HELP!!!!!!!!!!!
Hi. My name is Bibi. I am trying to find out who I can contact to help me with my situation. I have been in the process of purchasing a home. I never knew this would turn into a nightmare. My husband passed away in June, so its been very hard to say the least. On December 28th, I placed a bid on a property. It was a short sale. It was listed at 80,000. My bid was for 85,000. I was told by my realtor that since the townhome had been approved already for 85,000 and buyer had walked if we submitted for the same amount we had a better chance of it being approved. On the week of January 24th we received a call from seller's realtor handling the short sale stating that short sale had been approved by bank and she would be sending us approval shortly…however she had realized that she had made a mistake with a 2,500 asset management fee and needed to contact my broker to find out if this could be settled outside of closing.
Since the loan I was approved for was an FHA loan, and this 2,500 was not disclosed in original MLS or anywhere. FHA would not approve me paying this fee, and again it was never disclosed. If that was the case I would have bid 82,500. She made other suggestions in where she was told that it would be against the law to do her options.
What I cant understand is, if seller approved short sale and bank approved short sale. Can she hold the approved contract for a 2,500 mistake she made?
We, (my realtor and myself) have been in contact with Chase, and unfortunately they understand the situation however they cannot give us the negotiator name, they only have authorization to discuss with sellers realtor or seller. I have tried to get a hold of seller to explain the situation and he is in south florida so I have not been able to contact. The seller's realtor is holding on to a bank approved/seller approved paperwork and has not furnished us a copy. Is this against the realtors code of ethics?
Who can you recommend I call? Is this even legal? She won't return our calls.
I just cant understand why this is happening. You have a seller who wants to sell, a bank that once to get someone to buy the property and a buyer willing to close within 30 days...
Please help me.
Replies to This Discussion
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Permalink Reply by Richard Kirk on
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Bibi--this doesn't sound "right" or ethical to me. The fact that the other agent is withholding this approval letter from you is concerning. My guess is that this "asset management" fee may be a fee that the agent has agreed to with an outside negotiator??? Some banks, but not many (and I've never seen it with Chase) charge an "administrative fee" for the buyer to pay--but this is always clearly spelled out in the short sale approval letter---which you convienently don't have. Also, it is not paid outside of closing. It is always on the HUD 1. If she's not returning your calls, that is a bad sign. Suggesting it be paid outside of closing is definitely a red flag. And, she is putting her client's home sale in jeapordy by withholding this (a code of ethics violoations i would think). Good luck and keep me posted here (and I'm sorry about the loss of your husband).
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Permalink Reply by Jim Schneider on
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Ivelisse,
I am not able to comment on the legal question, but from my experience with short sales, this very well may get worked out. Three months is still a pretty short time period for the short sale to close in. I would have your agent call the listing agent's broker, that is more likely to get your calls returned.
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Permalink Reply by Smitty on
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Is the asset management fee being paid to CHASE? Who is the fee being paid to? If it's being paid to a 3rd party negotiator..start squaking. That should have been disclosed on the MLS AND in your purchase contract if it was for a 3rd party negotiator. I believe it's a RESPA violation for it to NOT be on the HUD.
If it's CHASE asking for it, you need to push and ask what it's for. I agree with Richard, I have seen lenders charge a extra fee but it's in the approval letter or disclosed somewhere in the process.
I don't think any title company will close without the approval letter either so you will need a copy of it.
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Permalink Reply by Ivelisse Negron-Colom on
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Unfortunately... she ( the sellers realtor) is the broker and agent for the shortsale. I have contacted the board of realtors and am waiting for a reply see if there is anything they can do.
Jim Schneider said:Ivelisse,
I am not able to comment on the legal question, but from my experience with short sales, this very well may get worked out. Three months is still a pretty short time period for the short sale to close in. I would have your agent call the listing agent's broker, that is more likely to get your calls returned.
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I was told its a third party negotiator, again there was no mention of this in the MLS or purchase contract. I will keep you guys updated on the resolution. thanks so much for all the information.
Smitty said:
Is the asset management fee being paid to CHASE? Who is the fee being paid to? If it's being paid to a 3rd party negotiator..start squaking. That should have been disclosed on the MLS AND in your purchase contract if it was for a 3rd party negotiator. I believe it's a RESPA violation for it to NOT be on the HUD.
If it's CHASE asking for it, you need to push and ask what it's for. I agree with Richard, I have seen lenders charge a extra fee but it's in the approval letter or disclosed somewhere in the process.
I don't think any title company will close without the approval letter either so you will need a copy of it.
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Permalink Reply by Paul Aceto on
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Most likely the 3rd party negotiator attempted to collect this fee from the lender directly but was denied. Upon receipt of the approval letter, the listing agent determined that they were stuck with the bill. It is the listing agent's responsiblity in my opinion. if they did not want to or were incapable of facilitating the short sale themselves, then they should be responsible for the fee.
Try contacting the Real Estate Commision.
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