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Law

Links and Information about the Legal Aspect of Short Sales. Not a subsitute for legal advice.

Members: 207
Latest Activity: Feb 23, 2017

Discussion Forum

Fees charged to buyers

Started by Steven Jackson. Last reply by Diego Marin Jan 30, 2012. 27 Replies

STATUTE OF LIMITATIONS FOR DEFICIENCY BALANCES

Started by Richard Zaretsky. Last reply by MESARE DONDA Jul 2, 2011. 10 Replies

Negotiator Fees off commission??

Started by Nancy Campbell. Last reply by MESARE DONDA Jul 2, 2011. 2 Replies

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Comment by Shari P on January 23, 2012 at 9:39am

Does any one know a good CA attorney that will spend an hour to consult/advise a seller (not process the entire short sale) and agree to be paid by the bank on the HUD in escrow?

Comment by Donna Levy PA on November 18, 2010 at 7:31am
Happy to join...looking forward to following the conversations and questions!
Comment by Kevin - Greenville, SC on November 13, 2010 at 8:43pm
Joseph, Absolutely, but they don't very often unless they think there is equity for them to take away after the senior lien holders are paid from the proceeds of the foreclosure sale. Any party with a lien on a property can initiate a foreclosure action in SC.

Regards,

Kevin M. Lancaster - Willson - Realtor, SFR
SC License # 31391
Keller Williams Realty
700 Airport Rd.
Greenville, SC 29607
Office: (864) 234-7500
Voice: (864) 485-9283 call or text
Fax: (864) 968-1779
[email protected]
www.KevinSellsTheUpstate.com
Comment by Joseph G. Altman on November 12, 2010 at 5:17am
I have a client who is doing a loan modification on his primary residence. He is behind four months on his secondary lien holder. Can the second lien holder initiate the forclosure process?
Joe
Comment by Joseph G. Altman on November 12, 2010 at 5:14am
I am happy to be a member of this group.
Joe
Comment by Dawn Jones on November 7, 2010 at 11:34am
I need an answer and FAST! I have a short sale I am negotiating with Chase with a foreclosure sale date scheduled in the next 14 days. The file has been with Chase approx. six weeks. BPO is complete, all documents current w/no outstanding items, and we've been working daily towards an approval letter and/or postponement of the sale. Chase's negotiator has come to me in the final hour (this past Friday night) with a demand for $80,000 from the seller "to show good faith" BY MONDAY (less than 72 hrs.) OR SHE WILL NOT CONSIDER THE SHORT SALE OR POSTPONE THE SALE DATE. What I want to know is... Can the lender refuse to consider a short sale (hardship) without a payment being made by the seller? Isn't that what a hardship is about in the first place? Any comments or suggestions are appreciated.
Comment by Alan Remigio on October 7, 2010 at 11:18am
Forth...one of your choices is to negotiate, as I 've previously stated. Work with the buyer and seller on contingencies to get on common ground and move forward. The RE contract can be as narrow or flexible as anyone wants it to be. If the scenario you are discussing has already played itself out, just understand, ANY provision in the contract can be negotiated.
Comment by Forth Hoyt on October 7, 2010 at 10:19am
This is my thought process also. Kimberly-I think your comment is more about the negotiation fees (right). The addendum I am speaking of is just asking the buyer to make a commitment by putting money in escrow once the seller has fully executed the contract. The issue is the non-refundable wording. I would be fine removing the non-refundable wording, if the buyer would agree to make a deposit upon a fully executed contract. That way, if they "walked" they would have to send us a cancelation so they can get their money back and at least we would KNOW we lost the buyer. Instead of continue to proceed, get an approval and then learn the buyer bought a different house 3 months ago..
Comment by Kimberley Kelly on October 7, 2010 at 7:18am
Very interesting discussion. I am seeing these addendums on practically every Short Sale Listing where the List Agent is using a 3rd party negotiator, or negotiation company. Since I do my own negotiating, I am not charging this fee, but it IS upsetting the Buyers. I tell my Buyers' Agents when I am pretty sure there is going to be an additional amount of payoff demanded to get the deal done, but I do not demand that they sign an addendum and cover the negotiation fees. This is going to be a hot button I think..
Comment by Alan Remigio on October 7, 2010 at 5:21am
Forth, what's in a properly presented and/or executed contract and RESPA are clearly two different issues. RESPA rules the settlement part of the contract which includes agency/vendor relationships.
Buyer has the same choices as Seller during contract negotiations, accept, negotiate, decline. Nothing to do with RESPA.
 

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