My offer is accepted by seller &bank. Escrow is openened 5/21 for 30 days. Can I contest these charges/withhold/ pending arbitration??

Asked by Marzzy, 93012 Sat May 22, 2010

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15
Blanca Dover, Agent, Camarillo, CA
Fri May 3, 2013
Sounds like they used a third party to handle the short sale and you already agreed to the fees when you submitted your offer. I don't think that you would have much of a case to contest. I hope that you enjoy your new home!
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Dianne Hicks, Agent, Rancho Bernardo, CA
Sun May 23, 2010
Marzzy
I am on board with most everyone else here. This is a small fraction in a complicated transaction. In addition if you purchased the home for less than what the bank owns go for, you are still ahead of the game. Good Luck and I hope it is a smooth transaction!!!
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James Gordon…, Agent, Hamilton, OH
Sun May 23, 2010
Marzzy you really need to sit down and talk with the Realtor® that is representing you in the transaction. You have had many questions about the short sale transaction that you are currently in and without all the facts it is hard to give answers piecemeal. If youare using the agent that is representing the seller to do everything in the transaction you may want to sit down with a real estate attorney with your questions. You may find that a couple of hundred dollars now will save a lot of money and grief in the future.
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Bonnie Sterl…, Agent, Simi Valley, CA
Sat May 22, 2010
Hi Marzzy,

I think if you want the house at the cost of the 19,000 plus the $1000, plus your original offer price, you should be happy, especially if the property represents a good value overall. Like Barry mentions below, other considerations will likely factor in a greater deal. If it was a typical sale (not a short sale) and the home was priced at your offer price plus $20,000 more, would you be happy with it, would you even be able to purchase it or would you get priced out but other buyers. With limited inventory, I think you are very fortunate to have gotten a home. I dont know your price range but I know a couple people who have been looking in Camarillo and find the choices very limited right now.

Good Luck and post back your updates on progress here but look to your agent for guidance too. You hired them to represent you, I hope that you selected them purposefully.
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Kamal Salim, Agent, Davie, FL
Sat May 22, 2010
Hello Marzzy

With the exeption of the $1,000 dollar, which is not illegal, and it is perfectly acceptable for a smooth and speedy process of a short sale, you should not worry about commissions, this is paid by the seller, in this case the bank. Just worry about closing the deal, and like Steve said, "Don't be penny wise and pound foolish". You are not only complaining about a great service that you have received, but you are doing so after getting great results.
Congratulations in advance, just ask your agent about the time and date of your closing, sign on the dotted line and enjoy your new home!
Web Reference:  http://www.kamalsalim.com
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Steven Ornel…, Agent, Fremont, CA
Sat May 22, 2010
Hi Marzzy,

I have to agree with the general tone of the responses below. Short Sales can be exhausting, and if instead you were one of the many Buyers that have "survived" the 6 to 9 month gestation of a normal Short Sale you would be retrospectively overjoyed at the timeline you have just accomplished.

Don't be "Penny wise and Pound foolish." Focus on the transaction at hand, and as Barry points out, now concentrate on those potential investigative items that can cost you tens of thousands to correct if they exist.

Congratulations.

P.S., If you ever are able to obtain the name and number of the Short Sale Negotiator all of the agents who have responded here would love having their contact info!
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Barry Shapiro, Agent, Camarillo, CA
Sat May 22, 2010
Hello Marzzy,
We have posted a plethora of information regarding short sales on our Ventura County foreclosure prevention website: http://www.findforeclosurehelponline.com In the big picture, a fee of $1000. for the short sale negotiator is a small fraction of the major concerns you should have moving forward, i.e., what is the interest rate on you loan, what are the inherent defects in the property (heating, plumbing structural, electrical systems), is the neighborhood solid or run-down, what if I don't buy buy this house -- what are the alternatives, etc... Focus on the big picture so the little stuff won't drag you down.
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Emelia Sanch…, , Ontario, CA
Sat May 22, 2010
Marzzy, I really think you are barking up the wrong tree. This is a short sale negotiating is absolutely necessary how else do you think the seller will be able to sell their home for less than what is owed on it? The hiring of a third party is up to the seller's agent but must be agreed to by the other party which was done. You may ask your agent to obtain their name to see if they have a license really easy to do. A summary of negotiations? for what ? The negotiator has performed and approval obtained so they obviously did what they were paid for. Job Complete.

It is time for you to perform, you now need to get your property inspection, appraisal and loan.
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Marzzy, Home Buyer, 93012
Sat May 22, 2010
I think you are legally right, and thanks for the explanation. I'm just trying to save money and be sure the negotiator was necessary. It did go fast! I have no idea what the real estate commision is. There are warnings posted at the Calif. Dept of Real Estate site about these negotiators. They must have a valid real estate sales liscence or brokers liscence. May I request a summary of their negotiations and copies of their credentials? I have no idea who these people are, who they work for or anything.
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Joseph Domino, Agent, Scottsdale, AZ
Sat May 22, 2010
I have to agree with Emelia. You agreed to pay the charge and the negotiation was sucessful so what is the complaint? The Seller cannot pay it, they have no money. The bank won't pay it they are losing money? It is very likely that the agents have had their commissions reduced. These type of Short sale transactions are only good for the Buyer assuming you got the home at a bargain price (which is what you were looking for). Enjoy your new home.
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Emelia Sanch…, , Ontario, CA
Sat May 22, 2010
Hello Marzzy,

The negotiator is a third party that the seller's agent has contracted with to negotiate with the seller's
lender(s) on the short sale and obtain an approval. These companies assure a smoother process and take care of all the tedious paperwork associated with this type of transaction. The negotiator does not necessarily have a side since their sole purpose is to get the bank to agree to the short sale. Seems like this one was successful and possibly in a very short period of time the approval came in.

For your question contest these charges? You had agreed to this and it has definitely served you in getting this done in a timely manner.

Congrats on your new home purchase. Seems you may qualify for both state and federal tax credit.
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Marzzy, Home Buyer, 93012
Sat May 22, 2010
Upon submission of my offer to the listing agent of a short sale. My agent informed me that the listing agent would not submit my offer unless I agreed to paying $1000.00 for a negotiator. I agreed and signed. I was not told on which side the negotiator was working for. I had not choice but to sign if I wanted my offer sumbimiited. The owner of record agreed to my offer. The bank counteroffered (19 kmore) which I accepted.
I really do not think I should have to pay this 1k because I was not fully informed who the negotiator was working for and I was strongarmed into agreeing. Escrow opened 5/21 for 30 days. Can I ask escrow to withold payment and file a complaint with the Calif DRE ???I was not told who these negotiators were or anything.
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Steven Ornel…, Agent, Fremont, CA
Sat May 22, 2010
Hi Marzzy, we would all like to help you.

Please take your time and post as many details as possible so we can get a clear picture of your situation.

Best, Steve
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Anna M Brocco, Agent, Williston Park, NY
Sat May 22, 2010
You may wish to ask your question again and be a little more specific--or consult with an attorney who specializes in real estate.
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Mission Viejo…, , Mission Viejo, CA
Sat May 22, 2010
What charges are you referring to?
0 votes
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