Indymac Federal Bank, OneWest Bank, series on the life a short sale Realtor - Lance Owens
OK, you guys know how many short sales I do, and how lucky I was - (kidding) - to be in the middle of one, when the Feds came in and took over Indymac, and if you remember my blogs from the mid 2009, and the nightmare it was dealing with them. You would think that after 2 and half years, you would be "called" on your business practices - but it seems not.
2 months now - faxing, re faxing, re re faxing, documents, the same old story - we don't have them, were missing pages, we cant read it - COME ON GUYS - REALLY?
So I finally make enough noise to get someone assigned to the file, and they have the ....... to tell me I am missing all these documents, no problem, I email them all the documents along with the DATES they were faxed in, and we proceed forward.
So today - I get an answer - nothing out of the ordinary - except!
I have to pay there 3rd party 1% to handle the file for them - pay them 1%? Are you .......... kidding me ?
1% of MY money - I WANT TO FIRE THEM, and charge them for wasting 2 months of MY time. That doesn't seem to be an option here, though.
Rub a little salt in the wound - if I hired a third party to help me - battle them, that would have to come out of my pocket - wait a minute - I just paid your 3rd party, just to tell me I cant have a 3rd party? PAINT A BIG S on my forehead for STUPID.
I feel like I am imprisoned here - can I at least get a phone call?
Take a look
Just a little insight of the life a a short sale Realtor (personally I have 37 closed short sale transactions, our team - over 150) If you need someone experienced in negotiating short sales, experience with junior lien holders, PMI companies, and HOA associations - give us a call
· The commission is not to exceed 5%.
· A Management Fee payable to ServiceLink must be added to the HUD and subtracted from the Bank’s proceeds. The fee must equal the greater of 1% of the Sales Price or a minimum of $1000 and not to exceed $2000.
· If buyers closing cost paid by the seller (concessions) were included with your original HUD, they should not exceed a maximum of 3% of the Sales Price.
· Third Party Short Sale Negotiation fees, Third Party Short Sale Processing fees, Escrow Pad, Pest Inspections and Home Warranties will NOT be approved. Parties other than Indymac Mortgage Services must absorb (pay) any additional unapproved closing costs. Title policy should not exceed ½ of 1% of sale price, with a maximum of $1,500.00. Total settlement fees in non-attorney closing states are a maximum of $1,500. Attorney fees are NOT allowed, except in attorney closing states in which the total settlement charges cannot exceed 1% of sale price. HOA fees should be negotiated to a minimum. HOA late fees, attorney fees (except in super lien states) and transfer fees are not allowable from seller proceeds. In super lien states the maximum HOA payoff is 6 months dues (except FL which is 12 months dues). Parties other than OneWest Bank/Indymac Mortgage Services must absorb (pay) any additional unapproved closing costs. *******Backup for ALL costs on the HUD are required prior to closing*******