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

Asked by The Hagley Group, Pleasanton, CA Sun Nov 18, 2007

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?

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Trent Chapman, , San Marcos, CA
Wed Nov 21, 2007
BEST ANSWER
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'.
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Keith Sorem, Agent, Glendale, CA
Wed Nov 21, 2007
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.
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