Do I still need to pay negotiation service fee in short sale?
December 7, 2009 by Leadership Development & Management Tips
Filed under Team Building, Executive Coaching & Negotiation Skills
Can you answer Grace’s question about Leadership Development?:
I am going to purchase a short-sale house, and I have made an offer to the bank. My agent asks me to pay 2.9% negotiation fee.
1) If I reject the offer after the bank approved, do I still have to pay nagotiated fee?
2) where could I get the history or lien or police report or apraiser report?
Executive Leadership Training Program
I am going to purchase a short-sale house, and I have made an offer to the bank. My agent asks me to pay 2.9% negotiation fee.
1) If I reject the offer after the bank approved, do I still have to pay nagotiated fee?
2) where could I get the history or lien or police report or apraiser report?
Executive Leadership Training Program
Leadership Development Feedback: tell your agent to hit the road. just go directly thru listing agent. buyers never pay commission. the seller always does.
your agent is trying to steal your money.
Leadership Development Feedback: If your offer to purchase included nothing to the effect of paying such fees, tell them to ‘pound salt’. You do not need to pay any such fees. The lender involved is probably attempting to gain extra revenue in this short sale.
Your offer to purchase (terms stated) determines whether or not you need to pay such fees. It’s highly doubtful that such are included.
You are entitled to a copy of the appraisal report, if you paid for the appraisal. Any liens outstanding will be shown in a title insurance investigation. As far as police reports, you are on your own to obtain such, relative to calls to the property.
Leadership Development Feedback: I specialize in buying and selling short sales.
What happens is that listing agents do not know how to do short sales or do not have the time to do them. So they hire a company/lawyer to do it for them. They then pass off this cost to the buyer or take a reduction off of the total commissions.
Dave is wrong. You should never use the listing agent in a short sale. Use your own agent and follow these guidelines when buying a short sale:-
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