract calls for 6%. WF as investor usually cuts to 5%, although some people have reported being able to fight for the full 6% from them. (These examples are w/2 agents.) Negotiators will overstep their authority and tell you lots of things.
The best thing to do is to always have 2 agents on your short sale and avoid this problem.
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