Hi Everyone!

I am new to SSCommander.  

In fact, Up until now, I hired a 3rd party negotiator to handle all of my short sales.  Feeling out of control, I wanted to regain some more strength in getting my SS's closed faster.  

One of the reasons I hired 3rd party negotiators is b/c I don't have time to facilitate 20+ short sales at a time.  

My question is, can i charge the bank for my time (Just like the 3rd party folks do) on the HUD for the facilitation?

If so, what line item do you use and what do you call the charge?

thanks in advance for any insight!

Diane

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Colorado.

I've been doing this as well. The banks used to pay for short sale negotiation fees, but when they began saying the big fat "NO," while demanding that I upload this or that, and "oh, and get me that too," while they gleefully threaten you and your seller with foreclosure, I haven't backed down. I absolutely WILL NOT work for free. Those of us who do short sales do a LOT of work for the banks and they demand much from us to process the short sale. And, if it weren't for us, they'd have far more REO's on their books. Not only do you have to be a psychologist to deal with the sellers, you have to go back and forth to collect all proper documents, (especially if your sellers do not have access to faxes or scanners), manage, document and upload and/or send all paperwork required when they require it. I ABSOLUTELY will not do it for free. This work goes way beyond the scope of work as a listing agent/broker. So, when they began saying "no," I negotiate for the seller concession on behalf of the buyer and the negotiation fee, which is now the buyer's responsibility, and it's taken off the buyer side of the HUD at Closing. I have drawn up a separate statement that the buyer signs and agrees to pay the negotiation fee. I used to only charge the fee if I was successful in obtaining the seller concession, but no longer. I have begun notifying any prospective buyers before an offer is even made - through the MLS. Therefore, they know, up front, the fee they will be responsible for, and can then incorporate that into the price they offer and the amount of their deposit. That's the only way I do short sales now.  And, it actually gets me angry when I STILL hear about an agent or co-broke agents taking a cut in commissions because of last minute changes to the HUD in order to save the sale and Close. Think ahead people!  ...Stop being used! The seller concession credit and the neg. fee (debit) goes on the buyer's side. The buyer receives whatever credit is left from the credit I've negotiated which is then applied to the buyer's CC, negotiation cost, and pre-paids. The seller concession, as stated on my P&S, is not guaranteed. But, if it's negotiated, and it almost always is, the buyer still wins - due to my successful negotiation - because the bank WILL pay a seller concession, but not a "negotiation fee." If they do not, especially if last minute costs pop up, and you end up using the seller concession for whatever, the agents commissions are NOT cut. You use the seller concession to pay for last minute whatever, the bank has already agreed to the "NET," and the buyer has already agreed to pay your SS fee. So, play the game, and get paid for your work! - I'm in Massachusetts, for the record, but no matter what state you're in, just remember, a separate agreement is a stand alone contract between you and the buyer. The buyer's lender may, usually does, object to the negotiation fee being part of the P&S, so that's why I created a stand alone contract. The P&S only states that the seller concession is not guaranteed, and the buyer's underwriter can't object to that. Stop allowing the banks to take advantage of you!  ...my two cents... Good Luck in Texas!  ..gotta love that RED state!

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