Home Buying in Carson>Question Details

Jo, Home Buyer in Los Angeles, CA

When can our realtor speak to the negotiator at bofa regarding our short sale? We were told only the seller agent can speak to negotiator. This true?

Asked by Jo, Los Angeles, CA Mon Aug 9, 2010

Also.. The seller realtor said that the seller want cash money or they are walking away. Can the seller agent request cash money from us in a short sale? Is this legal? Can the seller walk away after 4 1/2 months and let the house go into foreclosure if we don't give money they requesting?

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6
Buyer's agent CAN talk to the bank, but ONLY if they have the seller(s) sign an authorization (which most sellers will not sign for the buyers agent). A dollar amount for personal property is not uncommon, and in most cases, makes sense.
0 votes Thank Flag Link Tue Aug 10, 2010
1. No your buyers agent can't speak with the lender

2. Short sale the seller RECEIVES zero money all monies are paid to the lender not to the property owner

3. Seller agent why would they be requesting cash from you ? OR are you paying cash ? NO matter what the property must go thru transfer of title based on your state laws. ANY cash would be paid to BofA not the seller

4. Yes the seller can walk off on any property at anytime ...

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Tue Aug 10, 2010
Do you really want this house? If it's absolutely the perfect house for you, you could purchase personally property from the seller and that is not fraud. Buy their fridge, buy their washer dryer, pay $5k for these things. What are the comps like in the neighborhood. Talk to your agent about ALL of the recent sales,,offer less than recent sales, find the lowest couple of comps & use that when working with the banks' appraiser. Do NOT let the banks' appraiser over to the house unless YOUR AGENT is there too.

It is possible for your agent & the seller's agent to come together & work with the bank together. The seller's agent CAN have the sellers also authorize YOUR agent to speak with the bank on your behalf. This must be done very carefully. Both agents need to work together as a team.

EmilyKnell1@yahoo.com
562-430-3053 cell
0 votes Thank Flag Link Tue Aug 10, 2010
Jo.....it is possible for your agent to speak with the BofA negotiator, with permission of the sellers. I am the listing agent for a number of short sales and just represented a buyer in a transaction where the listing agent did not have much experience, so the seller gave me authorization to be involved in the process.

In regards to the sellers agent requesting cash money....do you mean a contribution through escrow? If so, that is something that is sometimes necessary to finalize the negotiations. For example, the 1st often times only allows a certain a amount to go to the 2nd.....but may allow the buyer to contribute. If the agent is requesting that you do something outside of the escrow and not on the HUD-1, CJ is definitely correct, that would be considered fraud and should be addressed immediately.
0 votes Thank Flag Link Mon Aug 9, 2010
Thank you CJ. I thought something was wrong there.
0 votes Thank Flag Link Mon Aug 9, 2010
Jo -

Asking for cash outside the HUD-1, circumnavigating the short sale lender is considered fraud. Have your agent and their broker bring attention to the listing agent's broker immediately.

CJ
0 votes Thank Flag Link Mon Aug 9, 2010
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