So as if it wasn’t already tough enough to get your mortgage lender on board with your short sale now they are charging you to approve it!
Buyers, agents, homeowners, etc. already have enough trouble on a day to day basis processing short sales but now Service Link Loss Mitigation Services a division of FNF Servicing Inc. under the servicing guidelines of Indymac Mortgage Services a One West Bank(OWB) feels that it might be a good idea to add an additional fee that is expected to be paid at closing. In many cases as the homeowner does not have any money it falls on the buyer now to pay this fee. Starting as of now all short sales processed by Service Link Loss Mitigation Services will be requesting a 1% hit/fee. They are calling it a “Management Fee”. This fee might be slightly negotiable but in most cases the total amount due will be expected to be paid at closing. The fee must be equal to or greater than 1% of the Sales Price or a minimum of $1000 and not to exceed $2000 and needs to be added as a separate line item in the 1300’s section of the HUD1.
We have found several solutions to stopping the short sales from going south for our clients but it takes creativity and good planing. Make sure that you are working with a reputable company because many agencies out there have the local paper pusher also pushing their short sales and in most cases they could care less.
A good team will process your short sale for you for FREE.
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