Replies to This Discussion

Permalink Reply by Ro Reed on February 6, 2013 at 1:14pm

I've always said, "Nope..not gonna happen."  And then, in December, it did.  The agent didn't hide anything, her name matched the name on the contract.  They requested she sign an acknowledgement stating she wasn't affiliated with BoA or any of the management companies, but nothing else regarding being an agent.  She filled out "per MLS" on the contract and they paid the full commission, so the title company paid her.  We are talking a whopping $ 625 but nonetheless it was paid. And yes we were shorting an FHA within the PFS program.

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Permalink Reply by Ben Benita on February 6, 2013 at 2:40pm

Ro, sincerely appreciate the input.....I have been EVERYWHERE and no place does it specifically state the BUyer can NOT get a commission?

CRAZY b/c there are a LOT of Servicers and Investors out there that forbid this (we have had this come back at least 5-10 times)

Lesson Learned - The Buyer's Agent CAN get paid a commission and like ALL short sales - EVERYTHING is case by case, property by property!!!

Best of luck....You coming on the cruise this year????

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Permalink Reply by Ro Reed on February 6, 2013 at 2:42pm

Hi, Ben.  No, not cruising.... but sailing through lots of short sales. LOL  Okay, "sailing" may be a bit of an exaggeration!

Have a great day!

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Permalink Reply by Ben Benita on February 6, 2013 at 3:43pm

I am just now realizing someone installed an app/bug on my phone that IMMEDIATELY directs me to the MOST INCOMPETENT people at any bank.....

This new app seems to work AMAZINGLY well!!!!

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Permalink Reply by Laurie Varner on February 15, 2013 at 4:38pm

Hi Ben, I am not one to do a blog but saw yours come over and could not resist.. I do a lot of BOA and actually had attended one of their conferences. They had made it very clear that buyers who are licensed agents wanting to purchase a short sale of theirs cannot be paid a commission. Actually the Bank of America Short Sale Real Estate Licensee Certification line 6 specifically states receiving any compensation, remuneration or benefit from the completion etc.. (refer to this agreement) if that Licensee signs it and is also the buyer, then in my opinion that is Fraud.. no money in the world is worth my license.. thank you very much.. Now on another hand if he is LLC, and is only registered agent representing the Liability company and the Articles of Corporation is submitted to Bank of America, I believe that is acceptable as long as they are not owners but only registered agents managing for the company.. had one close like that and it was acceptable.. with disclosures.  

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Permalink Reply by Sonia Shanahan on February 15, 2013 at 4:54pm

Great point!

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Permalink Reply by Ro Reed on February 15, 2013 at 5:53pm

Actually, Laurie, on this FHA SS BoA required only one addendum, aside from the standard SS addendum and that was the BoA Buyers Acknowledgement and Disclosure.  That form states that the buyer is not affiliated in any way with BoA, nor are they affiliated with  HTS (Home Transition Services).   Neither I nor the buyer signed the SS Real Estate Licensee Certification, nor was it ever requested;  had it been we would not have lied and risked losing our licenses. No amount of commission would have been worth that... certainly not the $625 I referenced earlier.

 

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Permalink Reply by Laurie Varner on February 15, 2013 at 6:05pm

Hi Ro, we are now required to fill out the licensee certification.. I am doing several right now that is with them.. everyone that I have done..  and I agree with you no amount of money is worth it.. :) 

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Permalink Reply by Sonia Shanahan on February 15, 2013 at 4:51pm

I have gotten it approved 2 times in the past year. 2 times with BofA and once with Chase. Chase did mention it being a problem at first but then it ended up going through. I don't know if it is because they forgot about it and missed it on the final approval or what. But the next one I asked ahead of time and they said as long as they meet their net it would be okay. Both buyers were an LLC.

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Permalink Reply by Tiffany Jones on February 16, 2013 at 11:45am

What these banks fail to realize us they are paying the broker not the agent. That is how I have been able to get past this every time. The broker must be paid their fees on every file at both my CA and AZ files. . All agent must be paid by their Broker so that is who the bank is paying not the agent.

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Permalink Reply by Ben Benita on February 16, 2013 at 11:54am

As I have learned time and time again - document, disclose and move on.....

Thanks for all the feedback!!!

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