This is certainly a new twist to an old problem. Bank United is the first lender on a California short sale. The negotiator is stating that Bank United "charges 1% for their short sale processing" (of their own non-performing asset). This 1% charge isn't disclosed anywhere in their short sale package, nor does the buyer have the additional 1% (over and above the repair costs they will be paying due to buying the home As-Is). Just another way to pick the pockets of Realtors.
Has anyone successfully battled this with Bank United? I would love to hear from you!
**********************************
like buttons
Comments
Hi Wayne. Contact me at shortsale@tropicaldreamrealty.com and I will give you the skinny on Homeward. Too much to detail on the post thanks.
Great, I'm just about to start one with Bank United AND I just started dealing with Homeward Residential, who bought a WF mortgage that's in foreclosure.
Carmine: Anything you can tell me about Homeward Residential would be appreciated. I've talked to 4 different rep.s so far about getting a house with a severe roof leak tarped, and I've 6 different answers. If there's going to be a surprise 1% I need to figure out where to put it. I'm doing the 3rd party negotiation on this one, and I WON'T let them squeeze the Realtors for it!
Yes that is true! Whats worse is American Home Mortgage Servicing Inc.(AHMSI) now known as Homeward Residential is charging the Buyer an administrative fee of $600.00! That's just not right! FYI ;-)
That's interesting - if this is Bank United "of Texas", I was a VP there from 1994-1998. They did TONS of "marginal" loans. That Bank United was originally formed and owned by Lewis Ranieri - the creator of Mortgage Backed Securities. Shortly after I left the bank, it was sold to WAMU and, as we all know is now Chase. Bank United "of Texas" actually no longer exists.
There also is an unrelated regional "Bank United" in Florida which I believe still exists.
So it is interesting that Bank United is charging 1% - they may have kept a shell company to get rid of bad loans. Ask your negotiator if they are owned by Chase.