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Trulia Chica…, Other/Just Looking in Chicago, IL

Whose job is it to negotiate with the lender?

Asked by Trulia Chicago, Chicago, IL Mon Feb 4, 2013

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Trulia Chicago,

Under what circumstances are the negations with the lender? Here are just a few:

1. New Purchase
2. Refinancing
3. Loan Modification
4. Short Sale

Each of the above items has a different answer that is never a cookie cutter.
0 votes Thank Flag Link Tue Feb 5, 2013
listing agent should be the one and only , an attorney should be active while closing the deal.
0 votes Thank Flag Link Wed Feb 20, 2013
I would like to add that the only exceptions to my last post would be to negotiate with the bank that owns the REO in a short sale or FC situation. In any other situation that involves a buyer's financing, no one except the borrower can be involved.
0 votes Thank Flag Link Wed Feb 13, 2013
Per the law (RESPA, Fair Lending, ECOA, etc., it is against the law for anyone other than the borrower to discuss lending terms with the lender. In fact, it is not legal for a Realtor, or even attorney to receive the borrower's disclosures.

If you are a real estate professional do not attempt to enter into loan terms or their negotiation on behalf of a borrower.

You will be breaking the law.

Best wishes,

J.D. Saxon
Mortgage Banker,
Harris Bank, NA
312-841-7283
0 votes Thank Flag Link Wed Feb 13, 2013
The bulk of the responsibility to negotiate lies with you.Your Realtor can only point to you things that your lender will be looking out for. Afterall it is not your Realtor asking for finacing
0 votes Thank Flag Link Wed Feb 6, 2013
The listing agent and attorney together. Its the best think that you have a good team working for you. So look for good agent and attorney who has good reputation and lot of experience if is the short sale.
Thanks,
Maja
0 votes Thank Flag Link Tue Feb 5, 2013
Each short sale is different even though the process is the same. Anyone who does short sales whether it is am attorney or realtor must be vigilant and respond in a timely manner to lender requests. I like being in control so I negotiate with the lenders but work with am attorney to order title and HUDS.
0 votes Thank Flag Link Tue Feb 5, 2013
It really depends. There are times that the Realtor is able to talk with the lender. There are times that the Realtor should have nothing at all to do with the lender. One time the Realtor should be involved early, when determining what price point to start the search for a home. On the other hand, the Realtor needs to be trained and have experience dealing with lenders and short sales. Many times some Realtors have been acting outside the scope of their licenses.When they are trying to negotiate with the lenders; they must be careful and have the knowledge about dealing with banks and short sales. Which means that the public should be extra careful in dealing with a Realtor who may or may not understand all the issues that are involved while doing short sales. A Realtor mistake or forgotten request may cost the client several thousands of dollars. The laws in this area have been changing fast you need a Realtor that is keeping up with all the changes.
0 votes Thank Flag Link Mon Feb 4, 2013
Hello,
Your Listing Agent and or Attorney will negotiate the price. But in reality, the bank will send out an appraiser or real estate agent to do a BPO (Broker Price Opinion) on the property. Then both figures will be taken into consideration. Please feel free to call me if you would like to discuss this further.
Jorge Vega
Newman Realty Group
773-627-7608
0 votes Thank Flag Link Mon Feb 4, 2013
Usually it would be the Realtor and or the Attorney. And in a lot cases it is the Seller, Realtor and the your Attorney as a joint effort. Some short sales are more complex than others.
0 votes Thank Flag Link Mon Feb 4, 2013
Foreclosure: Selling Agent negotiates with Lender

Short Sale: Selling Agent or Attorney negotiates w/ Lender
0 votes Thank Flag Link Mon Feb 4, 2013
If its for a short sale, then the listing agent or the attorney is in charge of it.
0 votes Thank Flag Link Mon Feb 4, 2013
Negotiate what with the lender? I'm not sure what this question does for someone looking to sell a home in Chicago. If you're specifically asking about short sales, that is a topic that isn't appropriate for a general Q&A, per Jeff's response below. We get lots of questions from actual home buyers and sellers. This isn't really helpful.
0 votes Thank Flag Link Mon Feb 4, 2013
Trulia Chicago, you have asked many questions about a short sale in the last few minutes. Any qualified real estate broker can answer your questions. Most real estate brokers and short sale real estate lawyers would gladly give you a complimentary consultation. It may be in your best interest to take advantage of this.
0 votes Thank Flag Link Mon Feb 4, 2013
The listing agent is in contact with the negotiator at the lender.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Mon Feb 4, 2013
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