All Forum Posts by: Kathleen Thomas

Scott - if you don't mind sharing, how do you go about getting them to remove it? What kind of argument do you use?

In the transaction I was talking about - the buyer actually did pay the 1%. I tried to argue with the bank about it, but I didn't fight too much because the buyer was willing to pay and I wanted to get it closed. However, I was told on the QT by a rep from the company that if you refuse to pay it, they will evenutally back down. But it might have to be resubmitted as a new file again. That delays the process and with the falling market - the value will be even less the next time around so you might want to put in an even lower offer! That was the only file I had with the admin fee out of the hundreds we have done.

I complained to the agent who answered the phone when I called AHMS and I was told that if the buyer was walking away because of the fee there was a chance that I could fight the fee. I would have to talk to a supervisor. Have not tried it yet because I am not at that point - still negotiating with the buyer. We shall see. I will keep you all posted. Please let me know if anyone else is successful in removing it.

I concur on the full price to the BPO. I'm having that problem with them now. Our property was over appraised. The appraiser was difficult to work with and would not even talk to me. Held up his hand and said, "please do not talk to me. I am not allowed". Wouldn't take a copy of the contract or the comps. Now they send an email with the 1% issue. Try getting that past a buyer!

James - I can't post the document because it is written in the note from the negotiating agent and contains personal information about the seller. However, I will quote what it says:
"American Home Mortgage requires the purchaser to pay a short sale administration fee of 1% of the purchase price."

I have been doing short sales for about 3 years now, but this is the first time I have recieved from a bank a short sale fee of 1% of the selling price payable by the buyer. Has anyone else seen this? Is anyone aware of a way around this fee? Seems like banks are really scraping the bottom here by charging the buyers. I'm really upset about this.