Comment

Comment by Smitty on December 28, 2010 at 4:57am

Jim,

Why does AHMSI cherry pick?  My last two approvals did not charge a 1% buyers fee.  Was it because the commission went from 6 to 5%?

Comment by Jim Schneider on December 28, 2010 at 4:45am

AHMSI sent out a letter stating some basic things about short sales with AHMSI, including their 1% fee to the buyer. I'm posting it (redacted) so that you can show it to buyers and their agents ahead of time, that way they'll know you're not just making this stuff up. AHMSI%20SS%20notice%20letter.pdf Use it in good health.

Comment by Jim Schneider on December 22, 2010 at 9:46am

AHMSI - ridiculous to deal with.

 

Today when I called in to check on the short sale packet I sent over on a Citi 2nd mtge, they asked for a payoff statement from the first, which is AHMSI. AHMSI,  said a letter of authorization was not sufficient for them to send a payoff statement, I need a separate letter that specifically states to send me a payoff statement! Why does AHMSI insist on wasting everyone's time?

Comment by Justin Berry on December 15, 2010 at 10:29am

I know I already chimed in on this, and it has now been several months since I've worked with these bozos, but I would push back hard.  This fee needs to be paid from the seller proceeds.  Period.  Don't take no for an answer!

Comment by Jim Schneider on December 15, 2010 at 10:22am

Steve, I do agree with your sentiment. The worst part is springing this on the buyer and putting the deal in jeopardy. Disclose it up front and it's just extra paperwork.

Comment by Steve Early on December 15, 2010 at 10:01am

Jim:

 

Still feels like extortion to me. Your attorney is probably right, but I would argue it wasn't part of the deal the buyer signed up for when they made the offer. Servicers and investors are getting bolder and bolder as time goes on.

Comment by Jim Schneider on December 15, 2010 at 9:34am

Knowing about this 1% fee is half the battle. My seller's attorney didn't think it amounted to a RESPA violation, as long as it's disclosed on the HUD. I had the attorney draft language on our short sale addendum, so the buyer knows about it, and agrees to it, up front. Steve, I think you are right, FHA wouldn't fly with that added fee though.

Comment by Steve Early on December 14, 2010 at 10:14am

Hey Stephanie:

 

As to AHMSI charging the buyer 1% ... for what? To make your commission a full 6% or for something else? Regardless of what it is for I really don't think they can do that. I know for certain they can't do it on an FHA loan. FHA would never allow it.

This would certainly not meet the test of "reasonable a customary" closing costs, and I wouldn't stand for it.

Comment by Jeanine Whitehead on December 13, 2010 at 5:34pm

Thank you for the reply William.  My question is, what is a realistic turn around for an approval from the 2nd when everything has been HAFA approved from the 1st.  It is my understanding that the 1st has to offer a % to the 2nd but I wasn't sure if the 2nd can reject that amount. (hope this question is clearer)

Comment by Steve Early on December 13, 2010 at 3:02pm

We have had a short sale offer in since September 29th. The negotiator has done NOTHING. She will not return calls, she will not answer emails, her manager and her manager's manager were equally as useless. We have tried to get her replaced, and people would promise us they would transfer us to someone who could help and they would stay on the phone with us until they picked up - then they would transfer us to INDIA.

 

After reading comments in here that people have gotten their short sales done in 30 days, we finally bit the bullet and closed out the file. We're going to resubmit and just pray we don't get the same useless individual.

 

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