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No more closing costs allowed on short sales?

Real Estate Agent with ReMax Real Estate Services Columbia South Carolina

A Wells Fargo negotiator told me today that they were going to start "phasing out" seller concessions on short sales.  She said she understood other companies will be doing it as well. She said that they were losing so much money on the short sales they had to do it.  I mentioned that I would bet that they will be paying concessions on all those extra repos they will be getting back and that they will be losing ten times more when they have to sell the property.  Has anyone heard about this?

Bill Somerset
Re/Max Realty Group - Dover, NH
ABR, e-PRO - Realtor - NH Real Estate Agent

I have not heard of this yet.  It may have been her way of negotiating.

Jan 21, 2010 12:01 PM
Ray Wright
Keller Williams Realty - Riverside, CA
SoCal Realtor - A.L.C. - Company Trainer & Coach

Haven't heard a thing about this.  I hope they're not that ignorant to implement something like this.

Jan 21, 2010 12:43 PM
Laurel Starks
Divorce Real Estate Institute, LLC - Rancho Cucamonga, CA
Divorce Real Estate Expert

I haven't seen it yet - hope Bill is right!  Thanks for the head's up!

Jan 21, 2010 02:24 PM
Satar Naghshineh
Satar - Amiri Property and Financial Services Corp. - Irvine, CA

home mortgage or home equity?


Jan 21, 2010 06:56 PM
Keji Ogunleye
Fairfax Realty, Inc - Greenbelt, MD
GRI, SFR, KejiYour Realtor

Sometimes I think these negotiator and banks are in a different world completely....

Jan 22, 2010 02:45 AM