Comment

Comment by Melissa Polce on February 11, 2012 at 2:07am

Usually the attorney I use does it for $350-400, which again, to make things more manageable, I strongly suggest to buyers and their agents to close with sellers attorney ..I have also on occasion had to take a $150 hit on commission, and asked that the attorney up his fee to buyer and take a hit on the rest....BUT, what also has worked is coming out straight out asking the negotiator where they want me to put the fee for the attorney because they did the work for the closing..and you know (RE 101) sellers always pay the day of closing...so there should be some spot for attorney fees, how else do they exthat that wire of $$$ to come over :D..HOPE THIS HELPS! CHEERS

Comment by Ken Bailey on February 11, 2012 at 1:14am

Tara--non atty state means that state law does not require an atty for closing, as other states do. Like I said, I usually don't have this issue either, but Chase doesn't allow the fee in VA. Has anyone else been able to successfully negotiate the atty fee with Chase in a non-atty state? Melissa, thank you....I will double check but I think they kicked out the doc prep too. How much of a doc prep fee did you get?

Comment by Melissa Polce on February 10, 2012 at 4:25pm

I'm in NC, so we are the same, ya got 2 options, throw it under "doc prep" fees or...for when BOFA used to pull the same thing on me; you hopefully have that buyer is also closing with that same attorney and you call up and say...mr. attorney, I need a break on this one end with the seller but you are also gettng the fees onthe buyers side..IT HAS WORKED WHEN I NEEDED IT TO, good luck

Comment by Tara Samney on February 10, 2012 at 11:56am

Ken, please explain the non atty state. I am in va and never had a problem with it and always had it on hud. Starting a chase one now. Thanks!

Comment by Ken Bailey on February 10, 2012 at 11:10am

Hello--I was wondering if I could get some advice on a Chase short sale. I'm in VA, a non atty state, but I am still trying to negotiate and atty fee on the HUD. I do it all day long and get them approved, but  this Chase negotiator is rejecting the atty fee b/c of the non atty state issue. We negotiated the offer so that the net is $15k above what Chase needs to net, SPECIFICALLY to pay items like this. I need to get the atty fee paid somehow by Chase, and NOT by the agents or either of the parties. Has anyone else run into this problem and found a solution? thank you

Comment by Kathleen Sheridan on February 3, 2012 at 1:27pm

My last Chase seller got $20,000 plus $3000 from HAFA, and up to $5000 to pay of other liens. There was only one mortgage, so an old gas bill and a contractor's judgement were paid off. The seller told me that Chase was offering the $20,000 on loans that the got from WAMU. 

Comment by Sameer Punjani on February 2, 2012 at 3:04pm

The world savings loans were actually portfolio loans and they kept them in house.  But wells did end up buying them, and Im sure they have some LSAs on these as well.  But this is probably the reason why Wachovia loans are so much easier and faster to get approved because they weren't cut and sold in pieces.

Comment by Thom Colby CA Brkr 888-391-5245 on February 2, 2012 at 3:01pm

I think it not just the Loss Share Agreement - but more likely the loans where they cannot locate the original and full documentation and change of servicers proving they actually own the loan.  These are the owns that are similar to the World Savings loans where they just needed to "get rid" of them.

Comment by Gabe on February 2, 2012 at 11:34am

It seems that Chase is more inclined to give incentives because of a possible loss share agreement and also the cheap price that they paid to acquire these loans to begin with, but does anyone know if other banks are as open to seller incentives at this time? 

It's becoming more and more apparent that the banks are benefitting more from the short sales than the sellers are, and it only makes sense to incentivize the sellers as a means to completing more short sales successfully, thus mitigating further losses.

Comment by Sameer Punjani on February 2, 2012 at 11:33am

I speak out and say what's on my mind, then people say the banks watch these forums like I give a damn. I been a broker for 10 years and I could really care less if I get bpo or listings from them.

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