Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Foreclosures
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 15 years ago,

User Stats

241
Posts
34
Votes
Luiz Souza
  • Real Estate Investor
  • Gainesville, GA
34
Votes |
241
Posts

A to C Lm Fee

Luiz Souza
  • Real Estate Investor
  • Gainesville, GA
Posted

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