short sale 2nd

Hello

I have a question?

If we have short sale but only 2nd lien holder short money. Who is going to pay commision for agent?

My case is 1st with Wells Fargo and 2nd with BofA. 1st owed $650,000. Second owed $300K. Value about $750K.

Please let me know

Thanks

Views: 121

Replies to This Discussion

Permalink Reply by Jim McCormack on September 23, 2014 at 11:15am
The 2nd will be paying the commission in reality, but technically it is still the seller just like any normal sale. Just draw up the HUD1, put in the sale price, the 1st mortgage payoff, the commission, the other sale expenses and then whatever is left over is the short payoff to the 2nd mortgage.
Permalink Reply by Albert Clark on September 23, 2014 at 11:21am

The commission is paid as normal unless the 2nd pushes back.  But on your HUD, have escrow get the payoff of the 1st then deduct everything, including your full commission, and that's what's left for the 2nd.  Also contact BOA to see which department it is with their 2nd if a HELOC it can be quick or a longer process depending on what type of HELOC it is.  Hope that helps.

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************