Special offer

FNMA Loan Servicer Insists on Short Seller Concession ONLY From Seller!

By
Real Estate Agent with Samson Properties VA 0225-059831, MD 646410

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?

 

 

Posted by

The Gold Homes Team, LLC. MBA, MSE, MA, CDPE, Associate Broker VA, MD, FL

goldhomesteam.com   va-probate.com

Frances C. Rokicki
Fran Rokicki Realty, LLC - Bolton, CT
Broker-Mentor,CRS

Maybe, the negotiator is just having a bad week.  I would assume that if the seller had $5,000, he would have not had to sell his home as a short sale.:)

Dec 28, 2010 12:11 PM
Katherine Fornale
REMAX REALTY 9 - Howell, NJ
SFR, GRI

There is no rationale for this.   I had a similar situation, and because there was a real estate tax lien, the bank felt that the seller should contribute something.  They asked for $1,000.

Dec 28, 2010 12:13 PM
Patty Clark
Morningside Homes, LLC 720-231-5200 - Denver, CO
Helping Families Move with Care

Rationale?? It's a short sale and the banks are not the brightest group out there, Excuse me right hand but what is the left hand doing?

Dec 28, 2010 12:15 PM