Replies to This Discussion

Permalink Reply by Ben Benita on July 20, 2011 at 8:41am

Fees you get will depend on your ability to negotiatei, and, depend on whether or not you have learned who the Ivenstor (or REAL decision maker) is on the loan.

 

Know that is would be foolish for the bank to foreclose over $1000.......if push comes to shove, or, you do not want to do the above, youc an always put it on the HUD (full disclosure always) and, ask if the Buyer will pay it.

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on July 20, 2011 at 8:41am

Elvira -

 

They will get the $1,500 from someplace, if the attorney doesn't cut their fee, then it will likely be reduced from your commission.

Remember, nothing is approved until you have it in your hand.

 

Thom Colby

Broker

Newport Beach CA

Permalink Reply by Ben Benita on July 20, 2011 at 8:43am

sorry, I would also ask if the loan is eligible for the "Chase Incentive Program" which allows the Seller to get cash back at closing (we did one where the Seller got a check for $30,000 on his short sale..... no kidding.......all above board)

 

Only certain loans (portfolio loans) are eligible for this.

Permalink Reply by Patrick Smith on July 20, 2011 at 8:43am

Executive office was more helpful to you than me... Once I did get my 'approval', they gutted legal fees by 75%, reduced the payoff to the second mortgage (also a Chase mortgage, go figure) from $3000 to $699.00, and disallowed a mess of mandatory title and closing charges.  In told leaving the deal $4,500 short.  Sigh.  I hesitate to mention the name of the negotiator I had, but let's just say if I ever get him again I'm asking for a reassignment immediately.

 

Permalink Reply by Ben Benita on July 20, 2011 at 8:53am

Patrick et. all - ALWAYS find out who the Investor is on the file and try to deal with them when they attempt to cut ANY fees (use a Qualifed Written Request "QWR" in banking speak, to find out who the Ivnestor is, and, also use this to find out the name and contact info. for teh MI company where applicable....do this and watch how your closing percentages increase, and, your average time to close greatly decreases)

 

Know that most Servicers, like Chase, B of A, etc., are ONLY doing what the Investor tells them and following Investor guildelines....depending on your offer, and, if you have a Tier I, Tier II, or Tier III approval, the only option left for you may be to contact the Investor directly 

 

Aaron - perfect points - our prelim. HUD's always have 2% - 3% in attorney fees which we use to negotiate

 

All my best to everyone!!!!

Permalink Reply by Wendy Smith on July 20, 2011 at 8:59am

Hold on, if you had to keep calling the Exec Office & the negotiator, etc., what did he do for $2500?

Permalink Reply by Jeff Payne on July 20, 2011 at 9:03am

Good point Wendy.  I was wondering the same thing.  Close the deal, give him his 1500 and move on

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on July 20, 2011 at 9:05am

Aaron,

 

Do I understand you correctly....  You are an attorney and you are suggesting that attorneys falsely inflate their fees on the HUD to be able to sustain a reduction by the investor / lender?  And, you put it on the Internet!

 

WOW !!!

 

Thom Colby

Broker

Newport Beach CA

Permalink Reply by Patrick Smith on July 20, 2011 at 9:07am

Thanks Ben.  This one has had 9 lives.  I did do QWRs, and lo and behold...they complied with reams of paper.  The investor is Fannie, and I've escalated to the point of their regional counsel, so clearly there has been some attention focused.  Frankly if I were the negotiator I would make this my priority just to get me off his back.  But I digress.  I learn something new about the sausage making that is short sale administration from each of these files....whether I want to or not!

Permalink Reply by Ben Benita on July 20, 2011 at 9:12am

 

If you are dealing with Fannie - unless you know one of the inside guys and how to navigate the beast that is Fannie (our "hard-working tax dollars covering THEIR LOSSES by the way), I agree with Jeff, I would push to just get this to closing.

 

Get your commission, get the attorney his $1500, and, let the Seller(s) move on, and GO CLOSE SOME MOER OF THESE!!!!!

 

;-)

 

 

Permalink Reply by Ben Benita on July 20, 2011 at 9:15am

I agree with Aaron, much like agents and anyone else, ALL FEES seem to be "negotiable" when it comes to short sales!!!

 

I think Aaron is just showing he is flexible, and, doing his best to help out the homeowners....

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on July 20, 2011 at 9:16am

"the fee will be questioned and reduced at some point in the process and that it is part of the game"

 

WOW !!!!

 

Aaron Burke said:

No, Thom, that isn't what I am saying. My fee is my fee. It is representative of the value I bring to the transaction. But I know that the fee will be questioned and reduced at some point in the process and that it is part of the game.

Thom Colby Newport Beach CA said:

Aaron,

 

Do I understand you correctly....  You are an attorney and you are suggesting that attorneys falsely inflate their fees on the HUD to be able to sustain a reduction by the investor / lender?  And, you put it on the Internet!

 

WOW !!!

 

Thom Colby

Broker

Newport Beach CA

 

 

 

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