Hi Everyone - My office chages fees to negotiate short sales (Dont we all...) - Recently we have been doing lots of HAFA deals and I need some guidance. What do you charge (what do you call the fee and what dollar amount)? Keep this post up (and marked) - so that all members can reference it....
We (and our sister title co) charge fees (on the seller side) for:
1. Title Search
2. Title Examination
3. Settlement Fee
4. Title Insurance
5. Deed Prep
6. Admin Fee (for actually doing the short sale)
7. Realty Transfer Tax (2% in PA)
8. Realtor Commission (6%)
9. Past due and Current Real Estate Taxes
What fees do you see HAFA approving and at what dollar amounts? Lets make this a great post so we can all submit files with confidence - send HUDs with the right "fees" at the correct amounts... Get them approved the FIRST time!!!!
So Far - Ive seen:
1. 6% Realtor Commission
2. 2% Transfer Tax - Pennsylvania (Realty taxes)
3. Title Insurance
4. Past Due Real Estate Taxes
5. Current Real Estate Taxes
6. Settlement Fee $950
In Washington State you cannot charge above 6% Real Estate fee for short sale negotiations unless you are an attorney or licensed loan officer under DFI.... just my 2 cents.
I just got a HAFA approved short sale from Specialized Loan Servicing with only 3% commission, there are two brokers: the listing broker and selling broker-- the Buyer's broker is not the buyer. 3% commission, is this even legal under HAFA?
Were the Listing and Selling broker from the same brokerage ?