2nd Loan on a Short Sale is negotiating commissions

Submitted by Phil Sotelo from CA - 01/12/2010 - 4:09pm

Has anybody had a 2nd loan on a short sale negotiate commissions? I have a transaction that the 2nd is telling us to cut our commission to 2% and remove $3,750 towards buyers closing costs that the 1st loan already agreed to pay! Any advice?
Thanks.

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Comments

Submitted by Kat Hegg - 01/12/2010 - 4:29pm

I can help with a comment if I know if the second is a loan that was part of the purchase. example: 80/20 loans for purchase of the borrowers primary residential home.

Submitted by John Greff - 01/13/2010 - 11:42am

"Short Sales",I call them "shorties" Just like the little man with a chip on his sholder.last year I listed and sold a number of "shorties"Chase has become the little bully of the yard.They lose files,tell you to just drop it,and are basicly the "Deal Killer" I avoid them like the plague they are.

Submitted by Tracey - 01/12/2010 - 5:31pm

That happened on one of my short sales with WaMu. They got what they wanted. The worst part was that even after they got 25% of the outstanding debt, they would only release the lien, not the deficiency. I avoid short sales with a WaMu second. Good luck!!

Submitted by Stacie - 01/12/2010 - 6:25pm

Unfortunately, many lenders (2nd) are now negotiating commissions to 5% total. What is the particular bank you are dealing with and what are the circumstances: purchase money, cash out refi..?

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