I have been working as a buyer agent on a short sale for a property being serviced by B of A. Our first offer was $72,000 and was countered with $74,000 + a $2500 fee. I am not sure what the fee is. On the HUD which is to be submitted, it appears as a cash contribution towards the first lien.
The listing agent said it was usually a fee associated with financing, but had never seen it on a cash deal. Is this a way for B of A to make some money which goes directly to them and the investor really does not see?
What has been the experience of others? If you counter removing that fee, will it be accepted or simply rejected?
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interesting. I've never seen a fee like that from BoA...why would financing make a difference? as a matter of fact, how would such a fee be reflected on the GFE? Does the rest of the HUD look right? no short sale negotiating fees the listing agent is trying to pass on to the buyer? anyone else ever see such a fee?
Yes, on the HUD there is a cash contribution from the seller, but there is also the same thing on the buyer side. Why not have the contract price be $76,500. I am not clear why the buyer is also being charged cash towards the 1st lien.
I also forgot to ask about the investors unwillingness to pay for water/sewer/trash which is a first place municipal lien. the investor will pay this fee if the prop goes to foreclosure. Anyone had luck with the investor paying this fee and not trying to pass it along to seller or in this case to the buyer.
ok, so we have a seller contribution of $2500, seller doesn't have it (or refuses to pay it), so listing agent is saying buyer has to pay it (after all buyer has cash)? could that be it?
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