bank owned property: The Fannie Mae Addendum DOES NOT say buyer pays seller's title agent
- 01/08/15 02:33 AM
This is a plain language addendum that one would think is not that hard to understand, especially by those who claim to be "representing" the seller. I have read and re-read this addendum (current version dated 10/7/14) and simply cannot find a single word that says that buyer, if they choose to use their own title agent, will pay the seller's title agent a "coordination" fee. Nor can I find a single word that says that the buyer cannot be charged a flat fee commission or "admin" fee on the HUD. These two issue have arisen over the last several weeks (0 comments)
When it comes to REO transfers I have been on both sides of the fence. I often represent sellers in their REO sales to purchasers, and I also help buyers in their REO purchases from banks. I am very well versed on almost all of the REO addendums out there, but I never assume anything and READ THE ENTIRE ADDENDUM in every file. When we represent buyers in their purchases of REO properties we are given a set of instructions from the title agent representing the seller. Most of these instructions are pretty much boilerplate and I actually use the (3 comments)