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my buyer is being charged a shortsale processing fee that was not disclosed by the sellers agent

Posted by Agent in Florida on August 5, 2015 at 3:32pm in Short Sale Discussions

Hello to all

My buyer is being charged almost $3k in shortsale processing fees that the sellers bank did not approve.  The sellers attorney has not given a breakdown of the fees or proof that the fees were not approved.  The MLS did not disclose any fees and there is nothing in the executed contract. I spoke with my buyer and he agreed in good faith to contribute $1,000 towards the shortsale fee but that wasn't enough for the  the sellers attorney who called me and told me he didn't have to disclose anything.  What recourse do we have?

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Replies

  • Smitty August 27, 2015 at 2:50am

    The seller's attorney ABSOLUTELY has to disclose a fee.  I would look up lawyer fees and disclosure in your state and slap them back with it.  You have no obligation to even pay the $1000.  I would call the BAR association in your state and even ask about this.  You can't just randomly charge someone a fee.  You have to contract for that fee.  Now maybe he is disguising this under the guise of tile fees, or something else, but again even title companies have to give you a breakdown of fees on the HUD and what they are and they should be usual and customary.

  • Ray Sande August 5, 2015 at 4:24pm

    I'd back out of the deal.  Is it really worth the seller to lose this deal over 2k (after the buyer good faith).  

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