Does anyone know the legal way (not using another agent) to get at least 5% or 6% for selling your own listing.
Probably shouldn't even be having this discussion as it most likely violates Fair Trade practices.
Lenders have the right to determine what commission they'll pay for a short sale. If you fail to disclose that you're representing both sides, there's a little thing called "fraud" that you might want to be aware of. Take your 4 percent.
I was able to get 6% because the buyer did not have representation and I had him sign a customer aknowledgement form and submitted it with the contract. That being said, I've heard the approval of a full commission if there is only 1 agent on the deal depends on the servicing bank and whether it's a fannie or freddie loan or backed by another organization. Mine was a freddie and i had no problems. Granted this was also a preapproved HAFA short sale through BOA and they had approved 6% commission before the buyer came along. You can't represent both sides .. so you have to have the buyer sign a form saying he is NOT represented and that you are only performing ministerial acts (providing the forms, etc). But I was never sure it would get approved but it did.
The best way to handle it is have your brokers license one side of the transaction.
really? 4% is not enough? I thought our fiduciary duty was to our clients not to our own pocket book?