Conditional Letter received from AHMSI, full waiver of deficiency, however they're insisting that since the selling agent and I are both with Keller Williams (we work out of two different brokerages, different cities) the maximum commission they'll pay is 3%, or 1.5% per side. Their 1% buyer-paid admin fee is also a sticking point.
It's been a week since we received their Conditional Approval Letter, and a week since we informed them that two different brokerages are involved, and we'll need a minimum of 5%. Also pushed back on the admin fee. No response.
Has anyone ever had AHMSI adjust their initial Conditional Approval once challenged? I'm also handling the discharge of an IRS and state tax lien for this seller, so 1.5% seems paltry at best.
Deutche Bank is the investor.
Thanks in advance to all responses.
Hey John, did you ever get this resolved? I am working a small short sale with AHMSI right now. They have cut the commission to 5% and have asked that we put a $600 buyer paid admin fee on our HUD. Sales price of property is only $30,000 so this is 2% of the price. I have let the negotiator know that the buyer will not pay it and he needs to send me something about the policy in writing so I can disclose in our MLS. I have not received a response after several weeks. Interested to see how yours worked out. Thanks!
The buyer walked after inspections revealed more than she was willing to fix. Shortly afterward, my client (seller) decided to NOT prolong the agony of dealing with this lender, and instead elected to execute a perfect swan dive into the F/C volcano. A $200 letter from an attorney to the court could have given us perhaps another 2 months to deal with AHMSI, but my seller was fed up. When I started the short sale transaction with AHMSI, there was nothing mentioned about the 1% or 2% admin fee ...just one of those 11th hour surprises.
If you need an upper level contact at AHMSI, email me at kcav8r(at)hotmail.com. It's high enough to shake things up in Irvine.
shoot me that contact to [email protected] if you don't mind. Thanks.
May I have this contant? [email protected]
All AHMSI was trying to do by asking you to reduce your commissions was a standard negotiator shake down, a firm stance @ the full commission and a few passing days and they would have likely agreed to the full commission. They figure if they don't ask....well then... You probably could have eventually gotten the fee waived too.
any contacts you have for higher up would be greatly appreciated. 60 days 3 servicers, no movement! Oh and they are trying to cut commissions, before the file was even opened! I laughed at them.
I just started a short sale with this lender. Is there a different number you can call to reach an English speaking person?