FNMA Loan Servicer Insists On Short Seller Concession ONLY From Seller!
Copyright (c) 2010, Deanna & Jim's GOLD Team, RE/MAX Olympic
The wait was over; the bank (one of the Big Four Servicers) had their negotiator contact me.
Their investor would approve the short sale if the Seller paid them $5,000 at closing.
After getting the Selling Agent to get the Buyer to agree to pay the $5,000 I courtesy informed the negotiator.
He thanked me for my efforts but said that his investor requires that no one involved in the transaction except the seller could pay the $5,000. The funds had to come directly from the Seller!
This is a cash transaction.
It would appear that the investor is more interested in punishing the Seller than getting the same net proceeds and getting the non-performing property off their books.
Can anyone explain the rationale for this?
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