I have a citi short sale... one of the offers is from a Realtor. He is not
representing himself but is licensed. I am thinking this needs to be disclosed.
He won't be getting any commission/compensation. Your thoughts? He is the sole member of his LLC, buying under LLC.
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Steph I would be cautious and definitely disclose..................it's not worth it. As for him not getting commission, does he state in the contract that he is forfeiting this or how is this being handled. I just got off the phone with your husband..........great and very nice guy. Feel free to call me if you like. have a blessed day!
I know the principle is an agent but he didn't disclose it in the offer. I just talked with the other cash offers and their llc has a principle that is licensed as well. It isn't the same agency as the buyers agent repping him.. Not one of them has disclosed.
I know with 100% certainty he CAN get his commission on some short sales as long as it is disclosed up front.....LONG story how I learned this and the Investor on this was Fannie Mae as I recall.
Anyway, as you noted, just disclose it and you should be fine!!!!
Just closed an FHA short sale where the buyer's agent was part member of the LLC purchasing the home - they provided LLC docs staing that the agent was a member and found no issues. The agent got paid a commission as well.
I would have it disclosed in the Additional Terms section of the Purchase Contract. DONE.
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