Use of Real Estate Broker â€“ The services of a real estate broker/agent must be retained to market a property within 7 days of the date the approval to participate is granted. The broker/agent must market the property within the pre-established time frame and list the property for the established sales price.
**The broker/agent selected should have no conflict of interest** with the mortgagor, the mortgagee, the appraiser or the purchaser associated with the PFS transaction. Any conflict of interest, appearance of a conflict, or self-dealing by any of the parties to the transaction is strictly prohibited. **A broker/agent shall never be permitted to claim a sales commission** on a PFS of his or her own property or that of an immediate family member (e.g., spouse, sibling, parent, or child).
I hope the information helps you in some ways...
As an aside, how do E & O insurance companies look at a situation like this? I canâ€™t believe that they are thrilled insuring and agent and broker for a transaction for which there is no offsetting income. I canâ€™t believe that you broker wants to pay premiums for coverage on a transaction that generates liability with no offsetting income.
Please let us know how this comes out. Great learning experience for all of us.
I would speak with your Broker and get them involved in this matter. The listing belongs to your Broker. Not the agent. I'm guesing that your Broker is not related to the seller. A buyer was procured and services rendered. Therfore, a commission is due to your Broker and yourself. Furthemore, was this information disclosed to the bank early on in the listing agreement? If so, the banks credablity is damaged further. It's my opinion the Bank is simply looking to pull a fast one at the last minute. Good luck!
Bernard Gibbons, Realtor, e-PRO Certified Internet Specialist, DRE License # 01331583
J. Rockcliff Realtors, 15 Railroad Avenue, Danville, CA 94526
Phone (925) 997-1585
See all homes for sale in Contra Costa and Alameda Counties