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Updated almost 15 years ago,
A to C Lm Fee
Buyer (C) asked for no cc. C agreed that whatever cc paid by the SS lender would come back to me as LM fee. here is the verbiage : " ALL PARTIES ACKNOLEDGE THAT THE AMOUNT Of LENDER CONCESSION PAID TO PURCGASER SHALL BE REIMBURSED TO XYZ,LLC BY PURCHASER AS A LM FEE".
Early today I received an email from the closing agent saying that the buyer's lender Wells Fargo worked their loan with zero seller paid CC and can't rework their stuff at this point and suggested me to collect the LM from the SS lender BOA (yea, right!!). I counter back at him saying that BOA would never pay me or accept the CC to used as LM fee and suggested to ammend the PA insert the CC in it and get rid of the verbiage about LM fee.
In a separate agreement (off the HUD) the seller will be responsable to pay me whatever amount he is getting as cc.
Any thoughts on how to handle this?
Thank you