Bank of America is now requiring a new addendum be signed by buyers and sellers for all transactions initiated after April 4.
This new LMO 503 Short Sale Purchase Addendum has a second page that must be signed by both listing and selling agents.
It prohibits one agent representing both sides of the transaction.
It says "Dual Representation" is not allowed. It defines "dual representation" as "a single agent representing both the buyer and the seller in the transaction".
That much is clear.
But it also precludes a "Listing Realtor/Broker" from having any "existing business relationship with the buyer".
That is not at all clear. For example:
Can a buyer's agent working for the listing agent's team represent the buyer?
Can an agent working for the same brokerage/principal broker (who actually is the legal listing broker) represent the buyer?
Can a listing agent refer (for a fraction of the selling side commission) a buyer to some other agent - even one working for some other brokerage - without running afoul of this prohibition against having a "business relationship" with the buyer?
These are legitimate questions with real life commission and license implications for agents and their principal brokers all over the country.
But no one (seemingly) at BofA can provide answers to these questions today.
Can any of the members of ActiveRAIN?
***********************
Jim Hale
Principal Broker / Owner
Graduate, REALTOR Institute e-PRO
2012 Member, Million Dollar Club of Lane County
2012 Member, Real Estate Brokers Million Dollar Club
actionagents.net
1715 Linnea Avenue
Eugene, OR 97401-1962
Office: 541-484-0219
Direct: 541-543-9991
Fax: 541-485-8068
Eugene Oregon Homes / Real Estate jim@actionagents.net
All statistical market data is based on information from the RMLS of Oregon for the dates indicated.
© 2012 All Rights Reserved / Licensed in the State of OREGON
