Replies to This Discussion

Permalink Reply by Eddie Saenz on May 10, 2011 at 10:42am

Show that you are paying that amount from your commission and have your buyer pay you an additional $2500 commission.

Permalink Reply by Mark Palermo on July 15, 2011 at 9:08am

Eddie Saenz said:

Show that you are paying that amount from your commission and have your buyer pay you an additional $2500 commission.

 

Eddie, you can't do that legally..you know that. Listen, I have a short sale and PNC is asking for $29,000 for a lien release...on a HELOC that they are owed $100,000 on...They refuse to negotiate the terms...won't come down on that $29,000 figure...Chase won't allow sellers to contribute a dime...they don't have it anyway...they are broke and guess what...PNC already knows that....SO....the burden of paying off that lien falls on Buyer, buyers agent and listing agent.

 

Chase is contributing $5,000...and all 3 of us have to split $24,000. Chase IS allowing that. They have no beef with the buyers and agents...just the seller. The split shows up on the HUD just like a closing cost...its legal and the right thing to do.

 

PNC has a gun to the head of all buyers and agents that buy short sales in which they are a lien holder. They know that sellers aren't allowed to contribute on a second...there isn't a 1st lien holder on this planet that would allow for that on a loan that they are short on. They are playing a risky game and somewhere down the road an agent and buyers class action law suit will be filed and I for one will be first in line to participate.

 

BTW, I am on my 3rd buyer. Chase took only 15 business days to give me an approval...PNC took 7 weeks and would not accept any docs until they had the approval from Chase first. When PNC through that $29,000 bomb on us, Buyers and their agent walked. I had a back-up buyer and they were willing to do the split...Chase gave me an extension without re-submitting docs...PNC would NOT give me an extension and made me re-submit everything all over again.Buyers walked when they found out they would have to wait. I had a third back-up and had to resubmit again... I still have not closed this deal and I am on my 4th week of trying to get another approval with them with the third buyer. Even my closer at Chase doesn't understand the motive of PNC. They just want to close this deal and PNC seems like they are trying to sabotage it.

 

They are the worst bank on this planet in terms of short sales. If I were to run a business like they do, I'd be homeless or in jail. It's criminal what they put sellers, buyers and their agents through.

Permalink Reply by Becky Martin on August 20, 2011 at 2:03pm

PNC is terrible for sure:(  US Bank used to be my worst but they have a new help line that seems to be doing some good....

I have one with a 1st and 2nd with PNC = Uugghh

Permalink Reply by Lisa Sipes on November 3, 2011 at 5:33pm

I would agree with you ......I even escalated the file.  I think a class action lawsuit would be a good thing....on my short sale, PNC is the junior lien holder.  HSBC agreed to give them $4310, PNC would only do a lien release only for $6,950 and they were going to send it to collections for the balance????

 

 We split the difference up and are paying the rest to close the deal.  My seller owed $69,000 on the HELOC and they are so awful....they absolutely hold you hostage.  

 

My seller has no money and will most likely be filing bankruptcy.  I have never worked with such a difficult company.  :(

Permalink Reply by Anna Chi Huang on December 1, 2011 at 9:07am

I am going through a short sale with PNC as the 2nd lien holder, they are requesting $18,000 to settle a $32,000 debt, my seller had no money to contribute, since they are going through a very difficult time, and the first are only approving $3,100.  I am not sure how to approach them anymore, they are so tough to work with.  Not to mention, we have a shortage on this sale, so $1,100 is coming out of listing and selling agent's commission, which they have already reduce the commission total to 5% instead of 6%.   Anyone has any suggestion to how to make this out, it seems like they don't really care about having the transaction settle, the 1st only took 3 weeks to give us approval with Indymac, and PNC took almost 4 months.