and are charging the buyer $2300 in attorney fees on behalf of the seller. Also tried to get me to lower their offer but get the buyer to pay the lousy $490 difference in commission….VERY SUSPECT! Don’t know what to do. How long does it usually take to get a negotiator and do they switch servicers overnight????? Dealing with one of these people who say they know EVERYTHING about short sales.
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A servicer switch can happen at any time and yes, it does really hold up the process. I had a servicer switch over the summer from BOA to some smaller unknown servicer (more like collections co) but it took us 7 weeks to find the right company from the switch after chasing and chasing.
In larger lien holders it can take up to 45 days to assign a negotiator.
Not sure why buyer is paying commission, but all of that should have been discussed up front when you signed the PNS.
The solution is simple. Just run it by the buyer and see what they say. If they agree to the additional charges then do an addendum and have all parties sign. I would also put in the addendum that the seller or their agents have 5 business days to provide the names of the new lenders or the buyer can walk.
When it doubt.....circulate an addendum :)
REPOSTED: Have a contract in since July through a Boca attorney’s office doing a short sale….no negotiator yet….have now changed servicers and claim they have to resubmit….won’t say who the two banks are….though it is public record, and are charging the buyer $2300 in attorney fees on behalf of the seller. Also tried to get me to lower their offer but get the buyer to pay the lousy $490 difference in commission….VERY SUSPECT! Don’t know what to do. How long does it usually take to get a negotiator and do they switch servicers overnight????? Dealing with one of these people who say they know EVERYTHING about short sales
Sylvia,
It sounds like the loan was service released. It is important to know that the seller should of received a "good-bye letter" in the mail prior to the service release. This letter informs the seller who the loan being sold and who the new servicer is. For more information on what a service release is check out my blog post here
In regards to your question about a negotiator getting assigned It really depends on who the lender is. In some cases the file must first go through the hands of a processor (document collector) and than it will be passed off to a negotiator once they have a complete short sale package. With other lenders the files get assigned straight to a negotiator. How long has the file been with the new servicer?
Brett@ishortsalenow.com
310-564-6389