Working Short Sale, Lender Jacked Fees
Hi all,
Found my first deal appraised at 415, I have purchase agreement for 351. Note was 318 but mort co wants 340 payoff, around 22k in fees. I think it's a bit steep but they won't budge. There's a 2nd of 40k but they'll take 5k payoff. I've gone over the list of repairs and issues affecting marketability. Foreclosure hearing is in 10 days, sale in 4 wks. Think they're playing hardball to see what they can get? I'\e been told they'll sometimes take it to the wire and then accept less at the last minute. The story I get is "we won't take less, we have other investors who would pick it up". Home has been on mls 220 days. We all come out ok even at 351k but homeowner wasn't aware that their fees would be so high and wants to renegotiate. All their costs are covered and they pocket 8k but I guess were hoping to pocket more. Any advice? I guess it comes down to how much it's worth to homeowner to not have foreclosure on their credit.
who is the lender for the 1st?
ameriquest, heard a lot of bad things about them
You'll have a real tough time getting a SS when you show the seller getting anything.
I can check with some people I know at Ameriquest, but I haven't dealt with anyone in loss mit - yet.
I think yhou should try to figure out a way to show the seller gets nothing and draw up an agreement fro ameriquest - yes they may drag their feet - but i wouldn't give up on the short (yet).
Yup, that's what i thought. Unfortunately, the closing attorney faxed them our purchase agreement! Then they saw more $ was involved and wanted more. I've found many reports online of Ameriquest falsifying appraisals; their old appraisal for this house was in fact incorrect and even listed features that weren't there.
. Hopefully we'll be closing in 10 days one way or another!
So we'll be purchasing directly from homeowners and looks like still a good deal. I was just going to draw up a new purchase agreement with a lower offer to homeowner based on our appraisal, inspection, and list of repairs. Talking to Ameriquest is like talking to a brick wall. They don't even want to send the homeowner an itemized list of the fees incurred. Anyway, the atorney general is on 'em because looks like their jacked fees exceed what state allows