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Tina
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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I'm in escrow on a townhome in North Hollywood, CA. I'm a

Customer Question

I'm in escrow on a townhome in North Hollywood, CA. I'm a license real state broker representing myself in a short sell. Today I was asked by the listing Broker if I could put the commission under another name because the bank may not want to pay me commission because I'm the buyer. He added, " will you be canceling if the bank doesn't pay me commission, I need to know because I have a back up buyer." This sounds foshy to me why would a bank care what agent got the commission. And is it legal for a bank not to pay the precurring cause on a real estate transaction.
Submitted: 4 months ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 4 months ago.

Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help with your question and concern

Expert:  RealEstateAnswer replied 4 months ago.

Good morning. On short sales, the banks are typically taking a loss on the sale of the property, when agreeing to it. As such, they MAY not want to pay a commission to a realtor, who is also a buyer, who essentially would be buying the home for less then what is owed. Of course, this is at the discretion of the bank, not the other realtor, so unless the contract advises of this or you hear from the bank themselves, they would need to pay a commission. I do not necessarily think it is fishy, just that the other realtor does not want to proceed and then have an issue down the road, when the bank sees the buyer is also the realtor who is getting a commission, for themselves. After all, the purchase of the town home is to benefit you, not a 3rd party, so the bank may not want to pay you the commission for working for yourself.

Expert:  RealEstateAnswer replied 4 months ago.

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!