Short Sale Pro, Et Al. "do Any Of You Charge The Owners A Fee?"

There is a lot of legwork: meeting with the owners, phone calls / faxes to/from bank, etc. etc. in this -- I know, if it were easy, everyone would be doing it......

Question(s): does anyone on this board charge the person facing foreclosure a fee in order to submit the short package to the bank, etc.?

If the owner has no cash whatsoever, done - how could they pay...

But if they recently started working again (for less than when they were making payments) - is it LEGAL to charge them a fee in order to attempt the short sale?

Is there any sort of license, etc. needed in order to charge a fee (say $75.00) to attempt the short?

There are plenty of "Foreclosure specialists" operating in my area, but they are shady to say the least.

I am looking for some cash in order to cover my overhead: gas, faxing, postage, phone time, etc.

If the short is accepted by the bank, then I would pay the owners closing costs / contribute money to their costs: attorney, deed rec, etc.

Would appreciate your input -- I am located in North Carolina.

Thanks

Comments(2)

  • Ruman6th December, 2004

    I do not know if $75 is worth even the tension caused by asking someone with money problems, for money. Yes, theres lots of legwork, but that is also why profits from a deal can be 5k-20k. Occasionally it can be difficult just to get the sellers to give me paperwork, let alone money.

    Quote:
    On 2004-12-06 13:44, housebuyer123 wrote:

    There is a lot of legwork: meeting with the owners, phone calls / faxes to/from bank, etc. etc. in this -- I know, if it were easy, everyone would be doing it......

    Question(s): does anyone on this board charge the person facing foreclosure a fee in order to submit the short package to the bank, etc.?

    If the owner has no cash whatsoever, done - how could they pay...

    But if they recently started working again (for less than when they were making payments) - is it LEGAL to charge them a fee in order to attempt the short sale?

    Is there any sort of license, etc. needed in order to charge a fee (say $75.00) to attempt the short?

    There are plenty of "Foreclosure specialists" operating in my area, but they are shady to say the least.

    I am looking for some cash in order to cover my overhead: gas, faxing, postage, phone time, etc.

    If the short is accepted by the bank, then I would pay the owners closing costs / contribute money to their costs: attorney, deed rec, etc.

    Would appreciate your input -- I am located in North Carolina.

    Thanks

  • bnorton6th December, 2004

    With the way I do short sales, It can cost me as much as $200 to do a short sale package. That said, it is the cost of doing business. I do not charge the seller.

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