Who Pays The Orlando Short Sale Specialist?

Real Estate Broker/Owner with Tutas Towne Realty, Inc and Garden Views Realty, LLC BK607690
Hi Bryant,
Since you are the Orlando Short Sale Specialist....

I have a couple questions.  I had to get a 2nd mortgage on the house when I refinanced. It was with GMAC Mortgage for approx $32,000.  I am not sure of the status, it may be with Ocwen now.  How does that impact this?

Is the 6% fee rolled into the closing? Or is that my "out of pocket" expense?

There was mention of 2.75% fee is that in addition to the 6% (its been my experience that fee is included in the 6%). Is it?
Thanks, Mr Short Seller
Hi there Mr Short Seller,
Great questions!!
The total commission is 6% and it is paid from the proceeds of the sale and approved by the lenders. It does not come from your pocket.
You would only need money if the lender ask for it and you agree to pay it. Lenders do sometimes ask for a cash contribution but only if the borrower has the means to pay. It's always negotiable.
The listing agreement and the purchase contract will have addendum making everything contingent not only your lenders agreeing to the short sale but also you agreeing to the terms and conditions.
Ocwen did take over most of the GMAC loans with their purchase. The 2nd mortgage company will also have to agree to the short sale. The first will probably offer them about $6,000.
In the listing package are two Letters of Authorization. Complete one for Ocwen and one for Chase.

It's quite common for folks to have more than one mortgage when we do a short sale. It's just one more thing we have to negotiate. I've done it over 100 times for others. I don't think it will be an issue. But we won't really know until we find a buyer and start negotiations.
Once we find a buyer I will have First American Title pull a complete title search to be sure we have all of the liens and judgements if any so we know who to negotiate with. They all have to be removed in order to close on the short sale.
And once everything is settled and we have a closing. I will get paid from the proceeds. If we don't have a closing....well....I would have worked for months for free.  Since I have had success more than 90% of the time it's a risk I'm willing to take.
I guess you can tell I want to make sure you have tons of information!!

Also, I am the only one you will communicate with during the process. I do not have an assistant or a processor. As your Orlando Short Sale Specialist I personally handle the entire transaction from beginning to end. No passing the buck and no excuses. Just me and you working together to get this short sale approved and closed.

I hope this helps.

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Comments (1)

Colleen Fischesser Northwest Property Shop
RE/MAX Advantage | Managing Broker - Chelan, WA
A Tradition of Trust in the Pacific NW since 1990!

We negotiate our short sales very similarly. I do make the phone calls directly. That way, when I get a "no", I know I need to just push harder until I get that "yes".

Oct 21, 2013 11:09 AM