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American Home Mortgage
Short Sale Report
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Time to Approve |
Commissions | Full Release Available |
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A new angle. American Home Mortgage has implemented a short sale administration fee of 1% of the purchase price that is charged to the buyers for processing the short sale. The fee is over and above the amount of the total sales price. So, it likely goes to the servicer, and not the investor. The problem is that it probably can’t be financed, and it is probably not an allowable buyer expense on an FHA financed transaction. They also now handle the Option One portfolio. You can find them by going to www.ahmsi3.com or you can call their home retention team at 877-304-3100
Comments
You are right on the mark with AHM. There is also the struggle to get information to the right party or to have your packages acknowledged timely. Seems they had two operating centers (one possibly out of the country). Need to make sure followup on our end is consistent and timely. No excuse for not following up with AHM, they will simply put the file on hold again. Current negotiator has also decreased commission by 1% because both agents work for same broker. Seems to be their way of recouping as much as they can for their loss. Negotiator says it's because we are part of the same owner so we have to both take a cut. Very very unreasonable to work with from an agent standpoint.
Helena, you seem to be venturing into an arena that most agents I have talked to seem to not want to go to and as you stated for good reasons. Where is your market and will you continue to pursue the short sale transaction in the future. I am an investor with and Interest in this type of transaction in the high end luxury home in the Silicon Valley area. I would like to hear more of your comments in regards to this subject and your experiences. Thank you! Andre Rodriguez
I just ran into this with this bank. I am extremely frustrated since this was not disclosed to me when I listed this short sale for sale therefore I wasn't able to tell the buyer's agent until late in the process. I also cannot get a clear answer on what the commission is. This is a terrible way to do business.
These banks are trying every angle possible to obtain extra funds. My question is, is AHM trying to 86 FHA Buyer's out of short sale transactions. With FHA Guidelines being so tight already, this is going to make it a nightmare. www.Jerodmayer.com/blog
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