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Following up on third party short sale negotiation new question....

Thanks to all who answered and debated my original question. I ended up keeping this in house and training my assistant to help with the process. NOW.....here's a new one for you....

I noticed on a HUD-1 that the agent representing the lender in an REO transaction was charging a $1500 "adminsitrative" fee on top of his commission to the lender . At time of closing, this was still being "negotiated "with the lender (which leads me to beleive they are not paying....) I think this is brilliiant on behalf of the selling agent...especially if he can get the fee. Has anyone else tried this? Thoughts?
Sun Nov 18 2007, 15:20 - 94582 - Home Selling - 2 answers
 
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Cindi Hagl...
Real Estate Pro
in San Ramon
Cindi Hagl..., Real Estate Pro in San Ramon in San Ramon
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Trent Chapman was FIRST TO ANSWER Trent Chapman received BEST ANSWER
Cindi
Perhaps that fee covers the carrying costs associated with the listing. Was it on the market for a while? Some lenders require the listing agent to maintain the property, help evict the owners, etc.

Interesting thought.

Wed Nov 21 2007, 13:30
Web Reference: http://www.beautifulglendalehomes.com
 
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Yes, this will work, if the agent uses a seperate entity or name under which the item is listed on the HUD (i.e. Short Sale Services, LLC). If not, it is hard to get a mitigator to pay what they see as an 'extra fee'.

Wed Nov 21 2007, 07:48
 
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