Charging A Short Sell Fee
I went to see Michael Warren speak over the weekend. He said that he charges a short sell consulting fee on the HUD1 of 2.5%. It is on the sellers side, page1. Has anyone heard of this and what are the chances that the bank will approve it?
Brenda
On average, what would be the total transaction fee (your fee, and real estate broker fee) the mortgagee is willing to pay? Is this a nationwide practice, or in what states has this technique worked for you?
ShortSalesinCO - does the 2% fee that you receive get factored into the total commission/fees paid. Meaning, if a lender usually will let a buyers and sellers agent get a total of 5%, will the total of the buyers/sellers/SS facilitator still be 5%? Is the pot the same size, just split in three instead of split in two?
Your "commission" is in addition to the real estate stated commission. In your experience, what has been the total "commission" (your fee, plus the real estate commission) allowed on your closed deals?
Q. Are you licensed as a real estate broker and permitted by law to collect a real estate commision?
I would say the easiest way to get paid is through a realtor commission. I have never tried to charge and extra fee and those that I have seen try to do so have lost the deal with the bank...
Just my 2cents
[addsig]
Is this possible to do without a real estate license?
No.
Chris
there are gurus that teach this sort of thing, and on my next short sale i will see if it will work. the gurus said they are receiving two separte fees that balance out to around 9-13% of the selling price. to add the agents are still getting their commission as well.
also they say that their fee is on the hud-1 which is the disclosure.
I just submitted a package with the fee and i will let you know how it turned out.
Cool let us know. Also the lender.
Thanks.