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Who Pays the Fees the Short Sale Bank Won't Pay?
An agent emailed yesterday to ask why a particular bank made an adjustment to the fees in its short sale approval letter. He reiterated what a good, good agent he had been. Why, he had done everything expected of him. He had sent a promise to not write any other offers, he had his buyer deposit funds into escrow -- he complied with each and every stipulation. Not to mention, he had waited all of some 33 days for approval -- which must have been like sheer torture to him. Why was he being punished now? Why was the bank doing this?
He did not want to hear that the "why" was unimportant. The fact that we have short sale approval is what is important. We can't change the "why" even if we knew why the "why." Buddy, it just doesn't matter. Tie your shoes so you don't trip flat on your face and get on with your journey.
Fact is there are often fees a short sale bank won't pay. Not only that, but the bank might not let the seller pay them, either. It's the way short sales work. End of story. Sometimes, the buyer comes to the table ... more

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