Bank of America Refuses to Allow Dual Agents on Short Sales.

Posted on 18. Apr, 2011 by ctlms in Foreclosures, My Blog, News, Real Estate, Short Sale

Bank of America does not allow Dual Agents.

This is just a quick update on a new disclosure being required by Bank of America.

Bank of America now requires the agents involved in a short sale to sign a document that states, among other things, that there is no Dual Agency.  It also defines dual agency as one agent representing the buyer and seller.

This isn't all that new.  FHA has always disallowed this.  And in fact, it's just a bad idea to do when your seller is in a distressed sale situation.

Many lenders that do allow dual agency will cut the commission in half when it is done.  So once again, not a good idea anyway.

But Bank of America isn't saying they will cut your commission, their saying you just can't do it and do a short sale with them.

Just keep this in mind when dealing with a Bank of America short sale.

Sean Wilder