Not every Sacramento short sale agent processes a file in the same manner. Heck, some of the agents in Sacramento who list a short sale have no idea what they're doing and have never negotiated a shorts sale before but, regardless, there are certain rules everybody must follow. One of those rules is when an agent receives a short sale approval letter, that agent must send the letter to the buyer's agent within 3 days.
More important, if the commission has been reduced from the compensation offered in MLS, the listing agent must also send page 1 of her listing agreement to the buyer's agent. If the listing agent doesn't follow this procedure, the buyer's agent is entitled to the full amount reflected in MLS, and the listing agent must eat the difference -- even if MLS says the agents will split the reduction. Not every agent realizes this. Still, I'm not taking any chances. I follow the rules.
Yesterday, I received an approval letter from the second lender on a Sacramento short sale. The approval letter spelled out the maximum commission. However, I don't yet have the approval letter from the first lender, even though both banks are the same lender. I read the letter a second time and pondered whether I should send it to the buyer's agent. Should I draw a CBC?
The following thought actually crossed my mind: What if the first lender lowers the commission for some reason and I've already sent the CBC to the buyer's agent?
Then it dawned on me. Duh! I'm the buyer's agent!
Well, that doesn't happen very often. See, I don't generally do dual agency, but somebody had to sell this house.