NO- I WON'T REDUCE MY FEE- I ALREADY EARNED IT

My buyer wants me to reduce my fee.  The transaction is of course, an REO purchase.  He claims that my $350.00 settlement fee is too much.  This fee includes title clearance.  Let me give you an idea about what I had to do to clear your title befoe I charged anything to you.... 

Verify that-

1. There are no senior lien holders
2. That the foreclosed Deed of Trust was not a 2nd and that the 1st is not still out there getting ready to pounce on this property with a new foreclosure filing
3. That there are no legal action pending that claim priority over the foreclosed Deed of Trust
4. That all subordinate lien holders got ACTUAL NOTICE of the foreclosure
5. That the prior owner is not in an active Bankruptcy and that any prior bankruptcy allowed for the sale of this property
6. That the foreclosed deed of trust had been executed by all parties in title
7. That the signatures of all parties were properly witnessed and notarized
8. That there are no judgments that take priority over the foreclosed deed of trust
9. That, if applicable, a proper assignment of the Deed of Trust has been filed in the foreclosure case
10. READ, REVIEW AND GET APPROVAL ON every single piece of paper filed in the foreclosure action to INSURE you that there are no defects in the actual foreclosure that will come back to haunt you (or me) later.
11. READ REVIEW AND GET APPROVAL ON LOSS MITIGATION LAWS as they apply in Maryland.  There are no less than 7 mandatory documents that must be filed in each case (filed after July 1, 2010) to insure that Loss Mitigation was handled properly.
12. Confirm that each and every party to whom PERSONAL NOTICE WAS REQUIRED actually received that notice.
13. Confirm that TENANTS (if applicable) got notice and that notice was sent in the appropriate way. 
14. Confirm that the necessary TIME LINES in the foreclosure case were strictly adhered to.
15. Confirm that proper bonds were filed by the foreclosure attorney at the time of the filing of the foreclosure
16. Confirm that in advance of the final ratification of sale- A report of sale was published as applicable, there were no exceptions filed in the foreclosure case, that any appeal period has expired, that the Order of Final Ratification has been filed, that the Trustees deed has been recorded AFTER ratification, that the proper Purchaser's affidavit has been filed, that there are no motions for substitution of purchaser, and determine whether or not the property is still occupied by the original owners or tenants.
17. Confirm that there are no blatent discrepancies in the SIGNATURES of the Trustees on ALL of the document referred to above.
18. Confirm that there are no "corrective" affidavits, and that if there are, underwriting must approve all documents.

Coordinate with your lender and your Realtor, deliver necessary documents to the lender, receive, review and complete documents delivered by your lender to complete your transaction, prepare the final HUD-1 and insure it to be in compliance with RESPA,  disburse the funds, record the documents, prepare title policies, ETC.

All of this and MORE is done behind the scenes long before the client ever comes to closing.   SO NO, I WON'T REDUCE MY FEE.  I EARNED IT!!!

Copyright 2010- Charlene Perry