Cenlar -- Getting Greedy with Short Sale Payoff!

I have a SS Listing that has the first with Nationstar and the second with Cenlar.  It was odd that the first, Nationstar, said that they would not give me any kind of approval until I had approval from Cenlar.  I couldn't figure out why that was until I started working with them closer.

I sent the HUD to Cenlar that showed a $6000 payoff from the first.  It also showed the buyer's closing cost credit and of course the agents commissions. It also showed a Seller Relocation fee.   Cenlar wanted a $43K payoff and the negotiator said the investor was miffed that the seller would ask for money.  They asked the agents to forfeit some commissions, the seller to ask friends and family for money and for the buyer to lower their closing credit.   So, I revised the HUD to show a $9000 payoff and removed the seller relo credit, and now they said they want $25K.

Does anyone have any experience working with Cenlar?  If so, have you run across this and how did you resolve it.  I've been very successful closing all of my short sales and I refuse to let this type of company stop my from successfully closing this short sale for my sellers and for the buyer!

I appreciate your responses!

Thank you,

Suzanne

My Website

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Comment by Suzanne Martin on February 22, 2013 at 4:09am

Hi Bryant.  Thanks for responding and for the tip about the forum.  Over the last day, I have just kept countering with Cenlar.  I finally got them down to $15K and I think I can get them down a few more thousand.  Great idea about commenting in the MLS on the next one that the buyer may have to contribute to the second.  This is actually only the second time I have had this situation-  especially one that started at $43K!

 

Take care and thanks for your idea.

Suzanne

Comment by Bryant Tutas on February 22, 2013 at 1:59am

Hi Suzanne. You will get better responses to questions by posting in the forums. Blogs are more for sharing information.

For your situation you just have to keep pushing. Once you get the best deal you can get for the seller have the seller call and try to do better. My experience is the sellers can usually sort this out by speaking to them direct and making their case.

If you can 't get a deal at least you will know what you need for the next try. Such as placing in the MLS that the buyer needs to contribute to the 2nd.

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