Hi im getting ready to start a BOA short sale. This property has 3 owners on title and 1 of which is deceased. Title was held as Joint Tenants. My question is does anyone know if BOA will pay for the buyers reasonable attorney fees.
Also will BOA pay for termite report & survey? Of course this will just be deducted from the bottom line approved by BOA.
Any help or insight is greatly appreciated.
It all depends on who the investor is. Another factor may be the NET proceeds they are receiving from the sale. What state is this property in? In states such as California most investors only pay 1,500 max to settlement fee OR attorney fee, but at times they will pay towards both fee's. You'll have a better chance of knowing if they won't pay if you know who the investor is. You probably won't have a clear answer if they will pay towards those fee's until you are advised by the lender if they are approved or not.
Hope this helps.
Thanks for your response Bret!
The property is in Hawaii. So it sounds like the average allowable closing amount is $1,500. This will no way pay for his attorney.
How do you find out who the investor is? Will the negotiator tell me?
Thanks for your help.
You can check if it's Fannie Mae or Freddie Mac online. Otherwise you'd have to ask the lender. The negotiator may or may not tell you, at times they do not release that information. Sometimes you just need to find a representative who is willing to "spill the beans" or you may need to submit a letter from the borrower requesting this information. Is the attorney processing the short sale? Typically, an attorney fee isn't paid unless the property is in an attorney state, but then again you never know unless you try... The best thing to always do is try and to ask the right questions.
Hope this helps.
Thank you so much for your help.
I checked and Its not a Freddie or Fannie loan.
He hired an attorney to respond to the BOA attorney requesting a hearing to appoint a administrator to the estate. The attorney basically just told the court that my client wants to name himself as the administrator. He hired the attorney mainly for this purpose but now the attorney wants a retainer to stay on as his legal until the property is sold.
you have been a huge help!
Pacific Realty Ventures