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MLS will disallow eligibility of any new REO listing that does not pay a co-op when the buyer is an agent. The MLS will not allow commissions to be paid to some agents and not all agents.
Is this unique to my MLS or are there similar rules in other MLS?
I think that's a great rule. I've seen listings on my MLS that preclude a selling agent commission if the buyer is the selling agent. I always thought that was bogus.
MLS will disallow eligibility of any new REO listing that does not pay a co-op when the buyer is an agent. The MLS will not allow commissions to be paid to some agents and not all agents.
Is this unique to my MLS or are there similar rules in other MLS?
Wow, I've never heard of discriminating against buyer/agents by not paying a commission. There is no justifiable logic I can think of that would support that. I think it's a great rule if it's needed in your market.
It makes sense to keep the unilateral piece in place. Otherwise you head down the slippery slope of conditions for the co-op. I agree with MikeJ though. I would just waive the commission offering and take the lower price.
I like the rule. Banks are holding property and want to get rid of it and expect us to take the hit.
They want to use the MLS service that our dues pay for while attempting to reduce fees they pay for our services.
Whenever I've purchased listed property, I do write the contract to exclude buyers (my) commission and simply reduce the offer. Some agents might need the commission as part of their down payment in order to make the purchase work, so a bank excluding buyer/agent commission may be excluding buyers.
I like the ruling though. I see it here and it can create issues. If an agent is self-represented and wants the commission they should be able to get it.
Yeah, that's what we always do. But the commission has to exist in the first place before it can be swapped for a lower price.
Yes, and the commission split with the broker may have to be paid out of pocket by the agent/buyer.
Regardless, NAR standards say that commission has to be offered to all Buyer agents on the MLS.
There must be some compensation for bringing a Buyer/
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